Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 111

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 111
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, in order to provide, among other things, (1) that the maturity date of the Promissory Note is May
31, 2025; provided, however, that if Trailblazer completes an initial business combination, the Promissory 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. On May 29, 2025, the Note was further amended, pursuant to which (i)
the maximum amount available to borrow under the Note was further increased by an additional $500,000 to $4,030,000 and (ii) the maturity
date of the Note was amended to be the earlier of July 30, 2025 or the closing of the Company’s initial business combination. As
of September 30, 2025 and December 31, 2024, there was $0 and $2,529,445, respectively, outstanding under the Promissory Note. The Promissory
Note was extinguished on July 29, 2025 through the issuance of the second amended and restated promissory note agreement (as described
below).

Second Amended and Restated Promissory Note

On July 29, 2025, the Company entered into a second
amended and restated promissory note with the Sponsor, pursuant to which (i) the maturity date of the Note was amended to be the later
of September 15, 2025 or the closing of the Company’s initial business combination and (ii) the outstanding principal balance of
the Note will be converted into preferred stock of the Corporation at the closing of the initial business Combination. Upon completion
of an initial Business Combination, the outstanding principal balance of the promissory note will be converted into preferred stock with
a stated value equal to 200% of the outstanding principal amount.

The Company assessed whether the issuance of the
Second Amended and Restated Promissory Note constituted a debt modification or extinguishment. Because the revised terms are substantially
different from the original note—based on the 10% net present value test under ASC 470