Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 433

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 433
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writers 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. We had no cash used
in investing activities for the year ended December 31, 2023.

For the year ended December 31,
2024, cash provided by financing activities was $70,256,546, mainly due to proceeds from the IPO and the sale of the private placement
units.

For the year ended December 31,
2023, cash provided by financing activities was $116,790, consisting mainly of proceeds from our promissory note with our sponsor.

As of December 31,
2024, we had investments of $69,310,897 held in the trust account. Through December 31, 2024 and 2023, we have not withdrawn any
interest earned from the trust account.

We intend to use substantially
all of the funds held in