Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 26

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 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 March
31, 2025 and December 31, 2024, there was no amount outstanding under the Working Capital Loan. 

14

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, excluding short form registration demands, that the Company register such securities. In addition,
the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the
completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415
under the Securities Act. However, the registration rights agreement will provide that the Company will not be required to effect or
permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The
registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering
the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting
Agreement

The
Company granted the underwriter a 45-day option to purchase up to 900,000 additional Units to cover over-allotments at the Initial Public
Offering price, less the underwriting discounts and commissions. On March 31, 2023, simultaneously with the closing of the Initial
Public Offering, the underwriters elected to fully exercise the over-allotment option to purchase an additional 900,000 Units at a price
of $10.00 per Unit.

The
underwriters were