Company: BLZRW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110002
Chunk: 33

Company: Trailblazer Acquisition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 33
---
 our securities will likely be subject to a suspension of trading and delisting from
Nasdaq.

Recent
Developments

On October 29, 2025, we announced
that, commencing on October 31, 2025, the holders of our Units may elect to separately trade the Class A Ordinary Shares and the Warrants
included in the Units. No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. Any Units
that are not separated will continue to trade on the Global Market tier of Nasdaq under the symbol “BLZRU.” The Class A Ordinary
Shares and the Warrants trade on the Global Market tier of Nasdaq under the symbols “BLZR” and “BLZRW,” respectively.

Results
of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities since June 9, 2025 (inception) through
September 30, 2025 have been (i) organizational activities and (ii) activities relating to (x) the Initial Public Offering and (y) identifying
and evaluating prospective acquisition candidates and activities in connection with the initial Business Combination. We will not generate
any operating revenues until after completion of our initial Business Combination. We have generated non-operating income in the form
of interest income on investments held in the Trust Account after the Initial Public Offering. We expect to incur increased expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance, among other things), as well
as for due diligence expenses.

For
the three months ended September 30, 2025, we had a net income of $489,325, which consisted of interest earned on marketable securities
held in Trust Account of $576,612 offset by formation and operational costs of $87,287.

For
the period from June 9, 2025 (inception) through September 30, 2025, we had net income of $470,519, which consisted of interest earned
on marketable securities held in Trust Account of $576,612 offset by formation and operational costs of $106,093.

Liquidity
and Capital Resources

Following
the Initial Public Offering, including the partial exercise of the Over-Allotment Option, and the Private Placement, a total of $275,000,000
was initially placed in the Trust Account. We incurred fees of $17,080,880, consisting of