Company: RAIN
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110062
Chunk: 8

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
---
 (the “Company Merger” and, together with the SPAC Merger, the “Mergers”),
and, after giving effect to such Mergers, each of Merger Sub 1 and RWT became a wholly owned subsidiary of Holdco (the time that the SPAC
Merger became effective being referred to as the “SPAC Merger Effective Time,” the time that the Company Merger became effective
being referred to as the “Company Merger Effective Time,” and the time after which both Mergers became effective being referred
to as the “Closing”). Following the Closing, Holdco holds all of the equity interests of RWT and Merger Sub 1.

The Business Combination was treated as a reverse
recapitalization in accordance with U.S. GAAP. Under this method of accounting, Coliseum was treated as the “acquired” company
for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of RWT
issuing stock for the net assets of Coliseum, accompanied by a recapitalization. The net assets of Coliseum were stated at historical
cost, with no goodwill or other intangible assets recorded.

The Company’s common stock and warrants
commenced trading on the Nasdaq Stock Market LLC under the symbols “RAIN” and “RAINW”, respectively, on January
2, 2025. Refer to Note 3, Business Combination in our Annual Report on Form 10-K filed with the SEC on April 16, 2025,
for additional details.

Recent Developments

Nasdaq Compliance Notices

On February 18, 2025, the Company received written
notice (the “MVLS Notice”) from the Listing Qualifications Staff (“Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”)
which notified the Company that, for the 30 consecutive business days ended February 14, 2025, the Company’s market value of listed
securities (“MVLS”) closed below the $50,000,000 MVLS threshold required for continued listing on the Nasdaq Global Market
under Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”). Also on February 18, 2025, the Company received written notice
(the “MVPHS Notice”) from the Staff that for the 30 consecutive business days ended February 14, 2025, the Company’s
market value of publicly held securities (“MV