Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 420

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 2
Chunk 420
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 held outside the
trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment. Up to $1,500,000 of
such Working Capital Loans (as defined below) may be convertible into Units of the post-business combination entity at a price of $10.00
per unit. The Units would be identical to the Private Units. As of December 31, 2024 and 2023, there was no amount outstanding under the
Working Capital Loan.

We will need to raise additional capital through
loans or additional investments from our Sponsor, stockholders, officers, directors, or third parties. Our officers, directors and Sponsor
may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole
discretion, to meet our working capital needs. Accordingly, we may not be able to obtain additional financing. If we are unable to raise
additional capital, we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be
limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. We cannot provide
any assurance that new financing will be available to us on commercially acceptable terms, if at all.

14

In connection with the Company’s assessment
of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standard Board (“FASB”)
Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” management has determined that the Company currently lacks the liquidity it needs to sustain operations for
a reasonable period of time, which is considered to be at least one year from the date that the financial statements are issued as it
expects to continue to incur significant costs in pursuit of its acquisition plans. In addition, the Company has until March 31, 2025
(September 30, 2025, if extended by the full amount of time), as extended, to consummate a Business Combination. It is uncertain that
the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by March 31,
2025 (September 30, 2025, if extended by the full amount of time), there will be a mandatory liquidation and subsequent dissolution. Management
has determined that mandatory liquidation, should a Business Combination