Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 184

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 184
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 name from “Power &
Digital Infrastructure Acquisition II Corp.” to “Montana Technologies Corporation.”

In November 2024, to better align the Company’s
name with its business operations and AirJoule units, the Company changed its name from Montana Technologies Corporation to AirJoule Technologies
Corporation, and its wholly-owned subsidiary changed its name from Montana Technologies LLC to AirJoule Technologies LLC.

Prior to the Business Combination, all of the
outstanding preferred units of Legacy Montana were converted into Class B common units. As a result of the Business Combination,
(i) each issued and outstanding Class B common unit and Class C common unit of Legacy Montana was converted into the right
to receive approximately 23.8 shares of newly issued shares of Class A common stock of the Company, (ii) each issued and outstanding
class A common unit of Legacy Montana converted into the right to receive approximately 23.8 shares of newly issued shares of Class B
common stock of the Company and (iii) each option to purchase common units of Legacy Montana converted into the right to receive
an option to purchase Class A common stock of the Company having substantially similar terms to the corresponding option, including
with respect to vesting and termination-related provisions, except that such options represented the right to receive a number of shares
of Class A common stock equal to the number of common units subject to the corresponding option immediately prior to the Closing
multiplied by approximately 23.8.

The Business Combination was accounted for as
a reverse recapitalization in accordance with U.S. generally accepted accounting principles (“GAAP”). Under this method
of accounting, although XPDB acquired the outstanding equity interest in Legacy Montana in the Business Combination, XPDB is treated as
the acquired company and Legacy Montana was treated as the accounting acquirer for financial statement purposes. Accordingly, the Business
Combination was treated as the equivalent of Legacy Montana issuing stock for the net assets of XPDB, accompanied by a recapitalization.

Furthermore, the historical financial statements
of Legacy Montana became the historical financial statements of the Company upon the consummation of the Merger. As a result, the consolidated
financial statements reflect (i) the historical operating results of Legacy Montana prior to the Business Combination; (ii) the
combined results of XPDB and Legacy Montana following the Closing; (iii) the assets and liabilities of Legacy Montana at their historical
cost and (iv) Legacy Montana’s equity structure for all periods presented, as affected by the recapitalization