Company: AIRJW
Filing Date: 2025-05-16
Form Type: POS AM
Source: 0001213900-25-044504
Chunk: 177

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-16
Form: POS AM
Chunk 177
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| Stock Price(1)           |     | $ |         7.97 |   |     | $ |     10.00 |   |
| Volatility               |     |   |           40 | % |     |   |        35 | % |
| Risk free rate of return |     |   |         4.30 | % |     |   |      4.24 | % |
| Expected term (in years) |     |   |          4.2 |   |     |   |       5.0 |   |

| (1) | At March 14, 2024, the $10.00 price represents the Business 
 Combination price.                                          |

The following table presents the changes in the
fair value of the Earnout Shares liability:

| Earnout Shares Liability as of December 31, 2023      |     | Year Ended   
 December 31, 
 2024         |           — |   |
|:------------------------------------------------------|:----|:-------------|------------:|:--|
| Expensed as transaction costs of business combination |     |              |  53,721,000 |   |
| Change in fair value                                  |     |              | (29,197,000 | ) |
| Balance as of December 31, 2024                       |     | $            |  24,524,000 |   |

As of December 31, 2024 and March 14,
2024, the estimated fair value of all the Earnout Shares ($ million and $ million, respectively) represents
and Earnout Shares, respectively. The Earnout Shares liability in the preceding table represents the fair value of the contingent
obligation to issue Earnout Shares to Legacy Montana Equityholders (excluding the shares to employees accounted for under ASC 718)
upon the achievement of certain Earnout Milestones. For the year ended December 31, 2024, the change in the fair value of the earnout
liability primarily relates to a decrease in the stock price, changes in the timing of cash flows and an increase in the volatility.

True Up Shares liability

As discussed in Note 4 — Recapitalization,
on March 8, 2024, XPDB and an investor entered into a Subscription Agreement pursuant to which XPDB agreed to sell shares
of Class A common stock to the investor for an aggregate purchase price of approximately $ million, contingent on the Closing