Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 86

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 86
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 to
an aggregate principal amount of $400,000 (as amended). On November 21, 2023, the Promissory Note was further amended to permit the Company
to pay certain expenses of the Sponsor which would reduce the principal balance of the Promissory Note by the same amount. On March 27,
2024, the maximum amount available under the Note was further amended and increased to $1,090,000. On June 25, 2024, the maximum amount
available under the Note was further amended and increased to $1,780,000. On September 16, 2024, the maximum amount available under the
Note was further amended and increased to $1,980,000. On September 30, 2024, the maximum amount available under the Note was further
amended and increased to $2,280,000. On November 29, 2024, the maximum amount available under 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. As
of March 31, 2025 and December 31, 2024, there was $2,923,445 and $2,529,445, respectively, outstanding under the Promissory Note.

Related
Party Loans

In
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of
the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital