Company: NOEMW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042720
Chunk: 114

Company: CO2 Energy Transition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 2
Chunk 114
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 dates on which adoption of such standards is required for non-emerging growth companies. As a result, the unaudited condensed
financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company
effective dates.

Additionally, subject to
certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we plan to rely on rules which allow
us to, among other things, delay the required (i) provision of an auditor’s attestation report on our system of internal controls
over financial reporting pursuant to Section 404, (ii) provision of all of the compensation disclosure that may be required of non-emerging
growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) compliance with any requirement that
may be adopted by the Public Company Accounting Oversight Board (PCAOB) regarding mandatory audit rotation or a supplement to the auditor’s
report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclosure
of certain executive compensation related items such as the correlation between executive compensation and performance and comparisons
of the CEO’s compensation to median employee compensation. These exemptions will apply for a period of five years following the
completion of our IPO or until we are longer an “emerging growth company,” whichever is earlier.

29

Common Stock Subject to Possible Redemption

We account for our common
stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic
480 “Distinguishing Liabilities from Equity.” Shares of common stock subject to mandatory redemption (if any) are classified
as liability instruments and are measured at fair value. Shares of conditionally redeemable common stock (including common stock that
feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events
not solely within our control) are classified as temporary equity. At all other times, shares of common stock are classified as stockholders’
equity. Our common stock features certain redemption rights that are considered to be outside of our control and subject to the occurrence
of uncertain future events. Accordingly, as of March 31, 2025, 6,900,000 shares of common stock subject to possible redemption are presented
as temporary equity, outside of the stockholders’ equity section of our balance sheet.

Net Income Per Common Share

We comply with accounting
and disclosure requirements of FASB ASC Topic 260