UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

~~PURSUANT~~Pursuant TOto ~~SECTION~~Section 13 ORor 15(d) OFof ~~THE~~the

~~SECURITIES~~Securities ~~EXCHANGE~~Exchange ~~ACT~~Act OFof 1934

Date of Report (Date of earliest event reported): ~~December~~January 45, ~~2025~~ 2026

Trailblazer Merger Corporation I ~~(Exact name of registrant as specified in its charter)~~

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-41668		87-3710376
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

510 Madison Avenue, Suite 1401 New York, NY		10022
510 Madison Avenue Suite 1401 New York, NY		10022
(Address of principal executive offices)		(Zip Code)
(Address of Principal Executive Offices)		(Zip Code)

~~(212) 586-8224 (~~Registrant’s telephone number, including area code: (212) 586-8224

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act ~~(17 CFR 230.425)~~

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act ~~(17 CFR 240.14a-12)~~

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act ~~(17 CFR 240.14d-2(b))~~

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act ~~(17 CFR 240.13e-4(c))~~

Securities registered pursuant to Section 12(b) of the ~~Securities Exchange~~ Act ~~of 1934~~:

Title ~~for~~of each class Trading Symbol(s) Name of each exchange on which registered ~~Class A~~ Common Stock TBMC The Nasdaq Stock Market LLC Rights TBMCR The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 ~~of this chapter~~) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 ~~of this chapter~~).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 18.01 ~~Entry~~Other ~~into a Material Definitive Agreement.~~Events

~~On December~~Extension ~~4, 2025 the parties thereto entered into an amendment (the “Amendment”) to that certain Second Amended and Restated Promissory Note, dated as~~ of ~~July~~Business ~~29,~~Combination ~~2025,~~Period ~~as amended from time~~ to ~~time~~January ~~(the “Note”) by and among Trailblazer Merger Corporation I~~31, ~~a Delaware corporation (the “Maker”), and Trailblazer Sponsor Group, LLC.~~2026

~~The~~As ~~purpose~~previously ofdisclosed, on September 29, 2025, the ~~Amendment~~Company ~~was~~held an annual meeting of stockholders to consider, among other things, proposals to ~~provide~~amend ~~that~~the ~~principal~~Company’s ~~balance~~amended and restated certificate of ~~the~~incorporation ~~Note~~in ~~shall~~order beto ~~payable~~extend onthe time the ~~later~~Company ofhas ~~September~~to complete ~~15,~~its ~~2025~~initial orbusiness ~~the~~combination ~~closing~~from ofSeptember ~~Maker’s~~30, ~~initial~~2025 ~~business~~to ~~combination;~~March ~~provided~~30 2026, ~~however~~or ~~that~~such inearlier ~~the~~date ~~event~~as ~~that~~determined ~~Maker~~by ~~completes~~the anCompany’s ~~initial~~board ~~business~~of ~~combination~~directors (the “Board”), ~~all~~in ofits sole discretion, and to allow the ~~outstanding~~Company, ~~principal~~without ~~balance~~another ~~will~~stockholder ~~convert~~vote, ~~into~~to ~~new~~elect ~~classes~~to extend ofthe ~~preferred~~termination ~~stock~~date ofby ~~Maker~~one oradditional ~~its~~month ~~successor with~~each, for a total ~~stated value~~ of ~~such~~six ~~preferred~~additional ~~stock~~months, ~~equal~~unless tothe ~~300%~~closing of the ~~outstanding~~Company’s initial ~~principal~~business ~~amount,~~combination asshall ~~detailed~~have inoccurred ~~the~~prior ~~Amendment~~thereto.

AThe ~~copy~~Company ofhas funded the ~~Amendment~~extension isthat ~~attached~~had aspreviously ~~Exhibit~~been ~~10.1~~approved toby ~~this~~the ~~Current~~Board ~~Report~~by ondepositing ~~Form~~$11,648.56 ~~8-K~~into ~~and~~the isTrust ~~incorporated~~Account, ~~herein by reference. The disclosures~~thereby ~~set~~extending ~~forth~~the intime ~~this~~available ~~Item~~to ~~1.01~~the ~~are~~Company ~~intended~~ to beconsummate ~~summaries~~its ~~only~~initial ~~and~~business ~~are~~combination ~~qualified~~from inDecember ~~their~~31, ~~entirety~~2025 ~~by reference~~ to ~~the~~January ~~Amendment~~31, 2026.

