Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 187

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 2
Chunk 187
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anding ASC 480 liability (variable-share settlement for a predominantly fixed monetary amount), measured
at fair value initially and subsequently, with changes in earnings. The Company recognized a gain on change in fair value of promissory
note of $2,856,375 during the three and nine months ended September 30, 2025.

As of September 30, 2025,
the second amended and restated promissory note has a fair value of $7,393,329.

As approved by its stockholders at the annual meeting (the “Annual
Meeting”) of stockholders held on September 26, 2024, the Company filed an amendment to its Amended and Restated Certificate of
Incorporation (the “Charter”) with the Delaware Secretary of State on September 27, 2024 (the “Charter Amendment”),
and also amended its investment management trust agreement, to (a) modify the terms and extend the date (the “Termination Date”)
by which the Company has to consummate a business combination by allowing the Company, through resolution of the board of directors without
another stockholder vote, to elect to extend the Termination Date by one month each time from September 30, 2024 to September 30, 2025
(the “Combination Period”), or such earlier date as determined by the Board in its sole discretion, unless the closing of
a business combination shall have occurred prior thereto; and (b) to remove the provision which permitted the withdrawal of $100,000 from
the trust account of the Company in order to pay dissolution expenses. For each monthly extension approved by the Board, the monthly payment
required to be deposited into the Company’s Trust Account to extend the Termination Date by one month should be the lesser of (i)
$0.035 for each outstanding share of Public Stock after giving effect to the redemption, and (ii) $100,000.

27

In connection with the stockholders’
vote at the Annual Meeting, 4,520,384 shares were tendered for redemption.

On October 9, 2024, $49,774,936,
or approximately $11.01 redemption price per share, was withdrawn from the Trust Account to pay the redeeming holders and the 4,520,384
shares of the Company’s Class A common stock that were redeemed were cancelled.

As approved by its stockholders at the Annual Meeting of stockholders
held on September 29,