Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 227

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 227
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such as risk-free rate, stock price, volatility, and discount rate were based on market data. See the following summary of key
inputs:

|                          |     |   |        As of 
 December 31, 
         2024 |   |     |   |     As of 
 March 14, 
      2024 |   |
|:-------------------------|:----|:--|-------------:|:--|:----|:--|----------:|:--|
| 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 ($24.5 million and $53.7 million, respectively) represents 2,115,227
and 4,627,294 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