Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 49

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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Through June 30, 2025, the
Sponsor deposited a total of $2,212,866 into the Company’s Trust Account in order to extend the date by which the Company has to
consummate a business combination from March 31, 2024 to July 31, 2025.

24

The Extension Payment was
loaned as a draw down pursuant to a non-interest bearing unsecured promissory note the Company issued to the Sponsor on May 17, 2022,
pursuant to the Company was able borrow up to an aggregate principal amount of $300,000 (the “Note”). On January 20, 2023,
the maximum amount available under the Note was amended and increased to $400,000. As of March 31, 2023, both the Company and the Sponsor
mutually agreed to extend the maturity date of the original Note. 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.

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