Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 38

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 are-measured and reported at fair value at least annually.

The fair value of the Company’s financial
assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale
of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the
measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of
observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions
about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities
based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level1:
Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which
transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level2:
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or
liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level3:
Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

At September 30, 2025, assets held in the Trust
Account were comprised of $27,926,387 in money market funds, of which, $23,950,427 was restricted to pay the redeeming stockholders. During
the nine months ended September 30, 2025, the Company has withdrawn $423,806 interest income from the Trust Account to pay for the Company
franchise and income taxes.

At December 31, 2024, assets held in the Trust
Account were comprised of $26,832,298 in money market funds. During the period ended December 31, 2024, the Company has withdrawn $1,397,196
interest income from the Trust Account to pay for the Company franchise and income taxes.

The following table presents information about
the Company’s assets and liability that are measured at fair value on a recurring basis at September 30, 2025 and December 31,
2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

    Description 
    Level 
    September 30, 2025  
    December 31,