Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 54

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 December 31, 2024, there was $3,741,731 and $2,529,445, respectively, outstanding under the 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.

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 Class A common stock) are entitled to registration rights pursuant
to a registration rights agreement requiring the Company to register such securities for resale (in the case of the founder shares, only
after conversion to shares of our Class A common stock). The holders of these securities will be entitled to make up to three demands,
excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to
require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration
rights agreement will provide that the Company will not be required to effect or permit any registration or cause any registration statement
to become effective until termination of the applicable lock-up period. The registration rights agreement does not contain liquidated
damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear
the expenses incurred in connection with the filing of any such registration statements.

26

Underwriting Agreement

On March 28, 2023, in connection
with the Initial Public Offering, we entered into an underwriting agreement with LifeSci Capital LLC and Ladenburg Thalmann & Co.
Inc., as representative of the underwriters named therein.

The underwriters were entitled
to a cash underwriting discount of $0.15 per Unit, or $1,035,000 in the aggregate, which was paid upon the closing of the Initial Public
Offering. In addition, $0.30 per Unit sold in the