Trailblazer Merger Corp I
TBMC · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Trailblazer Sponsor Group, LLC, listed on Nasdaq in March 2023.
- What it's doing now
- It agreed in January 2026 to buy Cyabra Strategy Ltd.. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Cyabra Strategy Ltd.
- Industry
- the deal record does not name the target's industry yet
- Deal value
- not stated in the filings we hold
- announced 21 January 2026
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 29 March 2023
- size not on file · 102.0% of each $10 unit into trust
- Headquarters
- 510 MADISON AVENUE, SUITE 1401, NEW YORK, NY, 10022
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Hammer Joseph D (Director) · Eichorn Yosef (Chief Development Officer)
- Listed securities
- TBMC common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 2 March 2026 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
9 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 21 January 2026Deal announcedpassed
Combination with Cyabra Strategy Ltd.
redemption rate not stated in the filing
Show the earlier 6 milestones
- 29 March 2023IPOpassed
IPO size not on file
redemption rate not stated in the filing
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Cyabra Strategy Ltd.— · announced 21 January 2026closedSEC primary
Who has already taken their money back
3 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
6.78M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Mar 2, 2026Deal voteno rate statedredeemed 0.210M sh0001213900-26-025323
Show the other 2 cash-out events
- Sep 30, 2025Extensionno rate statedredeemed 4.52M sh0001213900-25-113605
- Sep 29, 2025Extensionno rate statedredeemed 2.05M sh0001213900-25-113605
The score
deterministic, from filed fieldsTBMC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Trailblazer Merger Corp I (TBMC) was a blank-check company whose common stock and rights were listed on the Nasdaq Stock Market under the ticker TBMC. The company priced its initial public offering on March 29, 2023, pursuant to a 424B prospectus, with each unit consisting of one share of Class A common stock and a one-tenth right, and $10.20 held in trust per unit. Its SEC CIK is 0001934945 and its SIC industry code is 6770. The vehicle completed a business combination and no longer files, with the closing established by a Form 25 filed on March 27, 2026, under 17 CFR 240.12d2-2(a)(3), reflecting that the Class A common stock and rights came to evidence other securities in substitution therefor. The TBMC ticker appears on the cover page of a 10-K filed on March 10, 2026.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The $0.035 monthly deposit accretes the trust and therefore the redemption price, but it arrives as a sponsor loan rather than a contribution - the promissory note is a claim that sits ahead of the sponsor's own equity and is typically repaid or converted at closing, so the economics favour the sponsor. A deal signed in July 2024 still unclosed by March 2026 is the warning sign; redemption at the trust value remains the reliable exit.
The PIPE is structured to shrink as trust cash survives redemption, which caps the combined company's funding at a fixed level regardless of how many holders stay - so remaining shareholders get no benefit from others redeeming. Alpha, an affiliate of the Sponsor, already lent Cyabra $3.4 million in convertible notes, so the sponsor sits on both sides of the transaction. Up to 3,000,000 earnout shares add further dilution after closing.
A contribution capped at $100,000 or one and a half cents per share barely accretes the trust, so holders granting six more months receive almost nothing for the time risk, and the deposits arrive as sponsor loans repayable from deal proceeds. By March 2026 Trailblazer would be back asking for three more months at a higher $0.035 rate, so this extension did not resolve the Cyabra transaction. Redemption at trust is the certain alternative.
The price of each month is set in the documents: the sponsor group or its designees deposit into trust the lesser of $0.015 per outstanding public share after redemptions, or $100,000, in exchange for a non-interest bearing unsecured promissory note, with the first deposit moving the deadline to October 30, 2024. Because the per-share figure shrinks as holders redeem, later extensions cost the sponsor less and less while the remaining public holders wait on a deal whose outside date stretches to September 2025.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: Trailblazer Merger Corporation I called a special meeting for March 27, 2026 at 10:00 a.m. Eastern Time to approve an Extension Amendment and a Trust Amendment to the March 28, 2023 trust agreement with Continental, allowing up to three additional one-month extensions until June 30, 2026. Why it matters: The $0.035 monthly deposit accretes the trust and therefore the redemption price, but it arrives as a sponsor loan rather than a contribution - the promissory note is a claim that sits ahead of the sponsor's own equity and is typically repaid or converted at closing, so the economics favour the sponsor. A deal signed in July 2024 still unclosed by March 2026 is the warning sign; redemption at the trust value remains the reliable exit.
