Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1247

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7A
Chunk 1247
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11.50 per share (the “Public Warrants”). Simultaneously with
the closing of the IPO, XPDB completed the private sale of 11,125,000 warrants where each warrant allows the holder to purchase one share
of the Company’s Class A common stock at $11.50 per share. In June 2024, 10 third-party investors exercised their Public Warrants
on a cashless basis for a total of 705,758 Class A shares of the Company. In August 2024, 2,225,000 Private Placement warrants were transferred.

As of December 31, 2024, there are 12,657,596 Public Warrants and 8,900,000
Private Placement warrants outstanding.

The Private Placement Warrants (including the common stock issuable
upon exercise of the Private Placement Warrants) were not transferable, assignable or saleable until 30 days after the consummation
of the Business Combination (except, among other limited exceptions, to the Company’s officers and directors and other persons or
entities affiliated with the XPDB’s sponsor and anchor investors) and they will not be redeemable by the Company. The Private
Placement Warrants have terms and provisions that are identical to those of the Public Warrants, including as to exercise price, exercisability
and exercise period, except that the Private Placement Warrants are exercisable on a cashless basis and are non-redeemable.

If holders of the Private Placement Warrants elect to exercise them
on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of the Company’s
common stock equal to the quotient obtained by dividing (x) the product of the number of shares of the Company’s common
stock underlying the warrants multiplied by the excess of the 10 day average closing price (defined below) as of the date prior to the
date on which notice of exercise is sent or given to the warrant agent, less the warrant exercise price by (y) the 10 day average
closing price. The 10 day average closing price means, as of any date, the average last reported sale price (defined below) of the shares
of the Company’s common stock as reported during the 10 trading day period ending on the trading day prior to such
date. Last reported sale price means the last reported sale price of the Company’s common stock on the date on which the