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CO2 Energy Transition Corp. (NOEM0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's status as a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
The company completed its Initial Public Offering on November 22, 2024, raising $69,000,000 by selling 6,900,000 units at $10.00 per unit. Each unit consists of one share of common stock, one warrant, and one right.
Simultaneously with the IPO, the company sold 265,000 private placement units to its sponsor, CO2 Energy Transition, LLC, generating gross proceeds of $2,650,000.
The company has until May 22, 2026, to complete a business combination, with the possibility of extending the deadline by an additional six months.
As of December 31, 2024, the company reported $953,069 in cash and $69,310,897 held in a trust account, which is invested in U.S. government securities.
The company incurred $3,423,710 in offering costs, including underwriting discounts, deferred underwriting fees, and other expenses.
CO2 Energy Transition Corp. is focused on identifying a business combination target in the energy sector, specifically in the production, servicing, and transportation of Oil, Gas, and LNG.
The company has not yet selected any business combination target and has not engaged in any substantive discussions with potential targets.
The company's management team, led by CEO Brady Rodgers, is actively reviewing potential opportunities for a business combination.
The filing also details various financial agreements and the company's strategy for completing a business combination within the specified timeframe.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CO2 Energy Transition Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.