~~Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.~~****

~~The~~Important Information ~~disclosure~~About ~~contained~~the inBusiness ~~Item~~Combination ~~1.01~~and ofWhere ~~this~~to ~~Current~~Find ~~Report on Form 8-K is incorporated by reference in this Item 2.03.~~It

~~****~~On July 22, 2024, Trailblazer Merger Corporation I (“Parent”), a Delaware corporation, entered into a merger agreement, by and among Parent, Trailblazer Merger Sub, Ltd., an Israeli company and a direct, wholly owned subsidiary of Parent (“Merger Sub”), Trailblazer Holdings, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Parent (“Holdings”), and Cyabra Strategy Ltd., a private company organized in Israel (the “Company”) (as it may be amended and/or restated from time to time, the “Merger Agreement”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, (a) Parent shall merge with and into Holdings and Holdings shall be the survivor of such merger (the “Parent Merger” and all references to Parent subsequent to the Parent Merger shall be intended to refer to Holdings as the survivor of the Parent Merger) and (b) Merger Sub shall merge with and into the Company, with the Company being the surviving entity (the “Merger”), following which Merger Sub will cease to exist and the Company will become a wholly owned subsidiary of Parent (the “Surviving Corporation”). In connection with the Merger, Parent will be renamed “Cyabra, Inc.”

~~Important~~The Merger ~~Information~~will be submitted to shareholders of Parent for their consideration. Holdings has filed a registration statement on Form S-4 (the ~~About~~“Registration Statement”) with the ~~Business~~SEC ~~Combination~~which includes a preliminary proxy statement of Parent and ~~Where~~a preliminary prospectus of Holdings (a “Proxy Statement/Prospectus”). Once the Registration Statement has been declared effective, a definitive Proxy Statement/Prospectus will be mailed to ~~Find~~Parent’s Itshareholders as of a record date to be established for voting on the Merger. Parent may also file other relevant documents regarding the Merger with the SEC. Parent’s shareholders and other interested persons are advised to read the preliminary Proxy Statement/Prospectus and any amendments thereto and, once available, the definitive Proxy Statement/Prospectus, in connection with Parent’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the Merger, because these documents will contain important information about Holdings, Parent, the Company and the Merger. Shareholders may also obtain a copy of any preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the Merger and other documents filed with the SEC by Holdings or Parent, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: Parent’s Chief Development Officer at 510 Madison Avenue, Suite 1401, New York, NY 10022.

On July 22, 2024, Trailblazer Merger Corporation I (“Parent”), a Delaware corporation, entered into a merger agreement, by and among Parent, Trailblazer Merger Sub, Ltd., an Israeli company and a direct, wholly owned subsidiary of Parent (“Merger Sub”), Trailblazer Holdings, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Parent (“Holdings”), and Cyabra Strategy Ltd., a private company organized in Israel (the “Company”) (as it may be amended and/or restated from time to time, the “Merger Agreement”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, (a) Parent shall merge with and into Holdings and Holdings shall be the survivor of such merger (the “Parent Merger” and all references to Parent subsequent to the Parent Merger shall be intended to refer to Holdings as the survivor of the Parent Merger) and (b) Merger Sub shall merge with and into the Company, with the Company being the surviving entity (the “Merger”), following which Merger Sub will cease to exist and the Company will become a wholly owned subsidiary of Parent (the “Surviving Corporation”). In connection with the Merger, Parent will be renamed “Cyabra, Inc.”1

~~The Merger~~Participants will be submitted to shareholders of Parent for their consideration. Holdings has filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC which includes a preliminary proxy statement of Parent and a preliminary prospectus of Holdings (a “Proxy Statement/Prospectus”). Once the Registration Statement has been declared effective, a definitive Proxy Statement/Prospectus will be mailed to Parent’s shareholders as of a record date to be established for voting on the Merger. Parent may also file other relevant documents regarding the Merger with the SEC. Parent’s shareholders and other interested persons are advised to read the preliminary Proxy Statement/Prospectus and any amendments thereto and, once available, the definitive Proxy Statement/Prospectus, in ~~connection with Parent’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things,~~ the Merger, because these documents will contain important information about Holdings, Parent, the Company and the Merger. Shareholders may also obtain a copy of any preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the Merger and other documents filed with the SEC by Holdings or Parent, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: Parent’s Chief Development Officer at 510 Madison Avenue, Suite 1401, New York, NY 10022.Solicitation

1Parent and the Company and certain of their respective directors, executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Merger under the rules of the SEC. Information about the directors and executive officers of Parent and the Company and a description of their interests in Parent, the Company and the Merger are set forth in Parent’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 25, 2025, and/or will be contained in the Registration Statement and the Proxy Statement/Prospectus when available, which documents can be obtained free of charge from the sources indicated above.

