Company: RAIN
Filing Date: 2025-01-31
Form Type: S-1
Source: 0001213900-25-008536
Chunk: 316

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-01-31
Form: S-1
Chunk 316
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There were no unrecognized tax benefits as of December 31, 2022. No amounts were accrued for the payment of interest and penalties as of December 31, 2023 and 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Note 9 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred up to the date of the financial statements were available to be issued, or August 27, 2024. Based upon this review, the Company determined that there have been no events that have occurred that would require adjustments to the disclosures in the financial statements, except as noted below.

Conversion of Series A Preferred Stock

On March 21, 2024, the Company converted all 200 shares of Series A preferred stock into 200 shares of common stock at the option of the holder.

Domestication to Massachusetts and Amendments to Articles of Organization

On April 8, 2024, the Company domesticated into a Massachusetts corporation. Upon the Company’s domestication, the Company is authorized to issue 9,600 shares of common stock and 400 shares of preferred stock, and both securities have par value of $0.0001.

On June 20, 2024, the Company amended its Articles of Organization and later amended again on August 23, 2024. According to the amended Articles of Organization, the Company is authorized to issue 20,000 shares of Class A common stock, par value $0.0001, 20,000 shares of Class B common stock, par value $0.0001, and 10,000 shares of preferred stock, par value $0.0001. Each holder of Class A and Class B common stock is entitled to one (1) and fifteen (15) voting rights, respectively. In connection with such amendment, the Company also converted all of its 1,510 outstanding shares of common stock into 2,257 shares of Class B common stock accordingly, which was later fully converted into 1,232 shares of the Company’s preferred stock, par value $0.0001, on August 23, 202