Trailblazer (TBMCR) 13G/A: 237,144 Shares Representing 5.3% Reported by Advisers

Rhea-AI Filing Summary

Kerry Propper and Antonio Ruiz-Gimenez report shared beneficial ownership of 237,144 Class A shares of Trailblazer Merger Corporation I, equal to 5.3% of the outstanding class based on 4,499,115 shares. The shares are held by private funds managed by ATW SPAC Management LLC and SZOP Multistrat Management LLC, whose managing members are the reporting persons, and the report attributes shared voting and dispositive power to them.

The filers state they have no sole voting or dispositive power, disclaim direct beneficial ownership except for any pecuniary interest, and certify the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

Positive

• Transparent disclosure of ownership: both reporting persons identify holdings of 237,144 shares (5.3%).
• Professional management: shares are held by funds managed by registered advisers (ATW SPAC and SZOP), indicating institutional handling of the position.

Negative

• No sole voting or dispositive power reported, meaning neither filer claims unilateral control over the shares.
• Disclaimed beneficial ownership except for any pecuniary interest, which reduces clarity about direct economic stake.

Insights

Financial Analyst

TL;DR: Two managers report a combined 5.3% stake via adviser-managed funds; filing indicates passive ownership and routine disclosure.

The Schedule 13G/A shows each reporting person is linked to 237,144 shares (5.3%) reported as held through private funds managed by registered advisers. Because the statement includes a certification that the holdings were acquired and are held in the ordinary course of business and not to influence control, this aligns with a passive reporting posture rather than an activist intent. For investors, a 5.3% stake is material enough to merit attention for voting outcomes, but the filing provides no indication of an active campaign to change control.

Corporate Governance Expert

TL;DR: Shared voting and dispositive power reported; neither filer claims sole control and both disclaim beneficial ownership except for pecuniary interest.

The filing clarifies that the reported shares are held by private funds managed by ATW SPAC and SZOP, whose managing members are the reporting persons. The structure results in shared voting and dispositive power over 237,144 shares each, with no sole power asserted. The joint filing and disclaimer language limit claims of direct economic ownership, which is important for assessing whether these individuals can unilaterally influence board or corporate decisions. This is a governance-level disclosure rather than a strategic change in ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Trailblazer Merger Corporation I

(Name of Issuer)

Class A Common Stock, par value US$0.0001

(Title of Class of Securities)

89278D109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 89278D109

1

Names of Reporting Persons

Kerry Propper

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 237,144.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 237,144.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

237,144.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. 89278D109

1

Names of Reporting Persons

Antonio Ruiz-Gimenez

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SPAIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 237,144.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 237,144.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

237,144.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Trailblazer Merger Corporation I
(b)	Address of issuer's principal executive offices: 510 Madison Avenue, Suite 1401 New York, NY 10022
Item 2.
(a)	Name of person filing: Antonio Ruiz-Gimenez* Kerry Propper*
(b)	Address or principal business office or, if none, residence: 1 Pennsylvania Plaza, Suite 4810 New York, New York 10119
(c)	Citizenship: Antonio Ruiz-Gimenez - Spain Kerry Propper - United States
(d)	Title of class of securities: Class A Common Stock, par value US$0.0001
(e)	CUSIP No.: 89278D109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Antonio Ruiz-Gimenez - 237,144* Kerry Propper - 237,144* *The Class A Common Stock (the "Shares") of Trailblazer Merger Corporation I (the "Issuer") reported herein are held by (1) one or more private funds managed by ATW SPAC Management LLC ("ATW SPAC"), which has been delegated exclusive authority to vote and/or direct the disposition of certain Shares and (2) a private fund, SZOP Multistrat LP, managed by SZOP Multistrat Management LLC ("SZOP"). SZOP and ATW SPAC are registered investment advisers whose managing members are Kerry Propper and Antonio Ruiz-Gimenez (the "Control Persons"). The percentages reported herein are based upon the 4,499,115 Shares issued and outstanding as of May 12, 2025 as disclosed in the Issuer's Form 10-Q filed with the SEC on May 14, 2025. By virtue of the relationships, the Control Persons may be deemed to have shared voting and dispositive power with respect to the Shares. This report shall not be deemed an admission that the Control Persons or any other person is the beneficial owner of the Shares reported herein for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Control Persons disclaims beneficial ownership of the Shares reported herein except to the extent of each of their pecuniary interest, if any, therein.
(b)	Percent of class: Antonio Ruiz-Gimenez - 5.3 % Kerry Propper - 5.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Antonio Ruiz-Gimenez - 0 Kerry Propper - 0
	(ii) Shared power to vote or to direct the vote: Antonio Ruiz-Gimenez - 237,144* Kerry Propper - 237,144*
	(iii) Sole power to dispose or to direct the disposition of: Antonio Ruiz-Gimenez - 0 Kerry Propper - 0
	(iv) Shared power to dispose or to direct the disposition of: Antonio Ruiz-Gimenez - 237,144* Kerry Propper - 237,144*
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Kerry Propper

Signature:	/s/ Kerry Propper
Name/Title:	Individually
Date:	08/14/2025

Antonio Ruiz-Gimenez

Signature:	/s/ Antonio Ruiz-Gimenez
Name/Title:	Individually
Date:	08/14/2025

Exhibit Information

Exhibit I - JOINT FILING STATEMENT

FAQ

Who filed the Schedule 13G/A for TBMCR?

The filing was made by Kerry Propper and Antonio Ruiz-Gimenez, identified as managing members of the investment advisers to funds holding the shares.

How many TBMCR shares do the filers report and what percent of the class is that?

Each reporting person is associated with 237,144 shares, representing 5.3% of the Class A common stock based on 4,499,115 shares outstanding as disclosed.

Do the filers claim sole voting or dispositive power over the TBMCR shares?

No. The filers report 0 sole voting power and 0 sole dispositive power, and instead report shared voting and shared dispositive power of 237,144 shares.

Are the shares held directly by the filers or on behalf of funds?

The shares are held by one or more private funds managed by ATW SPAC Management LLC and a private fund, SZOP Multistrat LP, which are managed by the advisers whose managing members are the reporting persons.

Does the filing indicate an intent to influence control of the issuer (TBMCR)?

No. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.