Trailblazer Merger I (TBMC)
Market Price (3/27/2026): $7.35 | Market Cap: $18.0 MilSector: Financials | Industry: Multi-Sector Holdings
Trailblazer Merger I (TBMC)
Market Price (3/27/2026): $7.35Market Cap: $18.0 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -89% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.6 Mil | |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -50% | |
| Key risksTBMC key risks include [1] potential delisting from Nasdaq for failing to meet market value requirements, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -89% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.6 Mil |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -50% |
| Key risksTBMC key risks include [1] potential delisting from Nasdaq for failing to meet market value requirements, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Significant Share Redemptions Reduced Trust Capital: Trailblazer Merger I experienced substantial redemptions of public shares. During a Special Meeting of Stockholders on February 18, 2026, 210,269 shares were tendered for redemption, which reduced the public float and impacted liquidity. Furthermore, heavy redemptions removed approximately $49,774,936 in 2024 and $23,950,427 in 2025 from the company's trust account. This trend indicates a lack of investor confidence in the proposed business combination and a preference for cash redemption, especially since the implied redemption price of roughly $12.11 per share as of March 11, 2026, was higher than the market price of $10.75.
2. Repeated Extensions of Merger Deadline and Liquidation Threat: The company faced persistent delays in completing its business combination with Cyabra Strategy Ltd., requiring multiple extensions of the deadline. This included an extension from December 31, 2025, to January 31, 2026, and then to February 28, 2026. In March 2026, Trailblazer Merger I sought further stockholder approval to extend the merger deadline to June 30, 2026, explicitly stating that a failure to do so would result in the SPAC's liquidation by March 30, 2026. This ongoing uncertainty and the imminent threat of liquidation negatively impacted investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -37.4% change in TBMC stock from 11/30/2025 to 3/26/2026 was primarily driven by a 82.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 3262026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.70 | 7.33 | -37.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 4 | 2 | 82.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 3/26/2026| Return | Correlation | |
|---|---|---|
| TBMC | -37.4% | |
| Market (SPY) | -5.3% | 21.8% |
| Sector (XLF) | -7.7% | 2.9% |
Fundamental Drivers
The -37.0% change in TBMC stock from 8/31/2025 to 3/26/2026 was primarily driven by a 83.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 3262026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.63 | 7.33 | -37.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 4 | 2 | 83.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 3/26/2026| Return | Correlation | |
|---|---|---|
| TBMC | -37.0% | |
| Market (SPY) | 0.6% | 17.0% |
| Sector (XLF) | -8.5% | 1.6% |
Fundamental Drivers
The -35.4% change in TBMC stock from 2/28/2025 to 3/26/2026 was primarily driven by a 259.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282025 | 3262026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.34 | 7.33 | -35.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 9 | 2 | 259.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2025 to 3/26/2026| Return | Correlation | |
|---|---|---|
| TBMC | -35.4% | |
| Market (SPY) | 9.8% | 9.7% |
| Sector (XLF) | -4.7% | 2.0% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/26/2026| Return | Correlation | |
|---|---|---|
| TBMC | ||
| Market (SPY) | 69.4% | 7.2% |
| Sector (XLF) | 44.1% | 1.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TBMC Return | - | - | 4% | 6% | 20% | -18% | 8% |
| Peers Return | 66% | -47% | 91% | 26% | 26% | -13% | 132% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| TBMC Win Rate | - | - | 100% | 92% | 50% | 33% | |
| Peers Win Rate | 68% | 38% | 65% | 57% | 60% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| TBMC Max Drawdown | - | - | 0% | -0% | -0% | -29% | |
| Peers Max Drawdown | -15% | -50% | -11% | -16% | -12% | -22% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PANW, CRWD, FTNT, ZS, NET.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/26/2026 (YTD)
How Low Can It Go
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nullIn The Past
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About Trailblazer Merger I (TBMC)
AI Analysis | Feedback
Analogy 1: It's like a publicly traded private equity firm focused on acquiring one tech company.
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- Business Combination Facilitation: Trailblazer Merger I is a blank check company formed with the sole purpose of identifying and completing a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination with one or more target businesses.
AI Analysis | Feedback
```htmlTrailblazer Merger I (TBMC) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Based on the provided description, it was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company has generated no operating revenues to date and does not expect to generate any operating revenues until after it consummates its initial business combination.
Therefore, Trailblazer Merger I (TBMC) currently has no customers.
