Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 707

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 5
Chunk 707
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 2023, a total of $70,380,000 of
the net proceeds from the IPO and the Private Placement was deposited in a trust account established for the benefit of the Company’s
public stockholders. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our
tax obligations (if any) and $100,000 of interest for our dissolution expenses, the proceeds from this offering and the sale of the Private
Units will not be released from the trust account (1) to us, until the completion of the initial business combination, or (2) to our public
stockholders, until the earliest of (a) the completion of our initial business combination, and then only in connection with those Class
A common stock that stockholders properly elect to redeem, subject to the limitations, (b) the redemption of any public shares properly
submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation (i) to modify the substance
or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares
if we do not complete our initial business combination within eighteen (18) months from the closing of this offering or (ii) with respect
to any other provision relating to stockholders’ rights or pre-business combination activity, and (c) the redemption of our public
shares if we are unable to complete our initial business combination within eighteen (18) months from the closing of this offering, subject
to applicable law. Public stockholders who redeem their Class A common stock in connection with a stockholder vote described in clause
(b) in the preceding sentence shall not be entitled to funds from the trust account upon the subsequent completion of an initial business
combination or liquidation if we have not consummated an initial business combination within eighteen (18) months from the closing of
this offering, subject to applicable law. The proceeds deposited in the trust account could become subject to the claims of our creditors,
if any, which could have priority over the claims of our public stockholders.

13

On
February 29, 2024, the board of directors approved the exercise by the Company of the automatic extension of the time the Company has
to complete a business combination by an additional three months from March 31, 2024 to June 30, 2024. On June 25, 2024, the board of directors
approved the exercise by the