Trailblazer Holdings is a Delaware-incorporated shell company with no operations, revenue, or assets. It was formed in July 2024 solely to facilitate a SPAC merger with Cyabra Strategy Ltd., a private Israeli company. The transaction is structured as a two-step merger, after which Trailblazer Holdings would be renamed Cyabra, Inc. and listed on Nasdaq. The deal has been amended twice since the original agreement, with the base purchase price increased from $70M to $106M and the closing deadline extended to March 30, 2026. The transaction is supported by $8M in committed PIPE financing structured as Series B Preferred Stock. Cyabra Strategy Ltd., the operating company being acquired, has been funded largely through convertible and promissory notes from Alpha Capital Anstalt, an affiliate of the SPAC sponsor, totaling approximately $11.1M across several tranches. Trailblazer Holdings itself carries a working capital deficit of approximately $210K, has no independent funding, and has received a going concern opinion from its auditors. If the merger does not close by March 30, 2026, Trailblazer Holdings is required to liquidate.