~~Participants in~~Forward-Looking ~~the Solicitation~~Statements

This Current Report on Form 8-K contains statements that are not historical facts but are “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to statements regarding the anticipated benefits of the Merger, the anticipated timing of the Merger, the implied enterprise value, future financial condition and performance of the Company and the combined company after the Closing and expected financial impacts of the Merger, the satisfaction of closing conditions to the Merger, the level of redemptions of Parent’s public stockholders and the products and markets and expected future performance and market opportunities of the Company. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and ~~certain~~similar expressions that predict or indicate future events or trends or that are not statements of ~~their~~historical matters, ~~respective~~but ~~directors~~the absence of these words does not mean that a statement is not forward looking. These statements are based on various assumptions, whether ~~executive~~or ~~officers~~not identified in this Current Report on Form 8-K, and ~~other~~on ~~members~~the current expectations of Parent’s and Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and ~~employees~~are ~~may~~not intended to serve as, and must not be ~~considered~~relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement ~~participants~~of infact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the ~~solicitation~~control of ~~proxies~~Parent ~~with~~and ~~respect~~the Company. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to: (i) the ~~Merger~~risk ~~under~~that the ~~rules~~transaction ofmay not be completed in a timely manner or at all, which may adversely affect the ~~SEC.~~price ~~Information~~of ~~about~~Parent’s securities, (ii) the ~~directors~~risk that the transaction may not be completed by Parent’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if ~~executive~~sought ~~officers~~by Parent, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement by the stockholders of Parent and the Company, (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (v) the effect of the announcement or pendency of the transaction on the Company’s business relationships, performance, and abusiness ~~description~~generally, (vi) risks that the proposed transaction disrupts current plans of ~~their~~the ~~interests~~Company and potential difficulties in Company employee retention as a result of the proposed transaction, (vii) the outcome of any legal proceedings that may be instituted against the Company or against Parent related to the Merger Agreement or the proposed transaction, (viii) the ability to maintain the listing of Parent’s securities on Nasdaq, (ix) the price of Parent’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which the Company plans to operate, variations in performance across competitors, changes in laws and regulations affecting the ~~Merger~~Company’s ~~are~~business and changes in the combined capital structure, and (x) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities. You should carefully consider the foregoing factors and the other risks and uncertainties as set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Parent’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 25, 2025, and/or will be contained in the Registration Statement and the Proxy Statement/Prospectus when available, ~~which~~and in those other documents ~~can~~that Parent has filed, or will file, with the SEC. The risks and uncertainties above are not exhaustive, and there may be ~~obtained~~additional ~~free~~risks that neither ofParent ~~charge~~nor Company presently know or that Parent and Company currently believe are immaterial that could also cause actual results to differ from those contained in the ~~sources~~forward-looking ~~indicated~~statements. ~~above~~In addition, forward looking statements reflect Parent’s and Company’s expectations, plans or forecasts of future events and views as of the date of this Current Report on Form 8-K. Parent and Company anticipate that subsequent events and developments will cause Parent’s and Company’s assessments to change. However, while Parent and Company may elect to update these forward-looking statements at some point in the future, Parent and Company specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Parent’s and Company’s assessments as of any date subsequent to the date of this Current Report on Form 8-K . Accordingly, undue reliance should not be placed upon the forward-looking statements.

