Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 16

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 Company currently lacks the liquidity it needs to sustain operations for
a reasonable period of time, which is considered to be at least one year from the date that the consolidated 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
November 30, 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 November 30, 2025 (March 30, 2026, 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 November 30, 2025 (March
30, 2026, 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
Quarterly Report on Form 10-Q.

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