Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 386

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1C
Chunk 386
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 (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.

Related Party Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers may,
but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a
Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.
Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination
does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital
Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either
be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such
Working Capital Loans may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit. The units would
be identical to the Placement Units (see Note 4). As of December 31, 2024 and 2023, there was no amount outstanding under the Working
Capital Loan. 

NOTE 6.  COMMITMENTS AND CONTINGENCIES

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,