Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 50

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 the Note was further amended and increased to $2,780,000. On February 21, 2025,
the maximum amount available under the Note was further amended and increased to $3,530,000.

On March 24, 2025, the Promissory
Note was further amended and restated in its entirety, in order to provide, among other things, (1) that the maturity date of the Promissory
Note is May 31, 2025; provided, however, that if Trailblazer completes an initial business combination, the Promissory Note shall be extended
for an additional eighteen (18) months from the closing of the initial business combination, (2) for certain post-business combination
transaction participation rights for the Sponsor as well as most favored nation rights for the Sponsor with respect to certain post business
combination transactions and (3) for equal monthly payments of $125,000 due commencing on the first business day of the calendar month
following the month in which Trailblazer closes its initial business combination. On May 29, 2025, the Note was further amended, pursuant
to which (i) the maximum amount available to borrow under the Note was further increased by an additional $500,000 to $4,030,000 and (ii)
the maturity date of the Note was amended to be the earlier of July 30, 2025 or the closing of the Company’s initial business combination.
As of September 30, 2025 and December 31, 2024, there was $0 and $2,529,445, respectively, outstanding under the Promissory Note. The
Promissory Note was extinguished on July 29, 2025 through the issuance of the second amended and restated promissory note agreement (as
described below).

On July 29, 2025, the Company
entered into a second amended and restated promissory note with the Sponsor, pursuant to which (i) the maturity date of the Note was amended
to be the later of September 15, 2025 or the closing of the Company’s initial business combination and (ii) the outstanding principal
balance of the Note will be converted into preferred stock of the Corporation at the closing of the initial business Combination. Upon
completion of an initial Business Combination, the outstanding principal balance of the promissory note will be converted into preferred
stock with a stated value equal to 200% of the outstanding principal