Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 129

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 129
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 financial reporting.
When evaluating our internal control over financial reporting as of March 31, 2024, our management concluded that our disclosure controls
and procedures were not effective, due solely to the material weakness in our internal control over financial reporting, which pertains
to internal controls over complex accounting issues, including the application of the reverse recapitalization accounting for the Business
Combination and the VIE accounting for the AirJoule JV. Although the material weakness has been remediated as of December 31, 2024, there
can be no assurance that we will not identify additional material weaknesses in the future. If we identify any material weaknesses in
our internal control over financial reporting or are unable to comply with the requirements of Section 404 in a timely manner or assert
that our internal control over financial reporting is effective, investors may lose confidence in the accuracy and completeness of our
financial reports and the market price of our common stock could be materially adversely affected, and we could become subject to investigations
by the stock exchange on which our securities are listed, the SEC or other regulatory authorities, which could require additional financial
and management resources.

Anti-takeover provisions in our governing documents and under
Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management
and limit the market price of our common stock.

Our Charter and Bylaws contain provisions that could have the effect
of making it more difficult, delaying or preventing an acquisition deemed undesirable by our board of directors. Thes provisions include:

●a staggered board, which means that our board of directors is classified into three classes of directors with staggered three-year
terms and directors are only able to be removed from office for cause;

●limitations on convening special stockholder meetings, which could make it difficult for our stockholders to adopt desired governance
changes;

●a prohibition on stockholder action by written consent, which means that our stockholders will only be able to take action at a meeting
of stockholders and will not be able to take action by written consent for any matter;

●a forum selection clause, which means certain litigation against us can only be brought in Delaware;

●the authorization of undesignated preferred stock, the terms of which may be established and shares of which may be issued without
further action by our stockholders; and

●advance notice procedures, which apply for stockholders to nominate candidates for election as directors or to bring matters before
an annual meeting of