Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 897

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7
Chunk 897
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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 be released to us to pay our
tax obligations (if any) and $100,000 of interest for our dissolution expenses, the proceeds from this offering and the sale of the Private
Units will not be released from the trust account (1) to us, until the completion of the initial business combination, or (2) to our public
stockholders, until the earliest of (a) the completion of our initial business combination, and then only in connection with those Class
A common stock that stockholders properly elect to redeem, subject to the limitations, (b) the redemption of any public shares properly
submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation (i) to modify the substance
or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares
if we do not complete our initial business combination within eighteen (18) months from the closing of this offering or (ii) with respect
to any other provision relating to stockholders’ rights or pre-business combination activity, and (c) the redemption of our public
shares if we are unable to complete our initial business combination within eighteen (18) months from the closing of this offering,