Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 19

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 19
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28, 2022, in connection with a change in the terms of the offering, the Sponsor further
amended and restated the subscription agreement to provide for a subscription of 3,066,667 shares of common stock. On December 1,
2023, the Sponsor further amended and restated the subscription agreement to provide for a subscription of 2,300,000 shares of common
stock. All shares have been retrospectively presented so that the total Founder Shares issued total 2,300,000 shares of common stock.
The Founder Shares included an aggregate of up to 300,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment
was not exercised in full, so that the number of Founder Shares would equal, on an as-converted basis, approximately 25% of the Company’s
issued and outstanding common stock after the Initial Public Offering (assuming the Sponsor did not purchase any Public Shares in the
Initial Public Offering). At the closing of the Initial Public Offering on November 22, 2024, the underwriters exercised their over-allotment
option in full. As such, the 300,000 Founder Shares are no longer subject to forfeiture.

The Initial Stockholder
has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of (A) one
year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported
sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other
similar transaction that results in all of the Public Stockholders having the right to exchange their shares of common stock for cash,
securities or other property.

Promissory Note — Related
Party

On January 8, 2022,
the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company could
borrow up to an aggregate principal amount of $400,000. On February 15, 2023, the Company amended the Promissory