Company: RAIN
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110062
Chunk: 67

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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IES HOLDCO, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

SEPTEMBER 30, 2025

On August 19, 2025, the Company received a notice
(the “Notice”) from the Staff indicating that the Company had not regained compliance with either the MVLS Rule or the MVPHS
Rule and, unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”), the Company’s
securities would be subject to suspension and delisting from The Nasdaq Global Market at the opening of business on August 28, 2025.

The Company submitted its timely request for a
hearing before the Panel on August 21, 2025, to request additional time to regain compliance with the MVLS Rule and the MVPHS Rule. As
part of the compliance plan submitted to the Panel, the Company requested a transfer of its listing from the Nasdaq Global Market to the
Nasdaq Capital Market. A hearing before the Panel was held on September 18, 2025 and on October 14, 2025, the Panel granted the Company’s
request for continued listing on Nasdaq, subject to the Company’s application to transfer its listing from the Nasdaq Global Market to
the Nasdaq Capital Market on or before October 20, 2025, and its demonstration of compliance with all listing rules of the Nasdaq Capital
Market on or before October 31, 2025.

The Company applied for listing on the Nasdaq
Capital Market and demonstrated compliance with all of the listing rules of the Nasdaq Capital Market, and Nasdaq approved the listing
of the Company’s securities on the Nasdaq Capital Market. In connection with the approval of the Company’s
application, the listing qualifications staff of Nasdaq indicated that the Company’s previously disclosed deficiencies are cured.

The Company’s Class A common stock and warrants
will continue to trade under the symbol “RAIN” and “RAINW”, respectively. This transfer does not affect the Company’s
business operations, which continue as normal.

Going Concern Consideration

In connection with the Company’s assessment
of going concern considerations in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards
Classification (“ASC”) Subtopic 205-40, “Presentation of Financial Statements - Going Concern,” the Company evaluates
whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a