```AI Analysis | Feedback
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Yosef Eichorn Chief Executive Officer and Chief Development Officer
Yosef Eichorn was appointed Chief Executive Officer of Trailblazer Merger I on January 23, 2026, succeeding Arie Rabinowitz. He also serves as the company's Chief Development Officer. Mr. Eichorn has been the Vice President of Investments at LHX since February 2025 and previously held investment and compliance roles at LH Financial. He served as Vice President of Investments at LH Financial since January 2020, where he focused on evaluating new investment opportunities and monitoring the family's active portfolio companies. From March 2019 to September 2021, he was Compliance Officer at LH Financial, and from July 2018 to December 2019, he served as a Research Analyst at LH Financial. LH Financial Services Corp. is described as a family office service company. Mr. Eichorn is the son-in-law of former CEO Arie Rabinowitz. He holds a Bachelor of Science in Liberal Arts from Empire State College.
Scott Burell Chief Financial Officer
Scott Burell has served as the Chief Financial Officer of Trailblazer Merger I. Since August 2018, he has also been the Chief Financial Officer of AIVITA Biomedical, Inc., an immuno-oncology company. Previously, from November 2006 until its acquisition by Invitae Corp. in November 2017, Mr. Burell was the Chief Financial Officer, Secretary, and Treasurer of CombiMatrix Corporation, a clinical molecular diagnostic laboratory.
Joseph Hammer Chairman of the Board of Directors
Joseph Hammer serves as the Chairman of the Board of Directors for Trailblazer Merger I. Since February 2025, he has been the Chief Investing Officer ("CIO") at LHX, a role he held at LH Financial Services Corp., a family office service company, since 2010. As CIO, he is responsible for sourcing potential investments for the family office and providing guidance for their investments and mergers.
Patrick Donovan Director
Patrick Donovan is a Director for Trailblazer Merger I. Since February 2025, Mr. Donovan has been the CFO of Pure Thought, Inc., an artificial intelligence software startup. He is also a founding partner of Lokahi Capital, a private equity firm. His career includes experience in commercial real estate finance, investment banking with Credit Suisse in London, and positions as a Fixed Income Portfolio Manager at UBS in London and a Structured Credit Trader at AVM/III Capital.
AI Analysis | Feedback
The key risk to Trailblazer Merger I (TBMC) is its ability to successfully complete an initial business combination. As a blank check company, TBMC has no operating revenues and its sole purpose is to acquire one or more businesses. If it fails to identify and complete a business combination within the required timeframe, the company would likely be forced to liquidate, returning funds to shareholders, but without achieving its stated objective. This risk encompasses challenges such as intense competition for attractive target businesses and the difficulty in identifying a suitable partner that aligns with its investment criteria.
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Trailblazer Merger I (TBMC) is a Special Purpose Acquisition Company (SPAC) that has entered into a definitive merger agreement to acquire Cyabra Strategy Ltd., an Israeli private company. The shareholders of TBMC approved the merger with Cyabra Strategy Ltd. on February 18, 2026. Upon the closing of the merger, the combined company will be renamed Cyabra, Inc.. Therefore, the future revenue growth drivers for TBMC will be those of the acquired operating business, Cyabra Strategy Ltd.
Based on the planned acquisition of Cyabra Strategy Ltd., the expected drivers of future revenue growth for Trailblazer Merger I (post-combination as Cyabra, Inc.) over the next 2-3 years include:
- Growth in the core business of Cyabra: As a technology company, Cyabra's ability to expand its existing products and services and attract new customers will be a primary revenue driver.
- Introduction of new products and services: Ongoing innovation and the launch of new offerings by Cyabra in the technology sector are expected to contribute to revenue expansion.
- Expansion into new markets or geographies: Cyabra's strategic efforts to broaden its market reach beyond its current operations, potentially in new regions or customer segments, will drive revenue growth.
- Strategic partnerships and collaborations: Forming alliances with other companies can open new distribution channels, enhance product offerings, and lead to increased sales for Cyabra.
- Operational efficiencies and synergy realization post-merger: While not direct revenue generators, successful integration and operational improvements from the business combination can enhance profitability and free up resources for growth initiatives.
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Share Issuance
- Trailblazer Merger I completed its initial public offering (IPO) on March 31, 2023, issuing 6,900,000 units at $10.00 per unit, resulting in gross proceeds of $69,000,000.
- Each unit issued during the IPO consisted of one share of Class A common stock and one right to receive one-tenth of a share of Class A common stock upon the consummation of an initial business combination.
- In an amendment to its merger agreement with Cyabra Strategy Ltd., Trailblazer Merger I agreed to issue 103,500 shares of common stock to each underwriter to settle deferred underwriting and advisory fees, rather than making cash payments.
Inbound Investments
- The company raised $69,000,000 in gross proceeds from its initial public offering in March 2023, with this capital being held in a trust account.
- Trailblazer Merger I increased the principal amount of a promissory note by $300,000, bringing the total to $4,330,000 as of January 2026.
