Company: NOEMW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042720
Chunk: 5

Company: CO2 Energy Transition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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 each eight rights entitle the holder
thereof to receive one share of common stock at the closing of a business combination.

Simultaneously with the closing
of the Initial Public Offering, the Company consummated the sale of 265,000 units (the “Private Units”) at a price of $10.00
per Private Unit in a private placement to the Company’s sponsor, CO2 Energy Transition, LLC (the “Sponsor”), generating
gross proceeds of $2,650,000, which is described in Note 4. Each Private Unit consists of one share of our common stock, one redeemable
warrant, and one right with respect to the shares of common stock. Each warrant entitles the holder thereof to purchase one share of our
common stock at a price of $11.50 per share, subject to adjustment and each eight rights entitle the holder thereof to receive one share
of common stock at the closing of a business combination.

Transaction costs amounted
to $3,423,710 consisting of $517,500 of cash underwriting discount, $2,070,000 of deferred underwriting fees, $77,280 fair value of Representative
Shares (as defined in Note 8), and $758,930 of other offering costs.

On November 22, 2024, in
connection with the closing of the Initial Public Offering, the underwriters were entitled to a cash underwriting discount of 0.75% of
the gross proceeds of the Initial Public Offering, or $517,500, which was paid upon the closing of the Initial Public Offering. Additionally,
the underwriters were entitled to a deferred underwriting discount of 3.00% of the gross proceeds of the Initial Public Offering, or $2,070,000,
payable upon the closing of an initial Business Combination from the amounts held in the Trust Account, as well as 138,000 representative
shares with the fair value of $77,268 issued to the underwriters in connection with the closing of the Initial Public Offering.

5

CO2 ENERGY TRANSITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited) 

There is no assurance that
the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations
with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in