Company: NOEMW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-075048
Chunk: 38

Company: CO2 Energy Transition Corp.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 business combination. Moreover, we may
need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant
number of our public shares upon consummation of our initial business combination, in which case we may issue additional securities or
incur debt in connection with such initial business combination.

In addition, if we are unable
to complete a Business Combination by May 22, 2026, unless extended for further 6 months, then the Company will cease all operations except
for the purpose of liquidating. We cannot be assured that our plans to consummate an initial Business Combination will be successful.

In connection with the Company’s assessment of going concern
considerations in accordance with Accounting Standards Codification (“ASC”) 205-40 “Going Concern,” we have determined
that the potential liquidity shortfall and the mandatory liquidation raise substantial doubt about the Company’s ability to continue
as a going concern.

26

Off-Balance Sheet Financing Arrangements

We have no obligations, assets
or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2025. We do not participate in transactions that
create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would
have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing
arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial
assets.

Contractual Obligations

We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the sponsor $10,000
per month for office space, utilities, secretarial support and other administrative and consulting services.

The Company granted the underwriters
a 45-day option from the date of the Initial Public Offering to purchase up to 900,000 additional units to cover over-allotments, if any,
at the Initial Public Offering price less the underwriting discounts and commissions. On November 22, 2024, simultaneously with the closing
of the Initial Public Offering, the underwriters elected to fully exercise the over-allotment option to purchase an additional 900,000
units at a price of $10.00 per Unit.

The underwriters were entitled
to a cash underwriting discount of 0.75% of the gross proceeds of the Initial Public Offering,