Company: AIRJW
Filing Date: 2025-03-27
Form Type: S-1
Source: 0001013762-25-002897
Chunk: 185

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-27
Form: S-1
Chunk 185
---
 Common Stock issued immediately following the 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 $ million for transaction costs incurred in connection with the Business Combination, inclusive of the recognition of the earnout shares liability of $ 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 Public Warrants issued at the time of XPDB’s initial public offering, and 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.

F-19 AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 4 — RECAPITALIZATION (cont.) Redemption Prior to the closing of the Business Combination, certain XPDB public shareholders exercised their right to redeem certain of their outstanding shares