Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 128

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1A
Chunk 128
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 the
original Note. On November 21, 2023, the Note was further amended to permit us to pay certain expenses of the Sponsor which would
reduce the principal balance of the 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 and the maturity date was extended
to the earlier of (i) the close of our 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 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.

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