Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 233

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 233
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 in purchasing or leasing land and
equipment. The Company’s financial statements do not reflect any accounting for CAMT as no assets (including IP) or cash have been
contributed to CAMT and there has been no activity as of December 31, 2024.

Letter Agreement

On January 7, 2024, Legacy Montana entered
into a letter agreement (the “Letter Agreement”) with XPDB and Carrier Corporation, an affiliate of Carrier Global
Corporation (NYSE: CARR), a global leader in intelligent climate and energy solutions (collectively with its affiliates, “Carrier”),
pursuant to which Carrier, XPDB and the Company agreed, among other things, to provide Carrier the right to nominate one (1) designee,
subject to the approval of the Company, for election to the board of directors for so long as Carrier satisfies certain investment conditions,
following the Business Combination. Pursuant to the terms of the agreement, Carrier has nominated its director.

Note 14 — INCOME TAX

The Company recorded an income tax expense in
the year ended December 31, 2024. In the year ended December 31, 2024, the difference between the statutory tax rate and the
Company’s effective tax rate was due primarily to the change in tax status of the entity.

The reconciliation of the statutory federal
income tax rate to the Company’s effective tax rate for the year ended December 31, 2024 was as follows:

|                                                                          |     | Year Ended   
 December 31, 
 2024         |      |    |
|:-------------------------------------------------------------------------|:----|:-------------|-----:|:---|
| U.S. federal statutory rate                                              |     |              | 21.0 | %  |
| Increase (decrease) due to:                                              |     |              |      |    |
| State income taxes, net of federal income tax benefit                    |     |              |  5.6 | %  |
| Change in fair value of Earnout, True-up and Subject Vesting liabilities |     |              | (2.2 | )% |
| Costs related to Business Combination                                    |     |              |  3.7 | %  |
| Other permanent adjustments                                              |     |              | (0.7 | )% |
| Effective tax rate                                                       |     |              | 27.4 | %  |

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AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO THE