Company: BLZRW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110002
Chunk: 51

Company: Trailblazer Acquisition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 51
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have neither engaged in any operations nor generated any revenues to date. Our only activities since June 9, 2025 (inception) through
September 30, 2025 have been (i) organizational activities and (ii) activities relating to (x) the Initial Public Offering and (y) identifying
and evaluating prospective acquisition candidates and activities in connection with the initial Business Combination. We will not generate
any operating revenues until after completion of our initial Business Combination. We have generated non-operating income in the form
of interest income on investments held in the Trust Account after the Initial Public Offering. We expect to incur increased expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance, among other things), as well
as for due diligence expenses.

For
the three months ended September 30, 2025, we had a net income of $489,325, which consisted of interest earned on marketable securities
held in Trust Account of $576,612 offset by formation and operational costs of $87,287.

For
the period from June 9, 2025 (inception) through September 30, 2025, we had net income of $470,519, which consisted of interest earned
on marketable securities held in Trust Account of $576,612 offset by formation and operational costs of $106,093.

Liquidity
and Capital Resources

Following
the Initial Public Offering, including the partial exercise of the Over-Allotment Option, and the Private Placement, a total of $275,000,000
was initially placed in the Trust Account. We incurred fees of $17,080,880, consisting of $4,800,000 of cash underwriting fee, $11,700,000
of Deferred Fee, and $580,880 of other offering costs.

As
of September 30, 2025, we had $1,266,372 of cash in our operating account. As of September 30, 2025, we had of $1,271,886. As of September
30, 2025, $576,611.52 of the amount earned on funds held in the Trust Account was available to pay taxes, if any.

20

As
of September 30, 2025, we had marketable securities held in the Trust Account of $275,576,611.52 (including approximately $576,611.52
of interest income). We may