Trailblazer Merger Corp I (TBMC) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: November 21, 2025

Risk Assessment Details

Potential Dilution: 244.67% of current shares
Recent Dilution: 0% (2 years)
Historical Dilution Factor: minimal recent dilution
Outstanding Shares
2.5M
Potential Supply
6M
Additional shares possible
Splits
None
Past 2 years

Summary

TBMC currently has 2.45M outstanding shares. with significant dilution risk as 6M authorized shares could dilute existing holders by 244.7%. The company has not diluted shareholders through share issuances in the past 2 years, which is positive for existing holders.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 21, 2025

10-Q filing | 2.5M shares outstanding

2.5M 6M
Nov 03, 2025

8-K filing: Trailblazer Merger Corporation I will pay underwriters 103,500 shares of common stock as payment for deferred underwriting commissions, and LifeSci will receive 105,000 PubCo Shares upon the closing of the Business Combination and an advisory fee of $1,050,00 paid in PubCo Shares 90 days after the closing of the Business Combination, and Ladenburg will receive an advisory fee of $1,050,000 paid in PubCo Shares 90 days after the closing of the Business Combination.

4.5M 6M
Aug 13, 2025

10-Q filing | 4.5M shares outstanding

4.5M 6M
May 14, 2025

10-Q filing | 4.5M shares outstanding

4.5M 6M
Mar 25, 2025

10-K filing | 4.5M shares outstanding

4.5M 6M
Nov 19, 2024

10-Q filing | 4.5M shares outstanding

4.5M 6M
Aug 14, 2024

10-Q filing | 9.0M shares outstanding

9M 6M
Jul 23, 2024

8-K filing: Trailblazer Merger Corporation I entered into a merger agreement with Cyabra Strategy Ltd, where Cyabra will become a wholly-owned subsidiary of Trailblazer, with Trailblazer being renamed Cyabra, Inc., and the Company shareholders will receive 7,000,000 shares of Parent Common Stock.

9M 6M
May 15, 2024

10-Q filing | 9.0M shares outstanding

9M 6M
Mar 29, 2024

10-K filing | 9.0M shares outstanding

9M 6M
Nov 07, 2023

10-Q filing | 9.0M shares outstanding

9M 6M
Aug 11, 2023

10-Q filing | 9.0M shares outstanding

9M 6M
May 12, 2023

10-Q filing | 2.1M shares outstanding

2.1M 6M
Apr 28, 2023

8-K filing: The company consummated its initial public offering of 6,900,000 units at a price of $10.00 per unit, resulting in total gross proceeds of $69,000,000, and simultaneously consummated a private placement with the Sponsor of 394,500 units, generating total proceeds of $3,945,000. ($72.95M proceeds)

1.7M 6M
Apr 03, 2023

8-K filing: Trailblazer Merger Corp. I completed its IPO of 6,900,000 units at $10.00 per unit, generating gross proceeds of $69,000,000, and simultaneously consummated a private placement with Trailblazer Sponsor Group, LLC for 394,500 units, generating total proceeds of $3,945,000. ($72.95M proceeds)

1.7M 6M
Mar 13, 2023

S-1/A filing: Initial public offering of 6,000,000 Units at $10.00 per unit, each unit consisting of (1) one share of Class A common stock and (2) one right to receive one-tenth (1/10) of a share of Class A common stock upon consummation of our initial business combination.

1.7M 6M
Jan 31, 2023

S-1/A filing: Initial public offering of 6,000,000 units at $10.00 per unit, each unit consisting of one share of Class A common stock and one right to receive one-tenth (1/10) of a share of Class A common stock upon consummation of the initial business combination.

1.7M 6.4M
Sep 07, 2022

S-1/A filing: Trailblazer Merger Corporation I is offering 6,750,000 Units at $10.00 per unit, each unit consisting of (1): one share of Class A common stock; one Class 1 redeemable warrant; one Class 2 redeemable warrant; one right to receive one-twentieth (1/20) of a share of Class A common stock upon consummation of our initial business combination. Our sponsor, Trailblazer Sponsor Group, LLC, has agreed to purchase an aggregate of 2,542,500 placement warrants at a price of $1.00 per warrant.

1.9M 9.3M
Jun 30, 2022

S-1 filing: Initial public offering of units consisting of Class A common stock, warrants and rights for a newly organized blank check company.

1.9M 9.3M
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