Company: AIRJW
Filing Date: 2025-04-28
Form Type: S-1/A
Source: 0001213900-25-036124
Chunk: 213

Company: AirJoule Technologies Corp.
Filing Date: 2025-04-28
Form: S-1/A
Chunk 213
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|:----|:--|-------------:|:--|:----|:--|----------:|:--|
| Stock Price(1)           |     | $ |         7.97 |   |     | $ |     10.00 |   |
| Volatility               |     |   |           40 | % |     |   |        35 | % |
| Risk free rate of return |     |   |         4.30 | % |     |   |      4.24 | % |
| Expected term (in years) |     |   |          4.2 |   |     |   |       5.0 |   |

____________

(1)

The following table presents the changes in the fair value of the Earnout Shares liability:

| Earnout Shares Liability as of December 31, 2023      |     | Year Ended   
 December 31, 
 2024         |           — |   |
|:------------------------------------------------------|:----|:-------------|------------:|:--|
| Expensed as transaction costs of business combination |     |              |  53,721,000 |   |
| Change in fair value                                  |     |              | (29,197,000 | ) |
| Balance as of December 31, 2024                       |     | $            |  24,524,000 |   |

As of December 31, 2024 and March 14, 2024, the estimated fair value of all the Earnout Shares ($ million and $ million, respectively) represents and Earnout Shares, respectively. The Earnout Shares liability in the preceding table represents the fair value of the contingent obligation to issue Earnout Shares to Legacy Montana Equityholders (excluding the shares to employees accounted for under ASC 718) upon the achievement of certain Earnout Milestones. For the year ended December 31, 2024, the change in the fair value of the earnout liability primarily relates to a decrease in the stock price, changes in the timing of cash flows and an increase in the volatility.

True Up Shares liability

As discussed in Note 4 — Recapitalization, on March 8, 2024, XPDB and an investor entered into a Subscription Agreement pursuant to which XPDB agreed to sell shares of Class A common stock to the investor for an aggregate purchase price of approximately $ million, contingent on the Closing of the Business Combination. The Subscription Agreement provides that, subject to