Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 74

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 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 May 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 not occur, and potential subsequent dissolution and the liquidity issue raise
substantial doubt about the Company’s ability to continue as a going concern for one year from the date the consolidated financial
statements are issued. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required
to liquidate after May 31, 2025 (September 30, 2025, if extended by the full amount of time). The Company intends to complete a Business
Combination with Cyabra (see Note 6) before the mandatory liquidation date. The Company is within 12 months of its mandatory liquidation
date as of the time of filing of this Quarterly Report on Form 10-Q.

Inflation
Reduction Act of 2022

On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides
for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations
and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise
tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise
tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating
the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair
market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S.
Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out
and prevent the abuse or avoidance of the excise tax.

Any
redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination,