Company: AIRJW
Filing Date: 2025-05-27
Form Type: POS AM
Source: 0001213900-25-047828
Chunk: 205

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-27
Form: POS AM
Chunk 205
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 THE CONSOLIDATED FINANCIAL STATEMENTS Note 4 — RECAPITALIZATION(cont.)

Transaction Proceeds

Upon closing of the Business Combination, the
Company received gross proceeds of $ million inclusive of $ million from the PIPE investment, offset by total transaction
costs and other fees totaling of $ million.

| Cash-trust and cash, net of redemptions                 |     | $ |   2,455,361 |   |
| Add: proceeds from PIPE investment                      |     |   |   4,999,998 |   |
| Less: transaction costs and advisory fees, paid         |     |   |  (7,455,359 | ) |
| Net proceeds from the Business Combination              |     |   |           — |   |
| Less: Subject Vesting Shares liability                  |     |   | (11,792,000 | ) |
| Less: True Up Shares liability                          |     |   |    (555,000 | ) |
| Less: accounts payable and accrued liabilities combined |     |   |  (9,054,854 | ) |
| Add: other, net                                         |     |   |     374,377 |   |
| Reverse recapitalization, net                           |     | $ | (21,027,477 | ) |

The number of shares of Common Stock issued immediately
following the consummation of the Business Combination were:

| XPDB Class A common stock, outstanding prior to the Business Combination |     |  10,608,178 |   |
| Less: Redemption of XPDB Class A common stock                            |     | (10,381,983 | ) |
| Class A common stock of XPDB                                             |     |     226,195 |   |
| XPDB Class B common stock, outstanding prior to the Business Combination |     |   7,187,500 |   |
| PIPE subscription                                                        |     |     588,235 |   |
| Business Combination Class A common stock                                |     |   8,001,930 |   |
| Legacy Montana Shares                                                    |     |  45,821,482 |   |
| Class A and B Common Stock immediately after the Business Combination    |     |  53,823,412 |   |

The number of Legacy Montana shares was determined
as follows:

|                      |     | Legacy  
 Montana 
 Units   |           |     | The Company’s 
 Shares after  
 conversion    
 ratio         |            |
| Class A