Trailblazer Merger Corporation I's annual stockholder meeting adjourned to update its proxy statement and extend business combination deadlines.
Quiver AI Summary
Trailblazer Merger Corporation I announced that its annual stockholders' meeting took place on September 26, 2024, where stockholders voted to adjourn the meeting to September 29, 2024. The adjournment aims to revise the Proxy Statement, particularly regarding changes to the terms for an extension. The initial deposit into the Trust Account required for the extension has been amended from $0.015 per outstanding share to $0.035 multiplied by the number of public shares not redeemed. As of September 26, 2025, the estimated redemption price per share is approximately $11.68, after accounting for tax withdrawals from the Trust Account. The company will withdraw funds from the Trust Account to cover estimated taxes before making any redemption distributions and does not plan to extend the redemption deadline or solicit more proxies. Stockholders can reverse redemption requests by contacting the company’s transfer agent.
Potential Positives
- The adjournment of the annual meeting allows for necessary amendments to the Proxy Statement, ensuring that stockholders have the most accurate and updated information before making decisions.
- The change in terms for the extension proposal increases the deposit amount into the Trust Account, potentially strengthening the company's financial position and providing better security for stockholders.
- The estimated trust balance and the per-share amount post-tax withdrawal indicate a positive financial standing, with a significant amount available for distributions to stockholders.
Potential Negatives
- The need to adjourn the annual meeting indicates potential disorganization or unpreparedness in the company's efforts to engage shareholders and finalize important decisions.
- The decision to withdraw funds from the Trust Account for tax obligations before making redemptions may raise concerns among shareholders about the management of their investments and overall fiscal health.
- The adjustment of deposit amounts for extensions could be seen as an indication of financial instability or reliance on continual extensions, which might affect investor confidence.
FAQ
What was the date of Trailblazer Merger Corporation's annual meeting?
The annual meeting was held on September 26, 2024, at 10:00 A.M. Eastern Time.
What was the main proposal discussed during the Annual Meeting?
The main proposal was to adjourn the meeting to September 29, 2024, for additional information on the Proxy Statement.
Why was the annual meeting adjourned?
The meeting was adjourned to amend the Proxy Statement and include new or revised information regarding the meeting.
What is the new deposit amount for the Trust Account?
The new deposit amount is $0.035 multiplied by the number of public shares not redeemed in connection with the meeting.
How can stockholders reverse a redemption request?
Stockholders can reverse a redemption request by contacting the Company's transfer agent, Continental Stock Transfer & Trust Company.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TBMC Hedge Fund Activity
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Here are some of the largest recent moves:
- KARPUS MANAGEMENT, INC. removed 237,890 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $2,785,691
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- ATW SPAC MANAGEMENT LLC removed 89,566 shares (-40.2%) from their portfolio in Q2 2025, for an estimated $1,048,817
- TORONTO DOMINION BANK removed 74,214 shares (-29.9%) from their portfolio in Q2 2025, for an estimated $869,045
- WOLVERINE ASSET MANAGEMENT LLC removed 73,569 shares (-50.3%) from their portfolio in Q2 2025, for an estimated $861,492
- MIZUHO SECURITIES USA LLC added 50,964 shares (+61.1%) to their portfolio in Q2 2025, for an estimated $596,788
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Full Release
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: [email protected]
TBMC Contact:
Yosef Eichorn
Chief Development Officer
Trailblazer Merger Corporation I
(646) 747-9618
[email protected]
