Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 97

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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25,000 from the Sponsor issuance of Founder Shares
and loan proceeds from the Sponsor under the Promissory Note (as defined in Note 5). Subsequent to the consummation of the Initial
Public Offering, the Company’s liquidity has been satisfied through the net proceeds from the Initial Public Offering and the sale
of the Placement Units in a private placement.

In order to fund working capital deficiencies
or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, 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 September 30, 2025 and December 31, 2024, 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
November 30, 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 November 30, 2025 (March 30, 2026, 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