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

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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allocated to the Public Shares were charged to temporary equity and offering costs allocated to Public Rights (as defined in Note 3)
were charged to stockholders’ deficit upon the completion of the Initial Public Offering.

Class A Redeemable Stock Classification

The Public Shares contain a redemption feature
which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a stockholder
vote or tender offer in connection with the Company’s initial business combination. In accordance with ASC 480-10-S99, the Company
classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control
of the Company. The Public Shares sold as part of the Units in the Initial Public Offering were issued with other freestanding instruments
(i.e., Public Rights) and as such, the initial carrying value of Public Shares classified as temporary equity are the allocated proceeds
determined in accordance with ASC 470-20. The Company recognizes changes in redemption value immediately as it occurs and will adjust
the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing
of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in
the carrying value of redeemable shares will result in charges against additional paid-in capital and accumulated deficit. Accordingly,
at September 30, 2025 and December 31, 2024, Class A common stock subject to possible redemption is presented at redemption value
as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed consolidated balance sheets.

10

At September 30, 2025 and December 31, 2024, the
Class A common stock subject to possible redemption reflected in the balance sheet are reconciled in the following table:

    Gross proceeds 
    $69,000,000 
  
    Less: 

    Proceeds allocated to Public Rights 
     (745,200)
  
    Class A common stock issuance costs 
     (3,882,029)
  
    Redemption of Class A common stock 
     (49,774,936)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     12,036,317 
  
    Class A Common Stock subject to possible redemption, December 31, 2024 
    $26,634,152 
  
    Less: 

    Redemption of