Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 24

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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724,999 Founder Shares remaining outstanding of Class A common stock and 1 share of Class B common stock. The 1 share
of Class B common stock will automatically be canceled at the time of the initial Business Combination. The holder of the 1 share
of Class B common stock will have the right to elect all of the directors prior to the initial Business Combination and the holders
of the shares of Class A common stock will not be entitled to vote on the election of directors during such time.

13

The
Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier
to occur of: (1) one year after the completion of a Business Combination or (B) subsequent to a Business Combination,
(x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 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.

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