Company: BLZRW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110002
Chunk: 42

Company: Trailblazer Acquisition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 then quoted on an over-the-counter
market, our Nasdaq suspension and delisting could have significant material adverse consequences, including:

●making
                                            our securities appear to be less attractive to potential target companies than the securities
                                            of an exchange listed SPAC;

●limited
                                            availability of market quotations for our securities;

25

●reduced
                                            liquidity for our securities;

●the
                                            possibility that our Class A Ordinary Shares would be deemed “penny stock,” which
                                            will require brokers trading in our Class A Ordinary Shares to adhere to more stringent rules
                                            and possibly result in a reduced level of trading activity in the secondary trading market
                                            for our securities;

●limited
                                            news and analyst coverage; and

●decreased
                                            ability to issue additional securities or obtain additional financing in the future.

In
addition, if our securities are delisted from Nasdaq, trading in our securities, and offers and sales of our securities by us, may be
subject to state securities regulation and additional compliance costs.

Certain
agreements related to the Initial Public Offering may be amended, or their provisions waived, without shareholder approval.

Certain
of the agreements related to the Initial Public Offering to which we are a party may be amended, or their provisions waived, without
shareholder approval. Such agreements include the (i) Underwriting Agreement, (ii) the Letter Agreement, (iii) the Registration Rights
Agreement, (iii) the Private Placement Warrants Purchase Agreements and (iv) the Administrative Services Agreement. These agreements
contain various provisions that our Public Shareholders might deem to be material. For example, our Letter Agreement and the Underwriting
Agreement contain certain lock-up provisions with respect to the Founder Shares and other securities held by our Initial Shareholders,
Sponsor, officers and directors, subject to certain exceptions. Amendments or waivers to such agreements would require the consent of
the applicable parties thereto and, in certain cases, the consent of the underwriters of the Initial Public Offering. Any such modification,
such as an amendment to shorten lock-up restrictions, may benefit our Initial Shareholders, Sponsor, officers and/or directors. Any such
amendments would not require approval from our shareholders, may result in the completion of our initial Business Combination that may
not otherwise have been possible, and may have an adverse effect on the value of an investment in our securities. For example, although
we would not amend lock-up provisions to permit securities held by our Initial Shareholders to be