Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 106

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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4(a)(2) of the Securities Act of 1933, as amended, as the transaction did not involve a public offering.

As
of March 31, 2023, a total of $70,380,000 of the net proceeds from the IPO and the Private Placement was deposited in a trust account
established for the benefit of the Company’s public stockholders. Except with respect to interest earned on the funds held in the
trust account that may be released to us to pay our tax obligations (if any) and $100,000 of interest for our dissolution expenses, the
proceeds from this offering and the sale of the Private Units will not be released from the trust account (1) to us, until the completion
of the initial business combination, or (2) to our public stockholders, until the earliest of (a) the completion of our initial business
combination, and then only in connection with those Class A common stock that stockholders properly elect to redeem, subject to the limitations,
(b) the redemption of any public shares properly submitted in connection with a stockholder vote to amend our amended and restated certificate
of incorporation (i) to modify the substance or timing of our obligation to allow redemption in connection with our initial business
combination or to redeem 100% of our public shares if we do not complete our initial business combination within eighteen (18) months
from the closing of this offering or (ii) with respect to any other provision relating to stockholders’ rights or pre-business
combination activity, and (c) the redemption of our public shares if we are unable to complete our initial business combination within
eighteen (18) months from the closing of this offering, subject to applicable law. Public stockholders who redeem their Class A common
stock in connection with a stockholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the
trust account upon the subsequent completion of an initial business combination or liquidation if we have not consummated an initial
business combination within eighteen (18) months from the closing of this offering, subject to applicable law. The proceeds deposited
in the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public
stockholders.

On
February 29, 2024, the board of directors approved the exercise by the Company of the automatic extension of the time the Company has
to complete a business combination by an additional three months