Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 183

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 2
Chunk 183
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”), 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, subject to applicable law. Public stockholders who redeem their Class A common stock in connection
with a stockholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the trust account upon the
subsequent completion of an initial business combination or liquidation if we have