Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1458

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 11
Chunk 1458
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 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 such Founder Shares, resulting in 1,724,999 Founder Shares remaining outstanding of Class A common
stock and 1 share of Class B common stock. The 1 share of Class B common stock will automatically be canceled at the time of
the initial Business Combination. The holder of the 1 share of Class B common stock will have the right to elect all of the directors
prior to the initial Business Combination and the holders of the shares of Class A common stock will not be entitled to vote on the
election of directors during such time.

On March 28, 2023, the Chief Financial Officer
of the Company and three directors (the “subscribers”) entered into subscription agreements with the Sponsor for an interest
in the Sponsor company for their own investment purposes. The interest is backed by the Class A common stock owned by the Company
as of March 28, 2023, the date of issuance. As such, the subscribers will participate in the profits or losses of the Sponsor company
though date of liquidation. The subscription