Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 204

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 204
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 Company; and |

| ● | The intended strategy and operations of the Post-Combination      
 Company continued Legacy Montana’s prior strategy and operations. |

<div align='center'>F-18

AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 4 — RECAPITALIZATION
(cont.)

Transaction Proceeds

Upon closing of the Business Combination, the
Company received gross proceeds of $7.5 million inclusive of $5.0 million from the PIPE investment, offset by total transaction
costs and other fees totaling of $7.5 million. The following table reconciles the elements of the Business Combination to the consolidated
statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit) for the year ended December 31,
2024:

| Cash-trust and cash, net of redemptions                 |     | $ |   2,455,361 |   |
| Add: proceeds from PIPE investment                      |     |   |   4,999,998 |   |
| Less: transaction costs and advisory fees, paid         |     |   |  (7,455,359 | ) |
| Net proceeds from the Business Combination              |     |   |           — |   |
| Less: Subject Vesting Shares liability                  |     |   | (11,792,000 | ) |
| Less: True Up Shares liability                          |     |   |    (555,000 | ) |
| Less: accounts payable and accrued liabilities combined |     |   |  (9,054,854 | ) |
| Add: other, net                                         |     |   |     374,377 |   |
| Reverse recapitalization, net                           |     | $ | (21,027,477 | ) |

The number of shares of 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