Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1163

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7
Chunk 1163
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) the first date on which the permitted Class B owners cease to own, in the aggregate, at least 33.0% of the number
of shares of Class B common stock issued and held by the permitted Class B owners immediately following the effective time of the Business
Combination (or as to which the permitted Class B owners are entitled to as of such time), in each case, as equitably adjusted to reflect
any stock splits, reverse stock splits, stock dividends, reorganization, recapitalization, reclassification, combination, exchange of
shares or other like change or transaction, each outstanding share of Class B common stock shall automatically, without any further action
by the Corporation or any stockholder, convert into one (1) fully paid and nonassessable share of Class A common stock. Following such
conversion, the reissuance of all shares of Class B common stock shall be prohibited, and such shares of Class B common stock shall be
retired and may not be reissued.

In November 2024, pursuant to a notice of conversion delivered
by the holder of all outstanding shares of Class B common stock to the Company, all outstanding shares of Class B common stock were converted
on a one-for-one basis into shares of Class A common stock. As a result of the conversion, the Company is no longer authorized to issue
shares of Class B common stock.

Warrants

In January, February and March 2024, 14 warrant holders of Legacy Montana
exercised their warrants to purchase a total of 380,771 Class A common stock, as converted, for a total purchase price of $45,760.

As part of XPDB’s initial public offering (“IPO”),
XPDB issued 14,375,000 warrants to 37 third-party investors where each whole warrant entitles the holder to purchase one share of the
Company’s Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with
the closing of the IPO, XPDB completed the private sale of 11,125,000 warrants where each warrant allows the holder to purchase one share
of the Company’s Class A common stock at $11.50 per share. In June 2024, 10 third-party investors exercised their Public Warrants
on a cashless basis for a total of 705,758 Class A shares of the Company. In August 2024, 2,225,000 Private Placement warrants