- Trailblazer Merger Corporation I (TBMC) is proceeding with its initial **business combination** with **Cyabra Strategy Ltd.**, after which Trailblazer Holdings, Inc. will be renamed **Cyabra, Inc.**.  **[1934945_0001213900-25-105281_ea026347801ex10-1_trail1.htm:0]** **[1934945_0001213900-25-105281_ea026347801ex10-3_trail1.htm:0]** **[1934945_0001213900-25-105281_ea026347801ex10-4_trail1.htm:0]** **[1934945_0001213900-25-105281_ea0263478-8k425_trail1.htm:1]** 
- On **October 28, 2025**, TBMC agreed to pay **deferred underwriting commissions** of **$2,070,000** by issuing **207,000 shares** of common stock of Trailblazer Holdings, Inc. (Pubco Shares) to the underwriters, LifeSci Capital LLC and Ladenburg Thalmann & Co. Inc., instead of cash.  **[1934945_0001213900-25-105281_ea026347801ex10-1_trail1.htm:0]** **[1934945_0001213900-25-105281_ea0263478-8k425_trail1.htm:1]**  Each underwriter will receive **103,500 common shares**.  **[1934945_0001213900-25-105281_ea026347801ex10-1_trail1.htm:1]** 
- LifeSci Capital LLC waived a prior advisory fee but will receive new compensation, including an **Upfront Fee** of **105,000 PubCo Shares** upon closing of the Business Combination and an additional advisory fee of **$1,050,000** in PubCo Shares **90 days after closing**.  **[1934945_0001213900-25-105281_ea026347801ex10-2_trail1.htm:0]** **[1934945_0001213900-25-105281_ea0263478-8k425_trail1.htm:1]** **[1934945_0001213900-25-105281_ea026347801ex10-3_trail1.htm:2]** 
- Ladenburg Thalmann & Co. Inc. will receive an advisory fee of **$1,050,000** paid in PubCo Shares **90 days after the closing** of the Business Combination.  **[1934945_0001213900-25-105281_ea0263478-8k425_trail1.htm:1]** **[1934945_0001213900-25-105281_ea026347801ex10-4_trail1.htm:1]**

Trailblazer Merger Corp I (TBMC)