Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1481

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 12
Chunk 1481
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 subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised). Subsequently,
on September 23, 2022, the Company and the Sponsor entered into an exchange agreement pursuant to which the Sponsor exchanged 1,940,624
shares of Class B common stock for 1,940,624 shares of Class A common stock (the “Share Exchange”). Following the Share Exchange,
the founder shares consisted of 1,940,624 shares of Class A common stock and 1 share of Class B common stock. Subsequently, on January
20, 2023, the Sponsor forfeited for no consideration and the Company canceled 215,625 of such founder shares, resulting in 1,724,999 founder
shares remaining outstanding of Class A common stock and 1 share of Class B common stock.

The Sponsor has agreed, subject
to certain limited exceptions, not to transfer, assign or sell any of the founder shares until the earlier to occur of: (1) one year after
the completion of a business combination or (B) subsequent to a business combination, (x) if the last reported sale price of the Class
A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 180 days after a business combination, or (y) the
date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of
the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Private Placement

Simultaneously with the closing
of the Initial Public Offering, the Sponsor purchased an aggregate of 394,500 Placement Units at a price of $10.00 per Placement Unit,
for an aggregate purchase price of $3,945,000 in a private placement. A portion of the proceeds from the Placement Units was added to
the proceeds from the Initial Public Offering held in the Trust Account so that the Trust Account holds $10.20 per unit sold. If we do
not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund
the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Units will expire worthless.

Promissory Notes

On May 17,