Fri, Dec 27, 9:46 PM (49 days ago)
CO2 Energy Transition Corp. (NOEM) reported its financial results for the quarter ended September 30, 2024, indicating ongoing losses and a focus on preparing for its Initial Public Offering (IPO). The company recorded a net loss of $26,532 for Q3 2024, compared to $5,290 in Q3 2023, and a cumulative loss of $66,985 for the nine months ending September 30, 2024, down from $135,402 in the same period last year. As of September 30, 2024, total assets were $255,022, primarily comprised of deferred offering costs, while total liabilities stood at $658,852, leading to a stockholder's deficit of $403,830. The company had $2,792 in cash, highlighting liquidity challenges. The IPO, completed on November 22, 2024, raised $69,000,000, with funds placed in a trust account to finance future business combinations. However, uncertainties remain surrounding the company's ability to complete a business combination within the required timeframe, given the volatile market conditions influenced by geopolitical tensions. The management remains optimistic but acknowledges the inherent risks associated with its emerging growth status and the search for acquisition targets in the carbon capture industry.