Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 32

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 32
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 connection
with the initial business combination in the form of equity interests in the entity that survives any such business combination in exchange
for the provision by the underwriters of certain services relating to the initial business combination.

For the purposes of this section, “total
consideration” means the total market value of, without duplication, all cash, securities, or other property paid or transferred
at the closing of such transaction by the target’s stockholders or to be paid or transferred in the future to the target’s
stockholders with respect to such transaction (other than payments of interest or dividends and any contingent or earnout consideration
based upon future performance of the combined companies, however characterized), including, without limitation, to the extent applicable,
any net value paid in respect of (i) the assets of the target and (ii) the capital stock of the target (and the spread value
of any “in the money” securities convertible into options, warrants or other rights to acquire such capital stock), after
giving effect to the assumption, retirement or defeasance, directly or indirectly (by operation of law or otherwise), of any long-term
liabilities of the target or repayment of indebtedness, including, without limitation, indebtedness secured by the assets of the target,
capital leases or preferred stock obligations; provided, that for the avoidance of doubt, any funds in the trust account (as may be applicable
in the case of a Transaction) or financing proceeds raised in connection with the closing of the transaction (including by way of an offering,
the compensation to underwriters for which is provided for below), in either case, that are not paid to the target’s stockholders
as consideration in the transaction will not be included as part of the Total Consideration.

For purposes of this section, the market value
of any publicly traded common stock, whether already outstanding or newly-issued, will be equal to the greater of: (i) the value
of such common stock issued to the target upon the closing of a transaction at a price equal to $10.00 per share; and (ii) the dollar
volume-weighted average price (VWAP) for such security on the principal securities exchange or securities market on which such security
is then traded during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported
by Bloomberg through its “HP” function (set to