Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 89

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 value of, without duplication, all cash, securities,
or other property paid or transferred at the closing of such transaction by the target’s stockholders or to be paid or transferred
in the future to the target’s stockholders with respect to such transaction (other than payments of interest or dividends and any
contingent or earnout 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.

15

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