Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1165

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7
Chunk 1165
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 registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder.

Once
the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:

    ● in whole and not in part;           ● at a price of $0.01 per warrant;           ● upon a minimum 30 days’ prior written notice of redemption to each warrant holder; and           ● if, and only if, the reported last reported sale price of the Class A common stock for any 20 trading days within a 30-trading day prior to the date on which the Company sends the notice of redemption to the warrant holders equals or exceeds $18.00 per share (as adjusted). 

The
Company accounts for the warrants issued in connection with the IPO in accordance with the guidance contained in ASC 815. Such guidance
provides that the warrants described above are not precluded from equity classification. Equity-classified contracts are initially measured
at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified
in equity.

Subscription
Agreements

During
the year ended December 31, 2024, the Company entered into subscription agreements with various investors (the “Subscription Agreements”),
which brought in approximately $61.8 million in gross proceeds. The Company issued and sold 5,807,647 shares of the Class A common stock
to investors upon the Closing in exchange for equity interests issued by Legacy Montana pursuant to Subscription Agreements entered into
by Legacy Montana with such investors in the first quarter of 2024, which resulted in gross proceeds of approximately $49.4 million,
comprised of approximately $43.4 million received in the first quarter of 2024 and approximately $6.0 million in the second quarter of
2024. Of this total, TEP Montana purchased an aggregate of 5,116,176 shares in exchange for approximately $43.5 million pursuant to Subscription
Agreements between Legacy Montana and TEP Montana. During the second quarter of 2024, the Company issued and sold an additional 1,238,500
shares of Class A common stock to investors pursuant to Subscription Agreements executed in the second quarter, which resulted in additional
gross proceeds of approximately $12.4 million.

Equity
financing  

Legacy Montana completed a preferred equity financing during February 202