Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 639

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 2
Chunk 639
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 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 follows:

    Legacy
 Montana
 Units  
    The Company’s
 Shares after
 conversion
 ratio 
  
    Class A common Stock 
     1,725,418  
     41,061,840 
  
    Class B common Stock 
     200,000  
     4,759,642 

Transaction Costs

During the year ended December 31, 2024, based on the proceeds received,
the Company expensed $54.7 million for transaction costs incurred in connection with the Business Combination, inclusive of the recognition
of the earnout shares liability of $53.7 million, because the transaction costs exceeded the proceeds received in the Business Combination.
See Note 12- Fair Value Measurements for further information on the recognition and measurement of the Earnout