Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1246

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 9B
Chunk 1246
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, or certain of the
Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital
Loans”). If the Company completes a Business Combination, it would repay such loaned amounts at that time. Up to $1,500,000 of such
Working Capital Loans may be converted into units of the post-Business Combination entity at a price of $10.00 per unit at the option
of the lender. The units would be identical to the Placement Units. As of December 31, 2024 and 2023, there were no amount outstanding
under the Working Capital Loan.

In connection with the Company’s assessment
of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standard Board (“FASB”)
Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” management has determined that the 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
March 31, 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 March 31, 2025 (September 30, 2025, 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 March
31, 2025 (September 30, 2025, 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 Annual Report on Form 10-K.

Inflation Reduction Act of 202