Trailblazer Merger Corporation I

Rhea-AI Summary

Trailblazer Merger Corporation I (NASDAQ: TBMC) announced key updates from its Annual Meeting held on September 26, 2025. The meeting was adjourned to September 29, 2024, to allow for amendments to the Proxy Statement. The company revealed significant changes to its extension terms, increasing the monthly Trust Account deposit from $0.015 to $0.035 per non-redeemed public share.

The current redemption price stands at $11.68 per share, based on approximately $27.9 million in the Trust Account. Before making redemption distributions, TBMC will withdraw $127,217 for estimated income and franchise taxes through September 30, 2025, leaving an estimated Trust Balance of $27.8 million.

Positive

• None.

Negative

• Need to withdraw $127,217 from Trust Account for tax obligations
• Company does not intend to extend redemption deadline
• No further proxy solicitation planned

Insights

SPAC Financial Analyst

TBMC increases monthly extension contribution from $0.015 to $0.035 per share, signaling commitment to finding a target while preserving trust value.

Trailblazer Merger Corporation I has adjourned its annual meeting to September 29th to supplement its proxy statement with important changes to its extension terms. The most notable development is the increase in the monthly contribution rate from $0.015 to $0.035 per unredeemed public share if the extension amendment is approved. This more than doubles the contribution amount that would be added to the trust fund each month during the extension period.

The current redemption value stands at approximately $11.68 per share, based on a trust balance of $27,915,602, with $127,217 being withdrawn for tax obligations. The remaining trust balance after tax withdrawals is estimated at $27,788,384 based on 2,379,616 shares subject to redemption.

This increased contribution represents a meaningful enhancement for shareholders who choose to remain invested. The higher monthly contribution rate of $0.035 versus the original $0.015 demonstrates management's increased commitment to maintaining trust value while they pursue a business combination target. This change effectively reduces the opportunity cost for shareholders who opt not to redeem, as the additional contributions will offset a larger portion of the time value of money during the extension period.

The fact that TBMC is seeking to extend its deadline to October 30, 2025, with potential monthly extensions thereafter, suggests they are still actively searching for an appropriate merger target but need additional time to complete the process. The more generous contribution terms indicate the sponsor's confidence in eventually consummating a deal that will benefit shareholders more than immediate redemption.

NEW YORK, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Trailblazer Merger Corporation I (NASDAQ: TBMC) (the “Company”) today announced that the annual meeting of the stockholders of the Company (the “Annual Meeting”) was duly held on September 26, 2024 at 10:00 A.M. Eastern Time wherein the only proposal to be voted on by stockholders of the Company was a proposal to adjourn the annual meeting to September 29, 2024 at 10:00 A.M., Eastern time, or at such other time, on such other date and at such other place to which the meeting may be postponed or adjourned (the “adjourned meeting”). That proposal was approved by the requisite number of stockholders.

The purpose of the adjournment is to amend the Proxy Statement for the Annual Meeting with a Proxy Supplement to supplement the Proxy Statement with certain new and/or revised information relating to the adjourned meeting as follows:

● Change in Terms for Extension. Proposal No. 1 of the Proxy Statement originally provided that if the Extension Amendment Proposal is approved and the Charter Extension becomes effective, within five business days of the date of the Annual Meeting, the Sponsor (or one or more of its affiliates, members or third-party designees) (the “Lender”) would make an initial deposit into the Trust Account in an amount equal to the lesser of (i) $0.015 for each outstanding share of Public Stock after giving effect to the Redemption, and (ii) $100,000, in exchange for a non-interest bearing, unsecured promissory note issued by the Company to the Lender. The initial deposit would extend the deadline for completing the Business Combination to October 30, 2025. For each subsequent monthly extension approved by the Board after September 30, 2025, an additional deposit equal to the initial deposit would further extend the deadline by one month, up to the Charter Extension Date.

The Proxy Supplement changes the amount to be deposited into the Trust Account each month to an amount equal to $0.035 multiplied by the number of public shares of the Company that are not redeemed in connection with the Meeting.

Payment of Other Taxes Prior to Distributions from the Trust Account. As of September 26, 2025, the redemption price per share was approximately $11.68, after factoring for withdrawals for taxes as described below, based on the aggregate amount on deposit in the Trust Account of approximately $27,915,602 as of September 26, 2025 (including interest not previously released to the Company to pay its franchise and income taxes), divided by the total number of then outstanding shares of the Company’s publicly held stock. With respect thereto, and in accordance with the terms of the Trust Agreement, the Company advises its stockholders that prior to making any redemption distributions from the Trust Account related to the annual meeting, the Company intends to withdraw interest from the Trust Account in order to pay its estimated income and franchise taxes through September 30, 2025 in their entirety as estimated below.

Trust Balance as of September 26, 2025 (including accrued but unpaid interest)		$	27,915,602
Amounts to be withdrawn for Tax Obligations		$	(127,217	)
				)
Estimated Trust Balance After Tax Withdrawal		$	27,788,384
Estimated Amount Per Share After Tax Withdrawal		$	11.68 ((based on 2,379,616 shares of common stock subject to redemption

The Company does not intend to extend the redemption deadline and does not intend to solicit additional proxies. Any request for redemption, once made by a stockholder, may be withdrawn at any time. If a stockholder has previously submitted a request to redeem its shares of Class A Common Stock in connection with the Meeting and would like to reverse such request, such stockholder may make such request by contacting the Company’s transfer agent at the following address:

Continental Stock Transfer & Trust Company
One State Street Plaza, 30th Floor
New York, NY 10004
Attn: SPAC Redemption Team
Email: spacredemptions@continentalstock.com

TBMC Contact:
Yosef Eichorn
Chief Development Officer
Trailblazer Merger Corporation I
(646) 747-9618
info@trailblazermergercorp.com

FAQ

What is the current redemption price for TBMC shares as of September 2025?

The redemption price is $11.68 per share, based on the Trust Account balance of approximately $27.9 million divided by 2,379,616 outstanding public shares.

How much will TBMC deposit monthly into the Trust Account under the new terms?

TBMC will deposit $0.035 multiplied by the number of non-redeemed public shares each month, increased from the original $0.015 per share.

What is the current balance in TBMC's Trust Account?

As of September 26, 2025, TBMC's Trust Account balance is $27,915,602, which will be reduced to $27,788,384 after tax withdrawals.

How can TBMC shareholders reverse their redemption requests?

Shareholders can contact Continental Stock Transfer & Trust Company's SPAC Redemption Team via email at spacredemptions@continentalstock.com to reverse their redemption requests.

When is TBMC's adjourned Annual Meeting scheduled?

The adjourned Annual Meeting is scheduled for September 29, 2024, at 10:00 A.M. Eastern time.