Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 39

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 2024 
  
    Assets: 

    Restricted funds – held in Trust Account 
    1 
     23,950,427  
     — 
  
    Marketable securities held in Trust Account 
    1 
     3,975,960  
     26,832,298 
  
    Total marketable securities held in Trust Account 
    1 
    $27,926,387  
    $26,832,298 
  
    Liability: 

    Promissory note - 2nd amended and restated 
    3 
     7,393,329  
     — 

As of July 29, 2025, the second amended and restated
promissory note was initially recognized at a fair value of $9,964,704. On September 16, 2025, the cash payment option of the promissory
note has expired and the settlement of the promissory note will be settled through issuance of new class of preferred stock, requiring
the remeasurement of the promissory note at fair value on such date. The Company amended the second amended and restated promissory note
on September 30, 2025 and assessed that the amended agreement is a freestanding ASC 480 liability, measured at fair value initially and
subsequently, with changes in earnings. As of September 30, 2025, the second amended and restated promissory note has a fair value of
$7,393,329. The fair value of the promissory note was determined using Monte Carlo Simulation Model. The following table presents the
quantitative information regarding market assumptions used in the Level 3 valuation of the second amended and restated promissory note:

    July 29, 2025  
    September 16, 2025  
    September 30, 2025 
  
    Estimated deSPAC stock price 
    $5.76  
    $3.74  
    $3.36 
  
    Remaining term 
     1.7  
     1.9  
     1.8 
  
    Volatility 
     102.4% 
     102.4% 
     102.4%
  
    Risk-free rate 
     3.85% 
     3.46% 
     3.55%
  
    Implied probability of successful initial Business Combination