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Trailblazer Merger Corporation I, a small-cap company ($52.75M market value) focused on real estate and construction, has announced a change in its independent registered public accounting firm. The company’s previous accounting firm, Marcum LLP, continued its service until June 10, 2025, after which it was replaced by CBIZ (NYSE:CBZ) CPAs P.C. This transition comes after CBIZ CPAs acquired the attest business of Marcum effective November 1, 2024. According to InvestingPro data, the company currently faces financial challenges with a weak overall health score and concerning liquidity metrics.
The decision to appoint CBIZ CPAs as the new accounting firm was approved by the Audit Committee of Trailblazer’s Board of Directors and will be effective immediately for the fiscal year ending December 31, 2025. The company has stated that the services previously provided by Marcum will now be carried out by CBIZ CPAs.
In the fiscal years 2024 and 2023, and up to June 10, 2025, Trailblazer Merger Corporation I did not consult with CBIZ CPAs regarding any accounting principles or auditing procedures. Additionally, there were no disagreements or reportable events between the company and Marcum that would have influenced Marcum’s audit reports for those years. The audit reports for the fiscal years ended December 31, 2024, and December 31, 2023, did not contain any adverse opinions but did include an explanatory paragraph regarding the company’s ability to continue as a going concern. This concern appears justified, as InvestingPro analysis shows the company’s current ratio stands at 0.14, indicating significant challenges in meeting short-term obligations. Subscribers to InvestingPro can access 6 additional key tips about the company’s financial position.
In compliance with regulatory requirements, Trailblazer has provided Marcum with the disclosures related to the change in accounting firms and has received a letter from Marcum addressed to the Securities and Exchange Commission confirming their agreement with the statements made by the company. This letter is included as Exhibit 16.1 in the Form 8-K filed with the SEC. The company’s P/E ratio of -144.2 and negative earnings per share (-$0.08) in the last twelve months reflect ongoing profitability challenges.
This change in Trailblazer Merger Corporation I’s certifying accountant is based on information from a recent SEC filing.
In other recent news, Trailblazer Merger Corporation I has amended its promissory note with its sponsor, increasing the borrowing limit to $4,030,000. This amendment, filed with the SEC, also extends the company’s business combination period to June 30, 2025. Trailblazer Merger Corporation I has announced a merger agreement with Cyabra Strategy Ltd., which is subject to shareholder approval and customary closing conditions. Upon completion, the company is expected to be renamed Cyabra, Inc. Additionally, Trailblazer has extended its deadline to complete an initial business combination to May 31, 2025, by depositing $83,286.56 into its trust account. This follows a previously approved amendment allowing deadline extensions without further stockholder votes. These developments are part of Trailblazer’s strategic plan to complete its business combination with Cyabra Strategy Ltd. The merger details, including financial information, will be shared with shareholders once the SEC declares the registration statement effective.
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