Company: RAIN
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076727
Chunk: 33

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 Nasdaq listing standards.

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”).

19

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 has two fully built rain generation systems.
The systems were built by a leading ionization rainfall generation engineer, and have undergone rigorous evaluation, testing, and documentation.
These units arrived in the U.S. in July 2025 and we expect to execute our first client contract and begin the installation process in
the third quarter of 2025.

In March 2025, we began planning the development
of ten additional rain generation systems for deployment in new locations and we expect to begin the installation process in 2026. While
we have begun documenting the sourcing, manufacturing, and building processes, we will collaborate with highly skilled technical advisors
to develop a step-by-step training manual that can be scaled as our system volume increases. While systematically documenting the process,
we will also explore ways to enhance efficiency and scalability, such as reviewing the bill of materials to domesticate component sourcing
and initiating the request-for-proposal process with prospective U.S.-based manufacturers.

We are actively hiring and plan to recruit additional
personnel to support sales, operations, or climate science functions by the end of 2025.

As described above, we are planning and preparing
for the installation of our system at our first location in the third quarter of 2025. This process will include securing the services
of a consultant in the area. We will collaborate with the consultant to obtain all necessary building permits, which we anticipate will
be similar to those required for cell tower installations and should be acquired efficiently and at a reasonable cost.

Once the rain generation systems are installed
at our first