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Completed · 27 Mar 2026TBMCU · NasdaqCIK 1934945Sponsor at IPO: Trailblazer Sponsor Group, LLC

Trailblazer Merger Corp I

$70.4MTrust raised at IPO · 2% of public shares left after its last counted vote

Merged with Cyabra, Inc. (CYAB) · Technology and telecoms

  1. IPO28 Mar 2023
  2. Searching12 months
  3. Deal announcedAgreement signed
  4. Closed27 Mar 2026

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 77% of 2023’s SPAC IPOs.

    $69M raised, against a median of $69M for the 31 SPACs that priced in 2023.

  2. 02

    $10.20 in trust per unit, above the 2023 median.

    The median that year was $10.10. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    98% of public shares redeemed across 3 votes.

    2 extension votes and the merger vote, counted from the SPAC’s 8-Ks. 2% of the public shares remained after the last one.

  4. 04

    Closed its merger 36 months after its IPO.

    The combined company is Cyabra, Inc. (CYAB). Sector: Technology and telecoms.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2023 SPAC IPOs →
IPO priced
28 Mar 2023
IPO closed
31 Mar 2023
Raised
$69M1
Units sold
6,900,0002
Trust raised
$70.4M3
Trust per unit
$10.204
Unit
1 sh + 1 right (1/10)5
Months to complete
126
Deadline before extensions
31 Mar 2024
Over-allotment
Exercised in full

Each unit: “one share of Class A common stock and one right to receive one-tenth (1/10) of a share of Class A common stock”

How it compares

Trailblazer Merger Corp I against the 31 SPACs that priced in 2023.

Raised
$69M
32% of 2023 SPACs match it
2023 median: $69M
Trust per unit
$10.20
77% of 2023 SPACs are below it
2023 median: $10.10
Months to complete
12
39% of 2023 SPACs match it
2023 median: 12
Redeemed across its votes
98%
68% of 2023 SPACs are below it
2023 median: 95%

Trust and redemptions

  1. Extension vote · 26 Sept 20244,520,384 of 6,900,000 redeemed (66%)
  2. Extension vote · 29 Sept 20252,046,800 of 2,379,616 redeemed (86%)
  3. Merger vote · 18 Feb 2026210,269 of 332,816 redeemed (63%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Company counsel

Underwriters’ counsel

Auditor

Sponsor

No other SPAC from Trailblazer Sponsor Group, LLC or a vehicle of the same name priced since 1 January 2019.

Peers

Other 2023 SPAC IPOs with Ladenburg Thalmann & Co. Inc. as bookrunner.

SPACIPORaisedUnitStatus
Golden Star Acquisition Corp1 May 2023$69M1 sh + 1 right (2/10)Completed

Sources

  1. PFinal prospectus: 0001104659-23-038391
  2. 1Gross proceeds: 0001104659-23-040926The total aggregate issuance by the Company of 6,900,000 units at a price of $10.00 per unit resulted in a total gross proceeds of $69,000,000.
  3. 2Units sold: 0001104659-23-053184Pursuant to the Initial Public Offering, the Company sold 6,900,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 900,000 Units
  4. 3Trust raised: 0001104659-23-053184an amount of $70,380,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Units was placed in a trust account
  5. 4Trust per unit: 0001104659-23-038391$61,200,000 or $70,380,000 if the underwriters’ over-allotment option is exercised in full ($10.20 per unit in either case) will be deposited into a trust account
  6. 5Unit composition: 0001104659-23-038391consists of one share of our Class A common stock and one right to receive one-tenth (1/10) of a share of Class A common stock upon the consummation of an initial business combination
  7. 6Months to complete: 0001104659-23-038391We will have twelve (12) months from the closing of this offering to consummate an initial business combination (or up to 18 months, if we extend the time to complete a business combination as described in this prospectus).

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.