Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 110

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 110
---
 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 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