Company: RAIN
Filing Date: 2025-02-12
Form Type: 424B3
Source: 0001213900-25-012904
Chunk: 299

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-02-12
Form: 424B3
Chunk 299
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1,998. The Company recognized the excess fair value of approximately $3,800 based on a probability-weighted expected return method in stock-based compensation expense within general and administrative expense in the accompanying unaudited condensed consolidated statements of operations.

<div align='center'>F-69

RAIN ENHANCEMENT TECHNOLOGIES, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

On April 18, 2023, two officers resigned from their positions and forfeited 1,500 shares of common stock for no consideration. As of December 31, 2023, there were 1,310 shares of common stock issued and outstanding, respectively.

Preferred Stock

In connection with the amendment to the Company’s Articles, the Company also converted all of its 1,510 outstanding shares of common stock into 2,257 shares of Class B common stock on June 20, 2024, which was later fully converted into 1,232 shares of the Company’s preferred stock, par value $0.0001, on August 23, 2024. As of September 30, 2024, the Company has 1,232 shares of preferred stock outstanding.

Class A Common Stock

Each holder of Class A common stock is entitled to one (1) voting rights. As of September 30, 2024, the Company has 250 shares of Class A common stock outstanding.

Class B Common Stock

Each holder of Class A common stock is entitled to fifteen (15) voting rights. As of September 30, 2024, the Company has 40 shares of Class B common stock outstanding.

Stock Options

On August 22, 2024, the Board approved the adoption of a new equity incentive plan (the “2024 Equity Incentive Plan”). The 2024 Equity Incentive Plan allows up to 2,000 shares of the Company’s Class A common stock, with exercise price be not less than 100% of the fair market value on the date the awards are granted.

On August 23, 2024, the Company granted 1,000 and 500 options to purchase the Company’s Class A common stock to Harry You and Niccolo de Masi, respectively. The option expires in ten years from the date of grant, has an exercise price of $2,955.78 and is fully vested upon the grant date.

The Company recognized approximately $2.8 million was for stock based