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CO2 Energy Transition Corp. Unit (NOEMU-0.10%) has submitted its Form 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $26,532 for the three months ended September 30, 2024, and a net loss of $66,985 for the nine months ended September 30, 2024. These losses are attributed to general and administrative costs.
The company's assets as of September 30, 2024, totaled $255,022, with liabilities amounting to $658,852, resulting in a stockholder's deficit of $403,830.
CO2 Energy Transition Corp. completed its Initial Public Offering on November 22, 2024, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units. Each unit consists of one share of common stock, one redeemable warrant, and one right.
The company also completed a private placement of 265,000 units to its sponsor, generating additional gross proceeds of $2,650,000.
Transaction costs for the Initial Public Offering amounted to $3,423,710, including underwriting discounts and other offering costs.
The company has not commenced any operations and does not expect to generate operating revenues until after completing a business combination.
CO2 Energy Transition Corp. is focused on identifying a target business in the carbon capture, utilization, and storage industry for a potential business combination.
As of September 30, 2024, the company had $2,792 in cash and a working capital deficit of $656,060.
The company plans to use the funds held in the trust account primarily to complete a business combination and for general corporate purposes.
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. Unit quarterly 10-Q report dated December 27, 2024. To report an error, please email earnings@qz.com.