Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 78

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 78
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-5000.

Organizational History and Business

We are a newly-organized blank
check company incorporated in September 2021 as a Delaware corporation for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities, which we
refer to as our “initial business combination”. We have generated no operating revenues to date and we do not expect
that we will generate operating revenues until we consummate our initial business combination. We have reviewed, and continue to review,
a number of opportunities to enter into an initial business combination with an operating business, but we are not able to determine
at this time whether we will complete an initial business combination with any of the target businesses that we have reviewed or with
any other target business.

We intend to effectuate our
initial business combination using cash from the proceeds of our IPO (discussed below) and the sale of the private placement units, debt
or a combination of cash, shares of stock and debt.

Although we may pursue a Business
Combination in any industry, our objective is to identify and consummate a Business Combination with a business in the energy industry,
which includes and is not limited to the energy transition industry.

3

Initial Public Offering

On
November 22, 2024, the Company sold 6,900,000 units (“units”), which includes the full exercise by the underwriters
of their over-allotment option in the amount of 900,000 units. The units were sold for $10.00 per Unit, generating gross proceeds of
$69.0 million, and we incurred offering costs of $3,423,710, consisting of $517,500 of cash underwriting discount, $2,070,000 of deferred
underwriting fees, $77,280 fair value of 138,000 shares of common stock issued to Kingswood Capital Partners LLC, the representative
of the underwriters of the IPO (the “Representatives Shares”), and $758,930 of other offering costs (the “IPO”
or “initial public offering”). Each Unit consists of one share of common stock, par value $0.0001 per share, one warrant
(each a “public warrant”) and one right (each a “public right”). Each public warrant entitles the
holder to receive one share of our common stock at an exercise price of $11.50 per share, subject to adjustment. Each holder of a public