Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1189

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 9A
Chunk 1189
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out consideration
based upon future performance of the combined companies, however characterized), including, without limitation, to the extent applicable,
any net value paid in respect of (i) the assets of the target and (ii) the capital stock of the target (and the spread value of any “in
the money” securities convertible into options, warrants or other rights to acquire such capital stock), after giving effect to
the assumption, retirement or defeasance, directly or indirectly (by operation of law or otherwise), of any long-term liabilities of the
target or repayment of indebtedness, including, without limitation, indebtedness secured by the assets of the target, capital leases or
preferred stock obligations; provided, that for the avoidance of doubt, any funds in the trust account (as may be applicable in the case
of a Transaction) or financing proceeds raised in connection with the closing of the transaction (including by way of an offering, the
compensation to underwriters for which is provided for below), in either case, that are not paid to the target’s stockholders as
consideration in the transaction will not be included as part of the Total Consideration.

For purposes of this section, the market value
of any publicly traded common stock, whether already outstanding or newly-issued, will be equal to the greater of: (i) the value of such
common stock issued to the target upon the closing of a transaction at a price equal to $10.00 per share; and (ii) the dollar volume-weighted
average price (VWAP) for such security on the principal securities exchange or securities market on which such security is then traded
during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through
its “HP” function (set to weighted average) for the first five (5) trading days following the consummation of the transaction.

Additionally, the Company agreed to reimburse
the underwriters for all out-of-pocket documented costs and expenses (including fees and expenses of counsel) incurred by the underwriters
in connection with provision of such services, up to $50,000 in the aggregate, and, upon the consummation of the initial business combination,
to reimburse the underwriters for any such expenses incurred in excess of $50,000.

Merger Agreement

On July 22, 2024, the Company entered into a merger
agreement,