Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 214

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 214
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 statement of work with AirJoule, LLC. Reimbursement of costs incurred as of December 31, 2024 was $2.0 million and $0.8 million
of research and development and general administrative expenses, respectively, and is recorded as a due from related party receivable
on the consolidated balance sheets and within contra-expense accounts on the consolidated statements of operations.

Related Party Equity Transactions

As described in Note 10 — Stockholders’ Equity (Deficit), Legacy Montana sold equity interests that subsequently converted into shares of Class A common stock, to TEP
Montana, LLC (“TEP Montana”). The Executive Chairman of the Company is the managing partner of the managing member of TEP
Montana.

The Company granted options and awards to the
employees of AirJoule, LLC on June 6, 2024. Additionally, as described above, Legacy Montana executed a statement of work with AirJoule,
LLC. Per the statement of work, the Company granted equity awards to AirJoule, LLC employees on September 9, 2024. The number
of options and awards granted to the employees of AirJoule, LLC are found in the ‘Non-employee Equity Method Investees’ tables
within Note 11 — Share-Based Compensation.

Note 10 — STOCKHOLDERS’ EQUITY (DEFICIT)

Preferred Stock — The
Company is authorized to issue 25,000,000 shares of preferred stock with a par value of $0.0001 per share. At December 31,
2024 and December 31, 2023, there were no shares of preferred stock issued and outstanding.

Class A common stock— The
Company is authorized to issue 600,000,000 shares of Class A common stock with a par value of $0.0001 per share. At
December 31, 2024 and December 31, 2023, there were 55,928,661 shares and 32,731,583 shares of Class A common stock
issued and outstanding, respectively. Each share of Class A Common Stock has one vote and has similar rights and obligations.

Class B common stock— At
December 31, 2024 and December 31, 2023, there were zero and 4,759,642 shares of Class B common stock issued and outstanding,
respectively. Each share entitles the holder thereof to a number of votes per share such that the Legacy Montana Equity