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Trailblazer Merger Corporation I (TBMC+0.14%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $145,328 for the three months ended September 30, 2024, compared to $522,948 in the same period of the previous year. The income was primarily from interest earned on marketable securities held in the Trust Account.
Operating costs for the quarter amounted to $532,847, with a provision for income taxes of $199,929. The company also reported an unrealized loss on marketable securities held in the Trust Account of $5,531.
As of September 30, 2024, Trailblazer Merger Corporation I had $108,520 in its operating bank account and $353,388 in restricted cash available for tax payments.
The company has extended the date by which it must consummate a business combination to September 30, 2025, with the possibility of monthly extensions. An amount of $49,774,936 was withdrawn from the Trust Account to pay redeeming stockholders.
Trailblazer Merger Corporation I is in the process of merging with Cyabra Strategy Ltd., with the merger agreement providing for the company to be renamed Cyabra, Inc. upon completion.
The company continues to evaluate its liquidity needs and has noted that it may require additional capital to sustain operations and complete the business combination.
The company has identified substantial doubt about its ability to continue as a going concern due to liquidity issues and the mandatory liquidation date if a business combination is not completed by November 30, 2024.
Trailblazer Merger Corporation I reported no off-balance sheet arrangements as of September 30, 2024.
The filing also details various agreements, including a registration rights agreement, underwriting agreement, and advisory agreement, which outline the company's obligations and rights related to its operations and potential business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trailblazer Merger Corporation I quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.