Company: RAIN
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001213900-25-032239
Chunk: 80

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 1
Chunk 80
---
 Common Stock and
Warrants continue to trade on Nasdaq under the symbols “RAIN” and “RAINW”, respectively.

We intend to actively monitor our MVLS and MVPHS between now and August
18, 2025, and may, if appropriate, evaluate available options to resolve the deficiencies and regain compliance with the MVLS Rule and
MVPHS Rule. While we are exercising diligent efforts to maintain the listing of our securities on Nasdaq, there can be no assurance that
we will be able to regain or maintain compliance with Nasdaq listing standards. See “Risk Factors - There can be no assurance
that Holdco will be able to comply with the continued listing rules of Nasdaq.”

45

Departure of Co-Chief Executive Officer

On January 29, 2025, Holdco, RWT and Christopher
Riley entered into a letter agreement whereby Mr. Riley resigned as Co-Chief Executive Officer of our company and RWT effective as of
January 30, 2025 (the “Termination Letter”). Pursuant to the Termination Letter, in lieu of all other compensation and payments
of any kind due and payable to Mr. Riley, Mr. Riley will be paid for services rendered in an amount of $124,500, payable in 18 monthly
installments beginning in February 2025. Additionally, conditioned on approval by the Compensation Committee of our board of directors,
the Termination Letter provides that Mr. Riley will be granted 10,000 shares of Class A Common Stock of the Company vesting one year
from the date of grant.

Mr. Riley’s decision to resign as Chief
Executive Officer was not the result of any disagreement with our company or our board of directors, including any matters relating to
our operations, polices, accounting practices or financial reporting. Mr. Riley will remain as a member of our board of directors.

As previously announced, we appointed Randall
Seidl to serve as Co-Chief Executive Officer effective as of January 2, 2025. Following the resignation of Mr. Riley, Mr. Seidl is our
sole Chief Executive Officer.

Plan of Operations 

12-Month Plan 

RWT currently is warehousing two fully built rain generation systems
in Sydney, Australia. The systems were built by a leading ionization rainfall generation engineer, and have undergone rigorous evaluation,
testing, and documentation. We plan to ship these units to our U.S. warehouse by May 2025 and expect to execute our first client contract
and