Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 327

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1A
Chunk 327
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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 Company; and

●The intended strategy and operations
of the Post-Combination Company continued Legacy Montana’s prior strategy and operations.

Transaction Proceeds

Upon closing of the Business Combination, the Company received gross
proceeds of $7.5 million inclusive of $5.0 million from the PIPE investment, offset by total transaction costs and other fees totaling
of $7.5 million. The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows
and the consolidated statement of changes in stockholders’ equity (deficit) for the year ended December 31, 2024:

    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)

F-16

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