What changed vs 2025-09-04trust $27.8M → $4.0M -85%deadline 2026-03-30 → 2026-06-30trust account, combination deadline, sponsor loans outstanding2 moved · 1 with no prior record of ours
- Trust account
- $27.8M$4.0M
- Combination deadline
- 2026-03-302026-06-30
- Sponsor loans outstanding
- $2.0M · unchanged
SpacBrain reads this as $23,721,080 left the trust between the two filings.
The clause …“business days prior to the Special Meeting), based on the aggregate amount on deposit in the Trust Account of approximately $4,032,413.77 as of March 11, 2026 (including interest not previously released to the Company to pay its”…
SpacBrain reads this as 92 days later than the previous record.
The clause …“Combination. However, management believes that it can close the Initial Business Combination before June 30, 2026 or earlier. Under the circumstances, the Sponsor will pay the extension amount for each proposed one -month”…
The clause …“Stock, the $3,945,000 purchase price for 394,500 Private Placement Units, the $1,980,000 outstanding under loans made by the Sponsor and its affiliates to the Company. Assuming a trading price of $10.75 per share of Common Stock and”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2025-03-25deadline 2025-09-30 → 2026-03-30shares 2.38M → 333K -86%
combination deadline, redeemable shares, trust account +22 moved · 3 with no prior record of ours
- Combination deadline
- 2025-09-302026-03-30
- Redeemable shares
- 2.38M333K
- Trust account
- $26.8M · unchanged
- Going-concern doubt
- stated · unchanged
- Mandate language
- we intend to focus our search for a target business on compa… · unchanged
SpacBrain reads this as 181 days later than the previous record.
The clause …“Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by March 30, 2026, there will be a mandatory liquidation and subsequent dissolution. Management has determined that”…
SpacBrain reads this as 2,046,800 shares are no longer redeemable.
The clause …“100,000,000 shares authorized: 2,119,499 issued and outstanding (excluding 332,816 and 2,379,616 shares subject to possible redemption) as of December 31, 2025 and December 31, 2024, respectively 212 212 Class B common stock, $”…
The clause …“for the Company franchise and income taxes. As of December 31, 2024, assets held in the Trust Account were comprised of $ 26,832,298 in money market funds. During the period ended December 31, 2024, the Company has withdrawn $”…
The clause …“not occur, and potential subsequent dissolution and the liquidity issue raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the financial statements are issued. No adjustments”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Show the other 10 filings
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Trailblazer Sponsor Group, LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + R/10 · 102.0% of the $10 unit
from 424B4 0001104659-23-038391
Trading & liquidity
Company profile
Directors & officers
- Hammer Joseph DDirector
- Eichorn YosefChief Development Officer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
6 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Trailblazer Sponsor Group, LLCwith 1 other reporting person on the same schedule23.5% · SC 13GFeb 13, 2024 stale
- AQR CAPITAL MANAGEMENT LLCwith 1 other reporting person on the same schedule9.8% · SC 13G/ANov 7, 2024 stale
- Wealthspring Capital LLCwith 1 other reporting person on the same schedule7.4% · SC 13GFeb 8, 2024 stale
- PROPPER KERRYwith 1 other reporting person on the same schedule6.7% · SC 13GJun 12, 2023 stale
- Space Summit Capital LLC0.0% · SC 13G/AFeb 5, 2024 stale
- Harraden Circle Investments, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AJan 31, 2024 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — TBMC (Trailblazer Merger Corp I)
vault-note · /vault/tickers/TBMC
- Vault deal note — Cyabra Strategy Ltd. (TBMC)
vault-note · /vault/deals/cyabra-strategy-ltd
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail7 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001104659-23-038391 priced 2023-03-29; common ticker TBMC off 10-K 0001213900-26-025323 (2026-03-10); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-26-000305 (2026-03-27) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Common Stock & Rights). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Trailblazer Sponsor Group, LLC" (SEC CIK 0001935252) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-23-023926.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target sector as filed: "Israeli private company; combined entity to be renamed Cyabra, Inc." — sentence punctuation — this is prose; stored NULL.
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read