TBMCHIGH SIGNALMANAGEMENT10-K

TBMC underwent a major leadership transition with Yosef Eichorn replacing Arie Rabinowitz as CEO while experiencing significant shareholder redemptions that reduced outstanding shares by nearly half.

The company faced substantial shareholder exits with over 2 million shares redeemed at $11.70 per share, requiring nearly $24 million in trust account withdrawals. This leadership change combined with massive redemptions suggests investor concerns about the SPAC's direction and ability to complete a business combination before the extended March 2026 deadline.

Comparing 2026-03-10 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

TBMC's financial position deteriorated meaningfully with total assets declining 84.5% to $4.3M, primarily driven by the $24M trust account withdrawal to fund shareholder redemptions. Operating cash flow worsened substantially while operating losses increased modestly to -$2.6M. The dramatic asset reduction reflects the company's struggle to retain investor capital as it searches for a merger target, leaving it with significantly less resources to pursue potential transactions.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
-84.5%
$27.7M→$4.3M

Total assets contracted 84.5% — asset sales, write-downs, or balance sheet optimization underway.

Current Assets
Balance Sheet
-76.4%
$902K→$213K

Current assets declined 76.4% — monitor working capital adequacy and short-term liquidity.

Operating Cash Flow
Cash Flow
-63.7%
-$1.6M→-$2.6M

Operating cash flow fell 63.7% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
+33.7%
$64K→$85K

Cash position surged 33.7% — strong cash generation or capital raise providing significant financial cushion.

Operating Income
P&L
-11.8%
-$2.3M→-$2.6M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-25
ADDED
As of March 6, 2026, there were 2,452,315 shares of Class A common stock, $0.0001 par value per share and 1 share of Class B common stock, $0.0001 par value per share, issued and outstanding.
Also on September 29, 2025, the stockholders approved a second amendment to the Company s investment management trust agreement, dated as of March 28, 2023, as amended, (the Trust Agreement ) by and between the Company and Continental Stock Transfer Trust Company, allowing the Company to extend the date by which the Company must consummate a business combination up to six (6) times, each such extension for an additional one (1) month period, until March 30, 2026.
In connection with the stockholders vote at such annual meeting, 2,046,800 shares were tendered for redemption.
On October 22, 2025, $23,950,427, or approximately $11.70 redemption price per share, was withdrawn from the Trust Account to pay the redeeming holders and the 2,046,800 shares of the Company s Class A common stock that were redeemed were cancelled.
Management Team Our management team is led by Yosef Eichorn, our Chief Executive Officer, Chief Development Officer and Director and Scott Burell, our Chief Financial Officer.
Yosef Eichorn - Chief Executive Officer, Chief Development Officer and Director On January 21, 2026, the Board of Directors of the Company appointed Yosef Eichorn as its Chief Executive Officer, and as the Chief Executive Officer and sole director of Holdings.
Eichorn is also currently the Chief Development Officer of the Company.
Eichorn also serves as the Vice President of Investments at LHX.
Previously he served in the same capacity at LH Financial since January 2020.
2 Scott Burell - Chief Financial Officer Since March 2023, Scott Burell has served as our Chief Financial Officer.
REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of March 18, 2025, there were 4,499,115 shares of Class A common stock, $0.0001 par value and 1 share of Class B common stock, $0.0001 par value, issued and outstanding.
1 Management Team Our management team is led by Arie Rabinowitz, our Chief Executive Officer and Director, Scott Burell, our Chief Financial Officer, and Yosef Eichorn, our Chief Development Officer.
Rabinowitz is the founder of LHX Corp., a New York limited liability company and a family office service company for a single family ( LHX ).
The family s primary securities investment vehicle is Alpha Capital Anstalt.
In February 2025, LHX succeeded LH Financial Services Corp., co-founded by Mr.
LHX has the same functions and substantially the same management as LH Financial had.
It occupies the same offices as previously occupied by LH Financial and all the management and staff of LHX were previously employed by LH Financial.
Rabinowitz served as Vice President and Chief Investment Officer of LH Financial from inception in 1997 until 2010.
Rabinowitz served as Chief Executive Officer of LH Financial.
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