Company: NOEMW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110040
Chunk: 21

Company: CO2 Energy Transition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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NOTE 5. RELATED PARTIES

Founder Shares

On January 13, 2022,
the Sponsor entered into a subscription agreement and paid $25,000 to cover certain offering costs of the Company in consideration for
3,593,750 shares of common stock (the “Founder Shares”). In connection with a reduction in the planned size of the Initial
Public Offering, the Sponsor amended and restated the subscription agreement on October 10, 2022 to provide for a subscription of
2,300,000 shares of common stock. On December 28, 2022, in connection with a change in the terms of the offering, the Sponsor further
amended and restated the subscription agreement to provide for a subscription of 3,066,667 shares of common stock. On December 1,
2023, the Sponsor further amended and restated the subscription agreement to provide for a subscription of 2,300,000 shares of common
stock. All shares have been retrospectively presented so that the total Founder Shares issued total 2,300,000 shares of common stock.
The Founder Shares included an aggregate of up to 300,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment
was not exercised in full, so that the number of Founder Shares would equal, on an as-converted basis, approximately 25% of the Company’s
issued and outstanding common stock after the Initial Public Offering (assuming the Sponsor did not purchase any Public Shares in the
Initial Public Offering). At the closing of the Initial Public Offering on November 22, 2024, the underwriters exercised their over-allotment
option in full. As such, the 300,000 Founder Shares are no longer subject to forfeiture.

The Initial Stockholders
have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of (A) one
year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale
price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business
Combination, or (y) the date on which the Company completes a liquidation,