Announcement • Dec 15

Air Water Ventures Ltd cancelled the acquisition of Athena Technology Acquisition Corp. II (NYSE:ATEK) from a group of shareholders in a reverse merger transaction.

Air Water Ventures Ltd entered into a definitive agreement to acquire Athena Technology Acquisition Corp. II (NYSE:ATEK) from a group of shareholders in a reverse merger transaction for approximately $300 million on April 19, 2023. In accordance with the terms and subject to the conditions of the business combination agreement, the consideration to be received by the Company Shareholders in connection with the Share Acquisition shall be the issuance of an aggregate number of Holdings common shares equal to (a) $300,000,000 plus the net amount of certain equity investments in the Company after April 19, 2023 divided by (b) $10.00.The business combination will result in the formation of The Air Water Company. The Air Water Company is expected to be listed on the New York Stock Exchange (the "NYSE"). The Air Water Ventures’s existing equity security holders are expected to hold approximately 42% of the issued and outstanding shares of common stock of The Air Water Company immediately following the consummation of the transaction, assuming no redemptions by Athena Technology II’s existing shareholders and up to $60 million in intended financing. Completion of the business combination is subject to customary closing conditions, including the approval of the shareholders of Athena Technology II and the receipt of certain governmental and regulatory approvals, and is expected to be completed in the first quarter of 2024. The board of directors of Athena Technology II and the board of directors of Air Water Ventures have both unanimously approved the proposed business combination. Athena shareholders' Special Meeting is being rescheduled to June 13, 2023. As of June 16, 2023, the Company and AWV entered into that certain First Amendment to the Business Combination Agreement (the “First BCA Amendment”). The First BCA Amendment amended the Business Combination Agreement to extend the SPAC Termination Notice Date from June 13, 2023 to July 21, 2023. As of July 7, 2023, Athena Technology Acquisition Corp. II caused to be deposited $60,000 into the Company’s trust account allowing the Company to extend the period of time it has to consummate its initial business combination by one month from July 14, 2023 to August 14, 2023. The Monthly Extension is the second of up to nine potential monthly extensions permitted under the Company’s Amended and Restated Certificate of Incorporation, as amended. As of July 20, 2023, the Company and AWV entered into that certain Second Amendment to the Business Combination Agreement (the “Second BCA Amendment”). The Second BCA Amendment amends the Business Combination Agreement to extend the SPAC Termination Notice Date from July 21, 2023 to August 21, 2023. Pursuant to the BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV on (or within three Business Days after) August 21, 2023 if, prior to such date, AWV and the Company have conducted good faith marketing efforts to potential PIPE Investors regarding the PIPE Investment, and following such marketing efforts the Company has determined, in its reasonable discretion, that the Parties do not have a reasonable likelihood of consummating a PIPE Investment of at least $30,000,000 in the aggregate and otherwise on terms reasonably satisfactory to the Company prior to the Outside Date. On September 30, 2023, the Company and AWV entered into that certain Fourth Amendment to the Business Combination Agreement (the "Fourth BCA Amendment"). Pursuant to the Fourth BCA Amendment, the Company may terminate the Business Combination Agreement by written notice to AWV up until such date that the Parties have entered into one or more definitive written subscription agreements for a PIPE Investment of at least $30,000,000 in the aggregate on terms reasonably satisfactory to the Company. Jett Capital Advisors, LLC is serving as financial advisor to the Company. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC is serving as financial and capital markets advisor to Athena Technology II. James Hu, Jason Rocha, Maia Gez, Melinda Anderson, Henrik Patel, Andres Liivak, F. Paul Pittman, David Dreier, Seth Kerschner, Steven Lutt, Maria Beguiristain and Cristina Brayton-Lewis of White & Case LLP is acting as U.S. legal counsel to Air Water Ventures Ltd. and Daniel Breslin, Ryan Maierson, Peyton Worley, Scott Westhoff, Katharine Moir, Robbie McLaren, Karl Mah, Sarah Gadd, Gail Crawford, Charles Claypoole and Stuart Alford KC of Latham & Watkins LLP is acting as U.S. legal counsel to Athena Technology II. Newbridge Securities Corporation acted as fairness open ion provider to the board of directors of Athena Technology Acquisition in the transaction. Athena has engaged Morrow Sodali LLC to assist in the solicitation of proxies for the Special Meeting, for a fee of $32,500. Steve Berry, Natalie Jones, Tom Saunderson and Joe Smith of Acuity Law Limited provided UK legal support to Air Water Ventures. Air Water Ventures Ltd cancelled the acquisition of Athena Technology Acquisition Corp. II (NYSE:ATEK) from a group of shareholders in a reverse merger transaction on December 13, 2023.

