Trailblazer Merger Corporation I Reports Decrease in Net Income and Plans Merger with Cyabra Strategy Ltd.

Trailblazer Merger Corporation I (TBMC), a blank check company formed to pursue a merger in the technology sector, reported a net income of $277,658 for the year ended December 31, 2024. This figure represents a decrease from the previous year's net income of $1,347,254. The decline is attributed to increased operating costs, which rose to $2,293,333 from $543,536 in 2023, alongside a provision for income taxes of $725,429. The company generated interest income of $3,296,420 from marketable securities held in its trust account, a notable increase from $2,606,031 in 2023.

In terms of strategic developments, TBMC completed its initial public offering (IPO) on March 31, 2023, raising gross proceeds of $69 million from the sale of 6,900,000 units, which included an over-allotment option. The company also engaged in a private placement with its sponsor, generating an additional $3,945,000. As of March 31, 2023, TBMC had $70,380,000 in its trust account, which is earmarked for its initial business combination. The company has since extended its deadline for completing this merger multiple times, with the latest extension pushing the deadline to September 30, 2025.

Operationally, TBMC has not yet engaged in any revenue-generating activities, as it is focused on identifying a suitable target for its business combination. The company currently has two officers and does not plan to hire full-time employees until after the merger is completed. As of March 18, 2025, TBMC had 4,499,116 shares of common stock outstanding, held by approximately four stockholders of record. The company has not paid any dividends to date and does not anticipate doing so until after the completion of its business combination.

Looking ahead, TBMC has entered into a merger agreement with Cyabra Strategy Ltd., a private Israeli company, which is expected to be finalized subject to stockholder approval and customary closing conditions. The merger will result in Cyabra becoming a wholly owned subsidiary of TBMC, which will be renamed Cyabra, Inc. The company is also planning a private investment in public equity (PIPE) transaction to raise at least $6 million in conjunction with the merger. However, TBMC's management has expressed concerns regarding its liquidity and ability to complete the business combination by the extended deadline, emphasizing the need for additional capital to sustain operations and fulfill its merger objectives.