Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 28

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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A common stock. As a result of the share exchange, the Founder Shares consisted of 1,940,624 shares
of Class A common stock and 1 share of Class B common stock. On January 20, 2023, the Sponsor forfeited for no consideration
and the Company canceled 215,625 of such Founder Shares, resulting in 1,724,999 Founder Shares remaining outstanding of Class A common
stock and 1 share of Class B common stock. The 1 share of Class B common stock will automatically be canceled at the time of
the initial Business Combination. The holder of the 1 share of Class B common stock will have the right to elect all of the directors
prior to the initial Business Combination and the holders of the shares of Class A common stock will not be entitled to vote on the
election of directors during such time.

13

The Sponsor has agreed, subject to certain limited
exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (1) one year after the
completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the
Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 180 days after a Business Combination,
or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results
in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Promissory Note — Related Party

On May 17, 2022, the Company issued a non-interest
bearing unsecured promissory note to the Sponsor (the “Promissory Note”) as amended on January 20, 2023 and as further
amended as of March 31, 2023, pursuant to which the Company may borrow up 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