CO2 Energy Transition Corp. filed its Form 10-Q for the quarter ended September 30, 2026, with the SEC on November 13, 2026, reporting a sharp decline in trust assets following large shareholder redemptions and net income of $44,011 for the three-month period.

Key Highlights

  • Trust Account balance: Investments held in Trust Account fell to $11,088,868 as of September 30, 2026, down from $72,113,895 at December 31, 2025, according to the filing.
  • Redemptions: Shares subject to possible redemption decreased to 1,030,715 at a redemption value of $10.76 per share, compared to 6,900,000 shares at $10.35 per share at year-end 2025.
  • Net income: The company reported net income of $44,011 for the three months ended September 30, 2026, and $680,745 for the nine months ended September 30, 2026.
  • Cash position: Cash on hand was $13,095 as of September 30, 2026, down from $287,601 at December 31, 2025.
  • Stockholders' deficit: Total stockholders' deficit widened to $(3,457,723) as of September 30, 2026, from $(1,788,505) at December 31, 2025.
  • Excise tax: An excise tax payable of $620,508 attributable to redemption of common stock was recorded during the third quarter of 2026.
  • Shares outstanding: As of November 13, 2026, there were 3,716,465 shares of common stock, $0.0001 par value, issued and outstanding.

CO2 Energy Transition Corp. Reports Significant Trust Drawdown in Third Quarter 2026

CO2 Energy Transition Corp. (NASDAQ:NOEM), a blank check company incorporated in Delaware and headquartered in Houston, Texas, disclosed its unaudited condensed financial statements for the quarter and nine months ended September 30, 2026. The filing shows total assets of $11,176,337 as of that date, a substantial reduction from $72,496,829 at December 31, 2025, driven primarily by cash withdrawn from the Trust Account in connection with shareholder redemptions totaling $62,050,810 during the nine months ended September 30, 2026.

General and administrative costs for the three months ended September 30, 2026 were $192,623, compared to $154,489 for the same period in 2025. Interest earned on investments held in the Trust Account was $306,236 for Q3 2026, versus $738,495 in Q3 2025, reflecting the reduced trust balance. After a provision for income taxes of $69,602, the company reported net income of $44,011 for the quarter. For the nine-month period, net income was $680,745, compared to $1,260,098 for the nine months ended September 30, 2025.

The company disclosed that it is classified as a shell company under Rule 12b-2 of the Exchange Act, as well as a smaller reporting company and emerging growth company. Total current liabilities were $1,475,192 as of September 30, 2026, including promissory notes to related parties of $747,553 and an excise tax payable of $620,508 attributable to common stock redemptions. The deferred underwriting fee remained at $2,070,000. The accumulated deficit reached $(3,457,992) as of September 30, 2026, up from $(1,788,774) at December 31, 2025, reflecting accretion charges and the excise tax payable recorded during the period.

What Was Disclosed

CO2 Energy Transition Corp. filed its Q3 2026 10-Q reporting a trust account decline to approximately $11.1 million following large redemptions, net income of $44,011 for the quarter, a widening stockholders' deficit of $(3,457,723), and an excise tax payable of $620,508 linked to stock redemptions.