Company: NOEMW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110040
Chunk: 22

Company: CO2 Energy Transition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 merger, capital stock exchange or other similar transaction
that results in all of the Public Stockholders having the right to exchange their shares of common stock for cash, securities or other
property.

Promissory Note — Related
Party

On January 8, 2022,
the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company could
borrow up to an aggregate principal amount of $400,000. On February 15, 2023, the Company amended the Promissory Note’s principal
amount from $400,000 to $450,000. On April 20, 2024, the Company further amended the Promissory Note’s principal amount from
$450,000 to $800,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2025, or (ii) the
consummation of the Initial Public Offering. As of September 30, 2025 and December 31, 2024, there was $11,730 outstanding under the Promissory
Note. On November 22, 2024, upon the closing of the Initial Public Offering, the Company repaid the note and borrowings with the exception
of $11,730, which was rolled into the Working Capital Note issued by the Company on April 15, 2025, as described below.

15

CO2 ENERGY TRANSITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited) 

Working Capital Loans

In order to finance transaction
costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers
and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company
completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released
to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that
a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital
Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms