Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 205

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 205
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 Combination Class A common stock                                |     |   8,001,930 |   |
| Legacy Montana Shares                                                    |     |  45,821,482 |   |
| Class A and B Common Stock immediately after the Business Combination    |     |  53,823,412 |   |

The number of Legacy Montana shares was determined
as follows:

|                      |     | Legacy  
 Montana 
 Units   |           |     | The Company’s 
 Shares after  
 conversion    
 ratio         |            |
| Class A common Stock |     |         | 1,725,418 |     |               | 41,061,840 |
| Class B common Stock |     |         |   200,000 |     |               |  4,759,642 |

Transaction Costs

During the year ended December 31, 2024,
based on the proceeds received, the Company expensed $54.7 million for transaction costs incurred in connection with the Business
Combination, inclusive of the recognition of the earnout shares liability of $53.7 million, because the transaction costs exceeded
the proceeds received in the Business Combination. See Note 12 — Fair Value Measurements for further information
on the recognition and measurement of the Earnout shares. The remaining transaction costs primarily represented fees incurred for financial
advisory, legal and other professional services that were directly related to the Business Combination.

Public and private placement warrants

The 14,375,000 Public Warrants issued at the time
of XPDB’s initial public offering, and 11,125,000 warrants issued in connection with private placement at the time of XPDB’s
initial public offering (the “Private Placement Warrants”) remained outstanding and became warrants for the Company.

<div align='center'>F-19

AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 4 — RECAPITALIZATION
(cont.)

Redemption

Prior to the closing of the Business Combination,
certain XPDB public shareholders exercised their right to redeem certain of their outstanding shares for cash, resulting in the redemption
of 10,381,983 shares of XPDB Class A common stock for an aggregate payment of $112.7 million.

Note 5 — EQUITY METHOD INVESTMENT

AirJoule, LLC

On January 25, 2024, Legacy Montana entered
into a Framework Agreement with GE Vernova, a Delaware limited liability company, and,