Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 155

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 155
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’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 weighted average) for the first five (5) trading days following
the consummation of the transaction.

Additionally, we agreed to
reimburse the underwriters for all out-of-pocket documented costs and expenses (including fees and expenses of counsel) incurred by the
underwriters in connection with provision of such services, up to $50,000 in the aggregate, and, upon the consummation of the