Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 635

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 2
Chunk 635
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 impact on the Company’s
consolidated financial statements and related disclosures.

Note 4 — RECAPITALIZATION

On June 5, 2023, XPDB and Merger Sub entered into the Merger Agreement
with Legacy Montana. On March 14, 2024, pursuant to the Merger Agreement, Merger Sub merged with and into Legacy Montana, with Legacy
Montana surviving the Merger as a wholly owned subsidiary of XPDB.

As part of the Business Combination, the holders of Legacy Montana
equity securities (the “Legacy Montana Equityholders”) received consideration (the “Merger Consideration”). After
giving effect to the conversion of all outstanding Legacy Montana preferred units into Legacy Montana Class B common units,
which occurred prior to the effective time of the Merger, the Merger Consideration was paid (i) in the case of holders of Legacy
Montana Class B common units and Legacy Montana Class C common units, in the form of newly issued shares of Class A
common stock, with a $10.00 value ascribed to each such share and which entitles the holder thereof to one vote per share on all matters
submitted to a vote of the holders of Class A common stock, whether voting separately as a class or otherwise, (ii) in the case
of holders of Legacy Montana Class A common units, in the form of newly issued shares of Class B common stock, with a $10.00
value ascribed to each such share and which entitles the holder thereof to a number of votes per share such that the Legacy Montana Equityholders
as of immediately prior to the Closing, immediately following the Closing, collectively owned shares representing at least 80% of the
voting power of all classes of capital stock of the recapitalized company (the “Post-Combination Company”) entitled to vote
on matters submitted to a vote of the stockholders of the Post-Combination Company, and (iii) in the case of holders of Legacy Montana
options, each outstanding Legacy Montana option, whether vested or unvested, were converted into an option to purchase, upon the same
terms and conditions as are in effect with respect to the corresponding Legacy Montana option immediately prior to the Closing, including
with respect to vesting and termination-related provisions, a number of shares of Class A common stock (rounded down to the nearest
whole share) equal to the product of (x) the