~~Forward-Looking Statements~~No Offer or Solicitation

This Current Report on Form 8-K ~~contains~~shall ~~statements that are~~ not ~~historical~~constitute ~~facts~~an ~~but~~offer are “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to ~~statements regarding the anticipated benefits of the Merger~~sell, the anticipated timing of the Merger, the implied enterprise value, future financial condition and performance of the Company and the combined company after the Closing and expected financial impacts of the Merger, the satisfaction of closing conditions to the Merger, the level of redemptions of Parent’s public stockholders and the products and markets and expected future performance and market opportunities of the Company. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or ~~indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that~~ a ~~statement~~solicitation ~~is not forward looking. These statements are based on various assumptions, whether or not identified in this Current Report on Form 8-K, and on the current expectations~~ of ~~Parent’s~~an ~~and~~offer ~~Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended~~ to ~~serve as~~buy, ~~and must not be relied on by any investor as, a guarantee, an assurance, a prediction~~ or a ~~definitive~~recommendation ~~statement of fact or probability. Actual events and circumstances are difficult or impossible~~ to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Parent and the Company. These forward-looking statements are subject to a number of risks and uncertaintiespurchase, ~~including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or~~ atany ~~all, which may adversely affect the price of Parent’s~~ securities, ~~(ii)~~in the risk that the transaction may not be completed by Parent’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Parent, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement by the stockholders of Parent and the Company, (iv) the occurrence of any ~~event~~jurisdiction, ~~change~~ or ~~other circumstance that could give rise to~~ the ~~termination~~solicitation of ~~the~~any ~~Merger Agreement~~vote, ~~(v)~~consent ~~the effect of the announcement~~ or ~~pendency~~approval of the transaction on the Company’s business relationships, performance, and business generally, (vi) risks that the proposed transaction disrupts current plans of the Company and potential difficulties in ~~Company employee retention as a result of the proposed transaction, (vii) the outcome of~~ any ~~legal~~jurisdiction ~~proceedings that~~in ~~may~~connection bewith ~~instituted against~~ the ~~Company or against Parent related to the~~ Merger ~~Agreement or the proposed transaction~~, ~~(viii) the ability~~ tonor ~~maintain~~shall ~~the~~there ~~listing~~be ofany ~~Parent’s securities on Nasdaq~~sale, ~~(ix)~~issuance ~~the~~or ~~price~~transfer of ~~Parent’s~~any securities ~~may~~in beany ~~volatile~~jurisdiction ~~due to a variety of factors~~where, ~~including~~or ~~changes in the competitive and highly regulated industries in which the Company plans~~ to ~~operate,~~any ~~variations~~person ~~in performance across competitors, changes in laws and regulations affecting the Company’s business and changes in the combined capital structure, and (x) the ability~~ to ~~implement business plans~~whom, ~~forecasts,~~such ~~and other expectations after the completion of the proposed transaction~~offer, ~~and~~ ~~identify and realize additional opportunities. You should carefully consider the foregoing factors and the other risks and uncertainties~~solicitation as set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Parent’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 25, 2025, and/or ~~will~~ besale contained in the Registration Statement and the Proxy Statement/Prospectus when available, and in those other documents that Parent has filed, or will file, with the SEC. The risks and uncertainties above are not exhaustive, and there may be ~~additional~~unlawful ~~risks~~under ~~that neither Parent nor Company presently know or that Parent and Company currently believe are immaterial that could also cause actual results to differ from those contained in~~ the ~~forward-looking~~laws ~~statements. In addition, forward looking statements reflect Parent’s and Company’s expectations, plans or forecasts~~ of ~~future~~such ~~events~~jurisdiction. ~~and~~This ~~views as of the date of this~~ Current Report on Form 8-K. ~~Parent~~does ~~and~~not ~~Company~~constitute ~~anticipate that~~either ~~subsequent~~advice ~~events~~or ~~and~~a ~~developments will cause Parent’s and Company’s assessments to change. However, while Parent and~~recommendation ~~Company~~regarding ~~may elect to update these forward-looking statements at some point in the future, Parent and Company specifically disclaim~~ any ~~obligation~~ ~~to do so~~securities. ~~These~~No ~~forward-looking~~offering ~~statements~~of ~~should~~securities ~~not~~shall be ~~relied~~made ~~upon~~except asby ~~representing~~means ~~Parent’s and Company’s assessments as~~ of ~~any~~a ~~date~~prospectus ~~subsequent~~meeting to the ~~date~~requirements of ~~this~~the ~~Current Report on Form 8-K . Accordingly~~Securities Act, ~~undue~~or ~~reliance~~an ~~should~~exemption ~~not be placed upon the forward-looking statements~~therefrom.

~~No Offer or Solicitation~~SIGNATURES

~~This Current~~Pursuant ~~Report on Form 8-K shall not constitute an offer~~ to ~~sell,~~the orrequirements ~~a solicitation~~ of anthe ~~offer to buy, or a recommendation to purchase,~~Securities ~~any~~Exchange ~~securities~~Act ~~in any jurisdiction, or the solicitation~~ of ~~any vote~~1934, ~~consent or approval in any jurisdiction in connection with~~ the ~~Merger, nor~~registrant ~~shall~~has ~~there~~duly becaused ~~any~~this ~~sale,~~report ~~issuance or transfer of any securities in any jurisdiction where, or~~ to ~~any person to whom, such offer, solicitation or sale may~~ be ~~unlawful~~signed ~~under the laws of such jurisdiction. This Current Report~~ on ~~Form~~its ~~8-K~~behalf ~~does not constitute either advice or a recommendation regarding any securities. No offering of securities shall be made except~~ by ~~means of a prospectus meeting~~ the ~~requirements~~undersigned ofhereunto ~~the~~duly ~~Securities Act, or an exemption therefrom~~authorized.

Item 9.01 Financial Statements and Exhibits

Dated: January 6, 2026

TRAILBLAZER MERGER CORPORATION I

By:	/s/ Arie Rabinowitz
Name:	Arie Rabinowitz
Title:	Chief Executive Officer

~~(d) Exhibits~~3

EXHIBIT NO.		DESCRIPTION
10.1		Amendment to Second Amended and Restated Promissory Note, dated as of December 4, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: December 9, 2025

TRAILBLAZER MERGER CORPORATION I By: /s/ Arie Rabinowitz Name: Arie Rabinowitz Title: Chief Executive Officer

Filing Compare · Trailblazer Merger Corp I