Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 705

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 5
Chunk 705
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 extend the Termination Date by one month each time from September 30,
2024 to September 30, 2025, or such earlier date as determined by the Board in its sole discretion, unless the closing of a business
combination shall have occurred prior thereto; and (b) to remove the provision which permitted the withdrawal of $100,000 from the trust
account of the Company in order to pay dissolution expenses. For each monthly extension approved by the Board, the monthly payment required
to be deposited into the Trust Account to extend the Termination Date by one month should be the lesser of (i) $0.035 for each outstanding
share of Public Stock after giving effect to the redemption, and (ii) $100,000.

In connection with the stockholders’
vote at the Annual Meeting, 4,520,384 shares were tendered for redemption.

On October 9, 2024, $49,774,936,
or approximately $11.01 redemption price per share, was withdrawn from the Trust Account to pay the redeeming holders and the 4,520,384 shares
of the Company’s Class A common stock that were redeemed were cancelled.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities for the period November 12, 2021 (inception) through December 31, 2024 were organizational
activities, those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business
Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating
income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a public
company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the year ended December 31, 2024, we had a
net income of $277,658, which consists of interest earned on marketable securities held in Trust Account of $3,296,420, offset by the
operating costs of $ $2,293,333, and provision for income taxes of $725,429.

For the year ended December 31, 2023, we had a
net income of $1,347,254, which consists of interest earned on marketable securities held in Trust Account of $2,606,031 and unreal