Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1732

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 16
Chunk 1732
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 trading days within any 30-trading day period commencing at least 180 days after a Business Combination,
or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results
in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

F-16

Promissory Note — Related Party

On May 17, 2022, the Company issued a
non-interest bearing unsecured promissory note to the Sponsor (the “Promissory Note”) as amended on January 20,
2023 and as further amended as of March 31, 2023, pursuant to which the Company may borrow up to an aggregate principal amount
of $400,000 (as amended). On November 21, 2023, the Promissory Note was further amended to permit the Company to pay certain
expenses of the Sponsor which would reduce the principal balance of the Promissory Note by the same amount. 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 (see Note 11) and the maturity date was extended to the earlier of (i) the close of
the Company’s initial business combination or (ii) May 31, 2025. 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 Promissory Note was
amended and restated in its entirety, in order to provide,