Company: NOEMW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042720
Chunk: 24

Company: CO2 Energy Transition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 a definitive agreement for a Business Combination in which
the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per
share consideration the holders of the common stock will receive in the transaction on an as-converted into common stock basis and each
holder of a right will be required to affirmatively convert its rights in order to receive 1/8 of one share underlying each right (without
paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by
affiliates of the Company).

As of March 31, 2025, and
December 31, 2024, there were 6,900,000 rights related to the Initial Public Offering and 265,000 rights related to Private Units, outstanding.

17

CO2 ENERGY TRANSITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited) 

If the Company is unable
to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders
of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s
assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual
penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in
no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.

Warrants —
As of March 31, 2025 and December 31, 2024, the Public Warrants will become exercisable on the later of (a) 30 days after the
completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants
will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

No warrants will be exercisable
for cash unless the Company has an effective and current registration statement covering the common stock issuable upon exercise of the
warrants and a current prospectus relating to such common stock. Notwithstanding the foregoing, if a registration statement covering the
common stock issuable upon exercise of the Public Warrants is not effective within 60 business days following the consummation of