Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1629

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 14
Chunk 1629
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3-07 for the year ended December 31, 2024. The adoption of ASU 2023-07 did not have a material
effect on the Company’s financial statements.

Management does not believe that any recently
issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated
financial statements.

F-15

NOTE 3. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering, the Company
sold 6,900,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 900,000 Units,
at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s Class A common stock and one right
to receive one-tenth (1/10) of a share of Class A common stock.

NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial
Public Offering, the Sponsor purchased an aggregate of 394,500 Placement Units at a price of $10.00 per Placement Unit, for an aggregate
purchase price of $3,945,000 in a private placement. A portion of the proceeds from the Placement Units was added to the proceeds from
the Initial Public Offering held in the Trust Account so that the Trust Account holds $10.20 per unit sold. If the Company does not complete
a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption
of the Public Shares (subject to the requirements of applicable law) and the Placement Units will expire worthless.

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On May 17, 2022, the Sponsor purchased 1,940,625
shares (the “Founder Shares”) of the Company’s Class B common stock for an aggregate price of $25,000. On September 23,
2022, the Company and the Sponsor entered into a share exchange agreement pursuant to which the Sponsor exchanged 1,940,624 Founder Shares
for 1,940,624 shares of Class A common stock. As a result of the share exchange, the Founder Shares consisted of 1,940,624 shares
of Class A common stock and 1 share of Class B common stock. On January 20, 2023, the Sponsor forfeited for no consideration
and the Company canceled 215,625 of