Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1770

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 1770
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5. As of December 31, 2024 and 2023, there was $2,529,445 and
$321,585, respectively, outstanding under the Promissory Note.

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.

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 Private Units. As of December 31, 2024 and 2023, there was no amount outstanding under the
Working Capital Loan.

General

Our sponsor, officers and directors,
or any of their