Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 24

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 24
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As of December 31, 2024, we had $63,829 in our
operating bank account available for working capital needs, while restricted cash available to pay for the Company’s franchise and
income taxes is $802,993. All 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