Trailblazer Merger Corp I

Trailblazer Merger Corp I: Major Update on Cyabra Merger & New Leadership

Trailblazer Merger Corp I, a Special Purpose Acquisition Company (SPAC), has announced significant developments that will shape its future and bring a private company public. This summary cuts through the technical details to provide retail investors with a clear understanding of the latest updates.

Event Description: Merger with Cyabra Strategy Ltd. Confirmed & Leadership Change

Trailblazer Merger Corp I confirmed its merger with Cyabra Strategy Ltd., an innovative private company based in Israel.

What Cyabra Does: Cyabra leads the field in AI-powered disinformation detection and mitigation. It identifies and analyzes malicious online activity—such as fake accounts, bots, and coordinated influence campaigns—to protect brands, governments, and organizations from reputational damage and online threats. This sector is rapidly growing and critical in today's digital landscape.

In addition to the merger update, Trailblazer announced a significant leadership change. Arie Rabinowitz, Trailblazer's CEO and a director, stepped down. The company appointed Yosef Eichorn as the new CEO. Mr. Eichorn, previously Trailblazer's Chief Development Officer, brings a strong background in investments and compliance, which is crucial as the company prepares to go public. Although he is the son-in-law of the outgoing CEO, the company presents this transition as a strategic move to guide the combined entity through its next phase as a public company.

Event Date/Timeline

The merger agreement with Cyabra was initially signed on July 22, 2024. This recent 8-K filing, dated January 20, 2026, provides a crucial update, confirming the deal's active progression and announcing the leadership transition. Yosef Eichorn's appointment as CEO became effective on January 21, 2026.

The Road to Closing: Next Steps The merger process involves several key stages:

• Regulatory Review: The SEC continues its review of the Form S-4 registration statement, which includes the preliminary proxy statement and prospectus.
• Shareholder Vote: Trailblazer's shareholders will vote on approving the merger.
• Anticipated Closing: Subject to regulatory approvals and shareholder consent, the companies expect the merger to close once these conditions are met. A specific closing quarter wasn't provided in this filing.
• New Identity: Upon closing, Trailblazer Merger Corp I will become Cyabra, Inc. Its shares will trade under a new ticker symbol on a major stock exchange, with Cyabra Strategy Ltd. operating as a wholly-owned subsidiary of the new public entity.

Impact Assessment: Who/What is Affected

The merger and leadership change significantly impact all involved parties:

• Trailblazer Merger Corp I: The SPAC fulfills its primary purpose by identifying and merging with a target company, providing a clear path forward for its shareholders.
• Cyabra Strategy Ltd.: The private company gains access to public capital markets, which can fuel its expansion, product development, and global reach in the critical disinformation detection market. It transitions from a private entity to a publicly traded one, subject to new regulatory requirements and investor scrutiny.
• Trailblazer Shareholders: Existing shareholders will become shareholders of the combined public entity, Cyabra, Inc. Their investment will now tie to Cyabra's performance and the new leadership. They will also have the opportunity to vote on the merger and potentially redeem their shares.
• New Leadership: Yosef Eichorn assumes the critical role of CEO, responsible for guiding the combined public company through its growth phase, navigating regulatory requirements, and meeting investor expectations.
• The Market: This transaction introduces a new public entity focused on AI-powered disinformation detection, offering investors exposure to a high-growth sector addressing significant global challenges related to online integrity and national security.

Financial Impact

This 8-K filing, alongside the comprehensive S-4 registration statement filed with the SEC, outlines key financial aspects of the transaction:

• Implied Valuation: The merger values Cyabra at an implied pro forma enterprise value and an equity value. While the specific figures weren't detailed in this particular filing, these numbers are crucial for understanding the deal's economics and will be available in the full S-4 registration statement.
• Financial Performance: The S-4 filing details Cyabra's historical financial performance, including its revenue figures, profitability metrics, and growth rates. These specific numbers weren't provided in this summary, but investors must review them in the full S-4 to assess Cyabra's financial health and future prospects.
• Financing: The transaction will likely use cash held in Trailblazer's trust account and potentially a Private Investment in Public Equity (PIPE) from institutional investors. The specific amounts for these weren't detailed in this filing.
• Pro Forma Ownership: Post-merger, current Cyabra shareholders are expected to own a majority of the combined company, with Trailblazer public shareholders and SPAC founders owning the remainder. The exact percentage breakdowns weren't provided in this summary, but this indicates who will control the majority of the new entity.
• Minimum Cash Condition: The merger is subject to a minimum cash condition from the SPAC trust account and any PIPE proceeds, ensuring the combined company has sufficient capital. The specific amount of this condition wasn't detailed in this filing.

Key Takeaways for Investors

This merger marks the culmination of Trailblazer's purpose, offering several key implications for investors:

• Clear Path Forward: Trailblazer now has a definitive target, eliminating the uncertainty of finding a suitable merger candidate.
• Cyabra's Public Debut: Cyabra gains access to public capital markets, which can fuel its expansion, product development, and global reach in the critical disinformation detection market.
• New Leadership for a New Era: Yosef Eichorn's background in investments and compliance positions him to lead Cyabra as a publicly traded entity, navigating regulatory requirements and investor expectations.
• Market Opportunity: Investors gain exposure to a company operating in a high-growth sector addressing significant global challenges related to online integrity and national security.

Your Investor Action Plan:

• Deep Dive into Cyabra: Research Cyabra's business model, competitive landscape, intellectual property, and especially its financial projections detailed in the S-4 filing. Understand its revenue generation and growth strategy.
• Understand Deal Terms & Dilution: Scrutinize the valuation, pro forma ownership, and potential for dilution from warrants or future share issuances.
• Assess Risks: Be aware of inherent risks, including:
  • Execution Risk: Can Cyabra successfully scale operations and achieve its growth targets as a public company?
  • Market Volatility: SPACs and newly public companies can experience significant price swings.
  • Redemption Risk: High redemptions by existing SPAC shareholders could reduce the cash available to Cyabra, potentially impacting its growth plans.
  • Competitive & Regulatory Landscape: The market for disinformation detection is evolving rapidly, with new competitors and regulatory challenges.
• Evaluate Leadership: Consider the new CEO's vision and ability to lead a public company through growth and potential challenges.
• Redemption Option: Current Trailblazer shareholders uncomfortable with the merger should remember their option to redeem shares for their cash value (typically around $10 per share plus accrued interest from the trust account) before the merger closes.
• Stay Informed: Closely monitor SEC filings (especially the definitive Proxy Statement/Prospectus), press releases, and investor presentations for updates on the shareholder vote date and the official merger closing.