- The principal amount of the promissory note was further increased by $500,000 to $5,330,000 as of February 11, 2026, through an amendment with Alpha Capital Anstalt.
Outbound Investments
- Trailblazer Merger I entered into a merger agreement to acquire Cyabra Strategy Ltd., an Israeli private company, on July 22, 2024, with subsequent amendments to the agreement.
Capital Expenditures
- Trailblazer Merger I reported $0.0 in capital expenditures for the fiscal years ending December 31, 2021, 2022, 2023, and 2024.
Trade Ideas
Select ideas related to TBMC.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 148.93 |
| Mkt Cap | 67.0 |
| Rev LTM | 3,907 |
| Op Inc LTM | -74 |
| FCF LTM | 1,058 |
| FCF 3Y Avg | 885 |
| CFO LTM | 1,363 |
| CFO 3Y Avg | 1,135 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.7% |
| Rev Chg 3Y Avg | 29.1% |
| Rev Chg Q | 23.3% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Mgn LTM | -4.8% |
| Op Mgn 3Y Avg | -3.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 37.1% |
| CFO/Rev 3Y Avg | 36.0% |
| FCF/Rev LTM | 29.1% |
| FCF/Rev 3Y Avg | 28.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 67.0 |
| P/S | 11.1 |
| P/EBIT | -443.0 |
| P/E | -168.1 |
| P/CFO | 25.5 |
| Total Yield | -0.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.7% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.0% |
| 3M Rtn | -17.1% |
| 6M Rtn | -19.8% |
| 12M Rtn | -17.6% |
| 3Y Rtn | 44.5% |
| 1M Excs Rtn | 13.1% |
| 3M Excs Rtn | -11.2% |
| 6M Excs Rtn | -17.4% |
| 12M Excs Rtn | -31.3% |
| 3Y Excs Rtn | -16.6% |
Price Behavior
| Market Price | $7.33 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 05/15/2023 | |
| Distance from 52W High | -50.2% | |
| 50 Days | 200 Days | |
| DMA Price | $9.23 | $9.06 |
| DMA Trend | down | down |
| Distance from DMA | -20.7% | -19.2% |
| 3M | 1YR | |
| Volatility | 121.1% | 66.3% |
| Downside Capture | 335.90 | 108.40 |
| Upside Capture | 161.80 | 38.05 |
| Correlation (SPY) | 11.0% | 3.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.80 | 0.34 | 0.17 | 0.06 | 0.02 | -0.04 |
| Up Beta | 3.64 | 2.23 | 1.81 | 0.72 | 0.07 | -0.09 |
| Down Beta | -1.00 | -0.65 | -0.06 | 0.01 | -0.01 | 0.09 |
| Up Capture | -155% | -89% | -81% | -31% | -7% | -0% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 5 | 16 | 24 | 44 | 86 | 235 |
| Down Capture | 214% | 121% | 39% | 16% | 8% | -0% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 16 | 25 | 32 | 58 | 95 | 180 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBMC | |
|---|---|---|---|---|
| TBMC | -50.3% | 65.9% | -1.12 | - |
| Sector ETF (XLF) | -1.7% | 19.1% | -0.22 | 4.6% |
| Equity (SPY) | 13.1% | 18.9% | 0.52 | 11.8% |
| Gold (GLD) | 45.0% | 27.5% | 1.34 | 10.6% |
| Commodities (DBC) | 17.7% | 17.5% | 0.84 | 3.9% |
| Real Estate (VNQ) | 1.7% | 16.4% | -0.07 | 4.3% |
| Bitcoin (BTCUSD) | -18.7% | 43.9% | -0.35 | 3.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBMC | |
|---|---|---|---|---|
| TBMC | -11.8% | 44.2% | -0.71 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.39 | 3.2% |
| Equity (SPY) | 12.0% | 17.0% | 0.55 | 8.8% |
| Gold (GLD) | 19.8% | 17.6% | 0.92 | 9.1% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 2.6% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 2.3% |
| Bitcoin (BTCUSD) | 4.1% | 56.7% | 0.29 | 2.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBMC | |
|---|---|---|---|---|
| TBMC | -6.1% | 44.2% | -0.71 | - |
| Sector ETF (XLF) | 12.4% | 22.1% | 0.52 | 3.2% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 8.8% |
| Gold (GLD) | 12.9% | 15.8% | 0.67 | 9.1% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 2.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 2.3% |
| Bitcoin (BTCUSD) | 67.1% | 66.8% | 1.06 | 2.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 11/21/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/25/2025 | 10-K |
| 09/30/2024 | 11/19/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 424B4 |
| 09/30/2022 | 01/31/2023 | S-1/A |
| 06/30/2022 | 09/07/2022 | S-1/A |
| 03/31/2022 | 06/30/2022 | S-1 |
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