Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 152

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 152
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 combination opportunities. Our sponsor, directors and officers
are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which
they are affiliated, and there have been no preliminary discussions concerning a business combination with any such entity or entities.
Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a
transaction if we determined that such affiliated entity met our criteria and guidelines for a business combination as set forth in “Item
1. Business—Organizational History and Business—Effecting Our Initial
Business Combination — Selection of a target business and structuring of our initial business combination”
and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement that we, or a committee
of independent and disinterested directors, will obtain an opinion from an independent investment banking firm or another valuation or
appraisal firm that regularly renders fairness opinions on the type of target business we are seeking to acquire, regarding the fairness
to our company from a financial point of view of a business combination with one or more businesses affiliated with our sponsor, directors
or officers, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous
to our public stockholders as they would be absent any conflicts of interest.

43

Since our initial stockholders will lose
their entire investment in us if our initial business combination is not completed, a conflict of interest may arise in determining whether
a particular business combination target is appropriate for our initial business combination.

On January 13, 2022, our
sponsor initially subscribed for an aggregate of 3,593,750 founders shares. In connection with a reduction in the planned size of the
offering, the subscription agreement was amended and restated on October 10, 2022, on December 28, 2022, and on December 1,
2023, the subscription agreement was further amended and restated in connection with a change in the proposed terms of the offering to
provide for a subscription of 2,300,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.011 per share.
The founder shares will be worthless if we do not complete an initial business combination.

In addition, our sponsor purchased
an 265,000 private placement units simultaneously with our IPO, each unit consisting of one share of common stock, one warrant and one
right, with