Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1100

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 9
Chunk 1100
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 financial statements
are issued as it expects to continue to incur significant costs in pursuit of its acquisition plans. In addition, the Company has until
March 31, 2025, as extended, to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business
Combination by this time. If a Business Combination is not consummated by March 31, 2025 (September 30, 2025, if extended by the full
amount of time), there will be a mandatory liquidation and subsequent dissolution. Management has determined that mandatory liquidation,
should a Business Combination not occur, and potential subsequent dissolution and the liquidity issue raise substantial doubt about the
Company’s ability to continue as a going concern for one year from the date the consolidated financial statements are issued.
No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after March
31, 2025 (September 30, 2025, if extended by the full amount of time). The Company intends to complete a Business Combination with Cyabra
(see Note 6) before the mandatory liquidation date. The Company is within 12 months of its mandatory liquidation date as of the time
of filing of this Annual Report on Form 10-K.

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction
Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1%
excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly
traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself,
not its stockholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares
repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted
to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year.
In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given
authority to provide regulations and other guidance to