Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 192

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 192
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 consummation of the Business Combination were:

    XPDB Class A common stock, outstanding prior to the Business Combination 
     10,608,178 
  
    Less: Redemption of XPDB Class A common stock 
     (10,381,983)
  
    Class A common stock of XPDB 
     226,195 
  
    XPDB Class B common stock, outstanding prior to the Business Combination 
     7,187,500 
  
    PIPE subscription 
     588,235 
  
    Business Combination Class A common stock 
     8,001,930 
  
    Legacy Montana Shares 
     45,821,482 
  
    Class A and B Common Stock immediately after the Business Combination 
     53,823,412 

The number of Legacy Montana shares was determined as follows:

    Legacy
 Montana
 Units  
    The Company’s
 Shares after
 conversion
 ratio 
  
    Class A common Stock 
     1,725,418  
     41,061,840 
  
    Class B common Stock 
     200,000  
     4,759,642 

Transaction Costs

During the year ended December 31, 2024, based on the proceeds received,
the Company expensed $54.7 million for transaction costs incurred in connection with the Business Combination, inclusive of the recognition
of the earnout shares liability of $53.7 million, because the transaction costs exceeded the proceeds received in the Business Combination.
See Note 12- Fair Value Measurements for further information on the recognition and measurement of the Earnout shares. The remaining
transaction costs primarily represented fees incurred for financial advisory, legal and other professional services that were directly
related to the Business Combination.

Public and private placement warrants

The 14,375,000 Public Warrants issued at the time of XPDB’s initial
public offering, and 11,125,000 warrants issued in connection with private placement at the time of XPDB’s initial public offering
(the “Private Placement Warrants”) remained outstanding and became warrants for the Company.

Redemption 

Prior to the closing of the Business Combination, certain XPDB public
shareholders exercised their right to redeem certain of their outstanding shares for cash, resulting in the redemption of 10,381,983 shares
of XPDB Class A common stock for an aggregate payment of $112.7 million.

Note 5 — EQUITY METHOD INVESTMENT

AirJoule,