Company: BLZRW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110002
Chunk: 53

Company: Trailblazer Acquisition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 53
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11, 2025. No
additional borrowing is available under the IPO Promissory Note.

Working
Capital Loans

In
order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or certain
of our officers and directors or their affiliates may, but are not obligated to, loan us Working Capital Loans, as may be required. If
we complete a Business Combination, we would repay such Working Capital Loans. In the event that a Business Combination does not close,
we may use a portion of the working capital held outside the Trust Account to repay such Working Capital Loans, but no proceeds from
our Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be converted into warrants of
the post-Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants.
As of September 30, 2025, we did not have any borrowings under any Working Capital Loans.

We
do not believe we will need to raise additional funds to meet the expenditures required for operating our business. However, if our estimate
of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than
the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination.
Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem
a significant number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional securities
or incur debt in connection with such Business Combination.

21

Contractual
Obligations

We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than as follows:

Administrative
Services Agreement

Commencing
on September 9, 2025, and until the completion of our Business Combination or liquidation, we will reimburse the Sponsor $10,000 per
month for office space, utilities, and secretarial and administrative support pursuant to the Administrative Services Agreement. For
the three months ended September 30, 2025, we incurred $6,667 in fees for these services, of which such amount is included in accrued
expenses in the unaudited condensed balance sheets of the financial statements included in this Report under Item 1. “Financial
Statements”.

Underwriting
Agreement

The