Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 142

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 142
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. 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 Note was amended and restated in its entirety, in order to provide, among other things, (1) that the maturity date
of the Note is May 31, 2025; provided, however, that if Trailblazer completes an initial business combination, the 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.

Registration
and Stockholder’s Rights

Pursuant
to a registration rights agreement entered into on March 28, 2023, the holders of the founder shares, Placement Units and any unit
that may be issued upon conversion of the Working Capital Loans (and any underlying shares of Class A common stock) are entitled to registration
rights pursuant to a registration rights agreement requiring the Company to register such securities for resale (in the case of the founder
shares, only after conversion to shares of our Class A common stock). The holders of these securities will be entitled to make up to
three demands, excluding short form registration demands