Company: NOEMW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042720
Chunk: 37

Company: CO2 Energy Transition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 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.

26

Off-Balance Sheet Financing Arrangements

We have no obligations, assets
or liabilities, which would be considered off-balance sheet arrangements as of March 31, 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, or $517,500, which was paid upon the closing
of the Initial Public Offering, together with 138,000 shares of our common stock. 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.

Results of Operations

We have neither engaged in
any operations nor generated any revenues to date. Our only activities from September 30, 2021 (inception) through March 31, 2025,
were organizational activities, those necessary to prepare for the Initial Public Offering,