Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1768

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 1768
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for the reporting persons is 1 Pennsylvania Plaza, 48th Floor, New York, NY 10119

    (5)
    According to a Schedule 13G filed on February 14, 2025, Karpus Management, Inc. has sole beneficial ownership of 246,490 shares of Class A common stock. The business address for the reporting persons is 183 Sully’s Trail, Pittsford, NY 14534

26

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Founder Shares

On May 17, 2022, the Sponsor
purchased 1,940,625 founder shares for an aggregate purchase price of $25,000, or approximately $0.01per share (up to 253,125 shares of
which were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised). Subsequently,
on September 23, 2022, the Company and the Sponsor entered into an exchange agreement pursuant to which the Sponsor exchanged 1,940,624
shares of Class B common stock for 1,940,624 shares of Class A common stock (the “Share Exchange”). Following 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. Subsequently, 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 Sponsor has agreed, subject
to certain limited exceptions, not to transfer, assign or sell any of the founder shares until the earlier to occur of: (1) one year after
the completion of a business combination or (B) subsequent to a business combination, (x) if the last reported sale price of the Class
A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 180 days after a business combination, or (y) the
date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of
the Company’s stockholders having the