Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 112

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 remaining cash was held in the trust account and is generally unavailable for our use prior
to an initial business combination.

On March 31, 2023, the Company
consummated the IPO of 6,000,000 units (the “Units”). Each Unit consisted of one share of Class A common stock, $0.0001 par
value (“Common Stock”) and one right (“Right”) to receive one-tenth (1/10) of one share of Common Stock upon the
consummation of an initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds
of $60,000,000. The Company granted the underwriters a 45-day option to purchase up to 900,000 additional Units to cover over-allotments,
if any, which the underwriters exercised in full simultaneously with the consummation of the IPO. The 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.

Simultaneously with the closing
of the IPO, the Company consummated the Private Placement with the Sponsor 394,500 units (the “Private Units”), generating
total proceeds of $3,945,000. The Private Units are identical to the Units sold in the IPO. The Sponsor agreed not to transfer, assign
or sell any of the Private Units or underlying securities (except in limited circumstances, as described in the registration statement)
until the completion of the Company’s initial business combination. The holders of the Private Units were granted certain demand
and piggyback registration rights in connection with the purchase of the Private Units. The Private Units were issued pursuant to Section
4(a)(2) of the Securities Act of 1933, as amended, as the transaction did not involve a public offering.

As of March 31, 2023, a total
of $70,380,000 of the net proceeds from the IPO and the Private Placement was deposited in a trust account established for the benefit
of the Company’s public stockholders. Except with respect to interest earned on the funds held in the trust account that may be
released to us to pay our tax obligations (if any) and $100,000 of interest for our dissolution expenses, the proceeds from this offering
and the sale of the Private Units will not be released from the trust account (1) to us, until the