Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 37

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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, 2025, President Trump signed into law the One Big Beautiful
Bill Act (“OBBBA”). ASC 740, “Income Taxes”, requires the effects of changes in tax laws to be recognized in the period
in which the legislation is enacted. The Company is currently evaluating the impact of the new law. However, none of the tax provisions
are expected to have a significant impact on the Company’s financial statements.

On July 29, 2025, the Company entered into a second
amended and restated promissory note with the Sponsor, pursuant to which (i) the maturity date of the Note was amended to be the later
of September 15, 2025 or the closing of the Company’s initial business combination and (ii) the outstanding principal balance of
the Note will be converted into preferred stock of the Corporation at the closing of the initial business Combination.

On July 31, 2025, the Sponsor deposited $83,287
into the Company’s Trust Account to extend the Termination Date from July 31, 2025 to August 31, 2025.

19

Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

References in this report
(the “Quarterly Report”) to “we,” “us” or the “Company” refer to Trailblazer Merger Corporation
I References to our “management” or our “management team” refer to our officers and directors, and references
to the “Sponsor” refer to Trailblazer Sponsor Group, LLC. The following discussion and analysis of the Company’s
financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained
elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking
statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes
“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially
from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including,
without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
regarding the completion of the Business Combination (as defined below), the Company’s financial position, business strategy