Company: NOEMW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110040
Chunk: 37

Company: CO2 Energy Transition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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all of the funds held in the trust account, including any amounts representing interest earned on the trust account (less income taxes
payable), to complete our initial business combination. To the extent that our share capital or debt is used, in whole or in part, as
consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital
to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.  

25

As of September 30, 2025,
we had cash of $343,499. We intend to use the funds held outside the trust account primarily to identify and evaluate target businesses,
perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective
target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses,
and structure, negotiate and complete a business combination.

In order to finance transaction
costs in connection with an initial business combination, we and the sponsor, on April 15, 2025, entered into a convertible promissory
note dated March 31, 2025 (the “Working Capital Note”). Pursuant to the Working Capital Note, we may request, and in the sole
discretion of the sponsor, the sponsor may loan the Company, loan drawdowns of up to an aggregate of $1,500,000 in principal (“Working
Capital Loan”) from time to time, less $11,731 which was advanced prior to the execution of the Working Capital Note, and included
as outstanding thereunder, with such amounts to be used for working capital.

Amounts owed under the Working
Capital Note do not accrue interest and are payable on the earlier of: (i) the effective date of the consummation of the Company’s
initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses
or entities (the “Business Combination”); or (ii) the date that the winding up of the Company is effective (such date, as
applicable, the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined in the Working
Capital Note).

Amounts outstanding under
the Working Capital Note, are convertible, at the option of the sponsor, into units of the Company (“Working Capital Note Units”),
at a conversion price of $10.00 per Working Capital Note Unit, with