Company: NOEMW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042720
Chunk: 27

Company: CO2 Energy Transition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 of March 31, 2025, and
December 31, 2024, there were 6,900,000 Public and 265,000 Private Warrants outstanding.

19

CO2 ENERGY TRANSITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited) 

NOTE 8. REPRESENTATIVE SHARES

Simultaneously with the closing
of the Initial Public Offering on November 22, 2024, the Company issued Kingswood Capital Partners LLC, the representative of the underwriters
(“Kingswood”), 138,000 shares of common stock (the “Representative Shares”). The Company estimated the value of
the Representative Shares to be $77,280. Kingswood has agreed not to transfer, assign or sell any such shares until the completion of
the initial Business Combination. In addition, Kingswood has agreed (i) to waive its redemption rights with respect to such shares in
connection with the completion of an initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust
Account with respect to such shares if the Company fails to complete an initial Business Combination within the Combination Period.

The Representative Shares
have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the effective
date of the Initial Public Offering pursuant to Rule 5110(e)(1) of FINRA’s NASD Conduct Rules. Pursuant to FINRA Rule 5110(e)(1),
these securities may not be sold, transferred, assigned, pledged or hypothecated or the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the effective date of the Initial Public Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for
a period of 180 days immediately following the effective date of the Initial Public Offering except to any underwriter and selected dealer
participating in the Initial Public Offering and their bona fide officers or partners, registered persons or affiliates or as otherwise
permitted under Rule 5110(e)(2), and only if any such transferee agrees to the foregoing lock-up restrictions.

NOTE 9. FAIR VALUE MEASUREMENTS

ASC 820, “Fair
Value Measurement,” defines fair value as the amount that would be received to