Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 976

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 976
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 the Company further amended the Promissory Note’s principal amount from
$450,000 to $800,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2025 or (ii) the
consummation of the Initial Public Offering. As of December 31, 2024 and 2023, there was $11,730 and $432,880, respectively, outstanding
under the Promissory Note. On November 22, 2024, upon the closing of the Initial Public Officer, the Company repaid the note and borrowings
with the exception of $11,730 which remains outstanding under the note.

Working Capital Loans

In order to finance transaction
costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers
and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the
Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account
released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the
event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the
Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing,
the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.
The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s
discretion, up to $1,500,000 of such Working Capital Loans may be convertible into units at a price of $10.00 per unit. The units would
be identical to the Private Placement Units. As of December 31, 2024 and 2023, no such Working Capital Loans were outstanding.

Administrative Services Agreement

The Company entered into
an agreement, commencing on November 12, 2024 through the earlier of consummation of the initial Business Combination and the Company’s
liquidation, to pay the Sponsor $10,000 per month for office space, utilities, secretarial support and other administrative and consulting
services. As of December 31, 2024,