Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 345

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 345
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 intend to effectuate
our initial business combination using cash derived from the proceeds of the Initial Public Offering and the sale of the private placement
units, our shares, debt or a combination of cash, shares and debt.

62

Liquidity and Capital Resources 

As of December 31, 2024,
the Company had $953,069 in cash and working capital of $728,460.

Until the consummation of
the Initial Public Offering, our only source of liquidity was an initial purchase of shares of common stock, par value $0.0001 per share,
by the sponsor and loans from the sponsor.

On November 22, 2024, we
consummated the Initial Public Offering of 6,900,000 units, which includes the full exercise by the underwriters of their over-allotment
option in the amount of 900,000 units, at $10.00 per unit, generating gross proceeds of $69,000,000. Simultaneously with the closing
of the Initial Public Offering, we consummated the sale of 265,000 private placement units at a price of $10.00 per private placement
unit in a private placement to the sponsor, generating gross proceeds of $2,650,000.

Following the Initial Public
Offering, a total of $69,000,000 was placed in the trust account. We incurred $3,423,710 of expenses associated with the Initial Public
Offering, consisting of $517,500 of cash underwriting discount, $2,070,000 of deferred underwriting fees, $77,280 fair value of the Representative
Shares, and $758,930 of other offering costs.

For the year ended December 31,
2024, cash used in operating activities was $305,589. Net income of $2,632 was impacted by interest earned on marketable securities held
in the trust account of $310,897 and payment of operation costs through the promissory note of $11,050. Changes in operating assets and
liabilities provided $7,407.

For the year ended December 31,
2023, cash used in cash used in operating activities was $114,712. Net loss of $184,365 was impacted by changes in operating assets and
liabilities, which provided $69,653.

For the year ended December 31,
2024, cash used in investing activities was $69,000,000, representing the investment of cash in our trust account