Company: RAIN
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044438
Chunk: 139

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 139
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 the adoption of certain accounting standards until those standards would otherwise apply to private
companies. Any decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.
The Company has elected to use the extended transition period available under the JOBS Act, which means that when a standard is issued
or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt
the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s
consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company
which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.

The Company will remain an emerging growth company
until the earlier of: (1) the last day of the fiscal year (a) following the fifth anniversary of the effectiveness of
the Company’s registration statement on Form S-4 in connection with the Business Combination, (b) in which the Company has
total annual revenue of at least $1,235,000,000, or (c) in which the Company is deemed to be a large accelerated filer, which means
the market value of its common equity that is held by non-affiliates exceeds $700.0 million as of the end of the prior fiscal year’s
second fiscal quarter; and (2) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities
during the prior three-year period.

We are also a “smaller reporting company”
as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations,
including, among other things, providing only two years of audited financial statements. The Company will remain a smaller reporting
company until the last day of the fiscal year in which (i) the market value of the shares of Class A Common Stock held by non-affiliates
exceeds $250.0 million as of the prior June 30, and (ii) the Company’s annual revenue exceeds $100.0 million during such completed
fiscal year and the market value of the shares of Class A Common Stock held by non-affiliates exceeds $700.0 million as of the prior
June 30. To the extent the