CEO salary percentage	n/a
CEO tenure	5yrs
CEO ownership	99.7%
Management average tenure	5yrs
Board average tenure	4.7yrs

Name	Position	Tenure	Compensation	Ownership
Isabelle Freidheim	Founder	5yrs	no data	99.75% $ 93.4m
Kirthiga Reddy	President & Director	5yrs	no data	no data
Jennifer Calabrese	Chief Financial Officer	2.1yrs	no data	no data

Name	Position	Tenure	Compensation	Ownership
Isabelle Freidheim	Founder	4.8yrs	no data	99.75% $ 93.4m
Kirthiga Reddy	President & Director	4.8yrs	no data	no data
Judith Rodin	Independent Director	5yrs	no data	no data
Sharon Brown-Hruska	Independent Director	4.7yrs	no data	no data
Alexandra Wilson	Advisor	no data	no data	no data
Wei Zhang	Advisor	no data	no data	no data
Carolyn Trabuco	Independent Director	1.8yrs	no data	no data
Minneola Ingersoll	Advisor	no data	no data	no data
Trier Bryant	Advisor & Independent Director	3.7yrs	no data	no data
Navjeet Singh	Advisor	no data	no data	no data

Data	Last Updated (UTC time)
Company Analysis	2026/08/01 11:25
End of Day Share Price	2026/05/06 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Athena Technology Acquisition II Management

Management criteria checks 2/4

Key information

Recent management updates

Athena Technology Acquisition Corp. II, Annual General Meeting, Jun 11, 2026

Athena Technology Acquisition Corp. II, Annual General Meeting, Dec 30, 2025

High number of new directors

Athena Technology Acquisition Corp. II, Annual General Meeting, Dec 10, 2024

High number of new and inexperienced directors

Athena Technology Acquisition Corp. II, Annual General Meeting, Dec 19, 2023

Recent updates

Athena Technology Acquisition Corp. II, Annual General Meeting, Jun 11, 2026

Athena Technology Acquisition Corp. II, Annual General Meeting, Dec 30, 2025

Athena Technology Acquisition Corp. II announced delayed 10-Q filing

Athena Technology Acquisition Corp. II announced delayed 10-Q filing

Athena Technology Acquisition Corp. II announced delayed 10-Q filing

Ace Green Recycling, Inc. agreed to acquire Athena Technology Acquisition Corp. II (NYSEAM:ATEK) from Athena Technology Sponsor II, LLC and others for approximately $420 million in a reverse merger transaction.

Athena Technology Acquisition Corp. II Receives Notice of Non-Compliance with NYSE American Continued Listing Requirements

Athena Technology Acquisition Corp. II announced delayed 10-Q filing

High number of new directors

Athena Technology Acquisition Corp. II, Annual General Meeting, Dec 10, 2024

Athena Technology Acquisition Corp. II announced delayed 10-Q filing

Athena Technology Acquisition Corp. II announced delayed 10-Q filing

Athena Technology Acquisition Corp. II Announces Receipt of Notice of Non-Compliance with NYSE American Continued Listing Requirements

Athena Technology Acquisition Corp. II announced delayed annual 10-K filing

High number of new and inexperienced directors

Air Water Ventures Ltd cancelled the acquisition of Athena Technology Acquisition Corp. II (NYSE:ATEK) from a group of shareholders in a reverse merger transaction.

Athena Technology Acquisition Corp. II, Annual General Meeting, Dec 19, 2023

Athena Technology Acquisition Corp. II announced delayed 10-Q filing

Athena Technology Acquisition Corp. II, Annual General Meeting, Jun 12, 2023

Athena Technology Acquisition Corp. II announced delayed 10-Q filing

CEO

Leadership Team

Board Members

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources