Company: TBMC
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001213900-25-073765
Chunk: 23

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 23
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 shares. Pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation (the “ Current Charter”), in the event the Extension Amendment Proposal is approved and the Current Charter is amended, Public Stockholders may elect to redeem their shares of Public Stock and, as a result, we may not be in compliance with Nasdaq’s continued listing requirements. We expect that if our Class A Common Stock fails to meet Nasdaq’s continued listing requirements, our rights will also fail to meet Nasdaq’s continued listing requirements for those securities. We cannot assure you that any of our Class A Common Stock or Rights will be able to meet any of Nasdaq’s continued listing requirements following any stockholder redemptions of our Public Stock in connection with the amendment of our Current Charter pursuant to the Extension Amendment Proposal. If our securities do not meet Nasdaq’s continued listing requirements, Nasdaq may delist our securities from trading on its exchange. If Nasdaq delists any of our securities from trading on its exchange and we are not able to list such securities on another national securities exchange, we expect such securities could be quoted on an over -the -countermarket. If this were to occur, we could face significant material adverse consequences, including: •a limited availability of market quotations for our securities; •reduced liquidity for our securities; •a determination that our Class A Common Stock is a “penny stock” which will require brokers trading in our Class A Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; •a limited amount of news and analyst coverage; •a decreased ability to complete a business combination; and •a decreased ability to issue additional securities or obtain additional financing in the future. The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Our Class A Common Stock and rights qualify as covered securities under such statute. Although the states are preempted from regulating 4 the sale of covered securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by special purpose acquisition companies, certain state securities regulators view blank check companies