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Trailblazer Merger Corporation I Amends Merger Agreement with Cyabra Strategy Ltd.
TBMC
M&A
Convertible Preferred Issuance
- Trailblazer Merger Corporation I (Parent) and Cyabra Strategy Ltd. (Company) executed Amendment No. 2 to their Merger Agreement on November 6, 2025, modifying key terms of the business combination.
- The Base Purchase Price for the acquisition has been significantly increased from $70,000,000 to $106,000,000.
- The Outside Date for the merger has been extended to February 1, 2026, and the First Calculation Period was amended to December 31, 2026.
- The PIPE Investment structure was revised, with investors now set to receive Holdings Series B Preferred Stock.
- An additional $1,400,000 Promissory Note from Cyabra Strategy Ltd. will convert into 2024 Convertible Notes, and a Parent Convertible Note will convert into Holdings Series C Preferred Stock at closing.
Nov 12, 2025, 9:58 PM
Trailblazer Merger Corporation I Finalizes Business Combination Terms and Advisory Fees
TBMC
M&A
New Projects/Investments
- 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..
- 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. Each underwriter will receive 103,500 common shares.
- 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.
- 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.
Nov 3, 2025, 10:16 PM
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