Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1159

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 9A
Chunk 1159
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 our audits,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023,
and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with
accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As described in Note 1 to the consolidated financial statements,
the Company is a Special Purpose Acquisition Company that was formed for the purpose of completing a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities on or before March
31, 2025, or by resolution of its Board of Directors and if requested by the Sponsor, to extend the business combination deadline by one
month each time from March 31, 2025 to September 30, 2025. The Company entered into a definitive merger agreement with a business combination
target on July 22, 2024, which was amended on November 11, 2024; however, the completion of this transaction is subject to the approval
of the Company’s stockholders among other conditions. There is no assurance that the Company will obtain the necessary approvals,
satisfy the required closing conditions, raise the additional capital it needs to fund its operations, and complete the transaction prior
to March 31, 2025, if at all. The Company also has no approved plan in place to extend the business combination deadline and fund operations
for any period of time after March 31, 2025, in the event that it is unable to complete a business combination by that date. These matters
raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans with regard to these
matters are also described in Note 1. The consolidated financial statements do not include any adjustments that may be necessary should
the Company be unable to continue as a going concern.

Basis for Opinion

These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with