Company: NOEMW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110040
Chunk: 38

Company: CO2 Energy Transition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 each unit consisting of one share of Company common stock, one warrant,
and one right, with each warrant entitling the holder thereof to purchase one share of common stock at $11.50 per share, subject to adjustment
as provided in the Company’s Registration Statement on Form S-1 filed in connection with its IPO, and each eight rights entitling
the holder to receive one share of common stock upon completion of the Business Combination. The Working Capital Note Units will be identical
to the private placement units issued to the Sponsor at the time of the Company’s IPO.

In addition, if we are unable
to complete a Business Combination by May 22, 2026, unless extended for further 6 months, then the Company will cease all operations except
for the purpose of liquidating. We cannot be assured that our plans to consummate an initial Business Combination will be successful.

In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”) 205-40 “Going
Concern,” we have determined that the potential liquidity shortfall and the mandatory liquidation raise substantial doubt about
the Company’s ability to continue as a going concern.

26

Off-Balance Sheet Financing Arrangements

We have no obligations,
assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2025. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet
financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any
non-financial assets.

Contractual Obligations

We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the sponsor $10,000
per month for office space, utilities, secretarial support and other administrative and consulting services.

The Company granted the
underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 900,000 additional units to cover over-allotments,
if any, at the Initial Public Offering price less the underwriting discounts and commissions. On November 22, 2024, simultaneously with
the closing of the Initial Public Offering, the underwriters elected to fully exercise the over-allotment option to