Company: AIRJW
Filing Date: 2025-03-27
Form Type: S-1
Source: 0001013762-25-002897
Chunk: 184

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-27
Form: S-1
Chunk 184
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 — Fair Value Measurements. As discussed in Note 1 — Organization and Business Operations, the Business Combination was consummated on March 14, 2024, which, for accounting purposes, was treated as the equivalent of Legacy Montana issuing stock for the net assets of XPDB, accompanied by a recapitalization. Under this method of accounting, XPDB was treated as the acquired company for financial accounting and reporting purposes under US GAAP. Legacy Montana was determined to be the accounting acquirer based on evaluation of the following facts and circumstances: •Following Closing, the Legacy Montana Equity holders had the greatest voting interest in the Post -CombinationCompany; •The Post -CombinationCompany Board immediately after Closing had six members, and Legacy Montana nominated the majority of the members of the Post -CombinationCompany Board at Closing; •The ongoing operations of the Post -CombinationCompany was comprised of Legacy Montana operations; •Legacy Montana’s existing senior management became the senior management of the Post -CombinationCompany; and •The intended strategy and operations of the Post -CombinationCompany continued Legacy Montana’s prior strategy and operations. F-18

AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO 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