Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 203

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 203
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| ● | Any remaining Subject Vesting Shares shall vest in full at the                                                                                
 same time that the volume weighted average price of Class A common stock on the Nasdaq as reported by Bloomberg L.P. equals or exceeds        
 $14.00 per share (as adjusted for extraordinary transactions, stock splits, extraordinary stock dividends, reorganizations, recapitalizations 
 and the like) for any 20 trading days within any 30 consecutive trading day period.                                                           |

On March 8, 2024, XPDB and an investor entered
into a Subscription Agreement pursuant to which XPDB agreed to sell 588,235 shares of Class A common stock to the investor
for an aggregate purchase price of approximately $5.0 million, contingent on the Closing of the Business Combination. The Subscription
Agreement provides that, subject to certain conditions set forth therein, the Company may be required to issue to the investor up to an
additional 840,336 shares of Class A common stock (the “True Up Shares”) if the trading price of the Class A
common stock falls below the per share purchase price within one year of the Closing of the Business Combination. The True Up Shares are
considered a variable-share obligation under ASC 480-10-25-14, and as a result were accounted for as a liability recognized at fair
value at each reporting period with changes in fair value included in earnings. See Note 12 — Fair Value Measurements.

As discussed in Note 1 — Organization and Business Operations, the Business Combination was consummated on March 14, 2024, which, for accounting purposes, was treated
as the equivalent of Legacy Montana issuing stock for the net assets of XPDB, accompanied by a recapitalization. Under this method of
accounting, XPDB was treated as the acquired company for financial accounting and reporting purposes under US GAAP.

Legacy Montana was determined to be the accounting
acquirer based on evaluation of the following facts and circumstances:

| ● | Following Closing, the Legacy Montana Equity holders had the 
 greatest voting interest in the Post-Combination Company;    |

| ● | The Post-Combination Company Board immediately after Closing                                                                
 had six members, and Legacy Montana nominated the majority of the members of the Post-Combination Company Board at Closing; |

| ● | The ongoing operations of the Post-Combination Company was comprised 
 of Legacy Montana operations;                                        |

| ● | Legacy Montana’s existing senior management became the 
 senior management of the Post-Combination