Company: BLZRW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110002
Chunk: 85

Company: Trailblazer Acquisition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part II, Item 1
Chunk 85
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 will be immediately suspended from trading if the SPAC does not meet the Nasdaq
36-Month Requirement, and Nasdaq will, at such point, commence delisting procedures. Although a SPAC can request a hearing before the
hearing panel of Nasdaq (the “Hearing Panel”), the scope of the Hearing Panel’s review is limited. If a SPAC completes
a Business Combination after receiving a delisting determination by the staff of the Listing Qualifications Department of Nasdaq (a “Staff
Delisting Determination”) and/or demonstrates compliance with all applicable initial listing requirements, the combined company
can apply to list its securities on Nasdaq pursuant to the normal application review process. The Nasdaq Rules contain a list of deficiencies
that would immediately result in a Staff Delisting Determination, which includes noncompliance with the Nasdaq 36-Month Requirement.

Accordingly,
were we to amend our Amended and Restated Articles to extend the date by which we are permitted to consummate our initial Business Combination,
we would still need to consummate our initial Business Combination on or prior to September 9, 2028 in order to avoid a suspension of
our securities from trading on and delisting from Nasdaq. If Nasdaq were to suspend our securities from trading and delist our securities,
our securities could potentially be quoted on an over-the-counter market. Even if our securities are 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;

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●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