Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 103

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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Extension Payment was loaned as a draw down pursuant to a non-interest bearing unsecured promissory note the Company issued to the Sponsor
on May 17, 2022, pursuant to which the Company was able borrow up to an aggregate principal amount of $300,000 (the “Note”).
On January 20, 2023, the maximum amount available under the Note was amended and increased to $400,000. As of March 31, 2023,
both the Company and the Sponsor mutually agreed to extend the maturity date of the original Note. 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
approved by its stockholders at the Annual Meeting of stockholders held on September 26, 2024, the Company filed an amendment to
its Charter with the Delaware Secretary of State on September 27, 2024, and also amended