Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1843

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 1843
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 right to exchange their shares of common stock for cash, securities or other property.

Private Placement

Simultaneously with the closing
of the Initial Public Offering, the Sponsor purchased an aggregate of 394,500 Placement Units at a price of $10.00 per Placement Unit,
for an aggregate purchase price of $3,945,000 in a private placement. A portion of the proceeds from the Placement Units was added to
the proceeds from the Initial Public Offering held in the Trust Account so that the Trust Account holds $10.20 per unit sold. If we do
not complete a Business Combination within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund
the redemption of the Public Shares (subject to the requirements of applicable law) and the Placement Units will expire worthless.

Promissory Notes

On May 17, 2022, we
issued a non-interest bearing unsecured promissory note to the Sponsor, pursuant to which we may borrow up to an aggregate
principal amount of $300,000. On January 20, 2023, the maximum amount available under the Note was further increased to $400,000. As
of March 31, 2023, both we and the Sponsor mutually agreed to extend the maturity date of 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, 202