Company: RAIN
Filing Date: 2025-02-12
Form Type: 424B3
Source: 0001213900-25-012904
Chunk: 297

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-02-12
Form: 424B3
Chunk 297
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 for expenses on behalf of the Company as mentioned above. The Company received the remaining cash proceeds of $447,000 under the Note in February 2023, increasing the total amount owed under the Note and advances from its officers and Mr. You and Mr. de Masi to approximately $617,000. The Note has an annual interest rate of 5% and is currently due on demand. The Company repaid the advance amount of approximately $17,000 to its officers in April 2023. As of September 30, 2024 and December 31, 2023, the Company has $600,000 outstanding under the Note and has an accrued interest of approximately $49,000 and $27,000, respectively.

In addition to the Note, Mr. You also covered for additional expenses on behalf of the Company. As of September 30, 2024 and December 31, 2023, the Company has approximately $207,000 and $11,000 in outstanding advances received from Mr. You, respectively. Subsequent to September 30, 2024, the Company received additional advances from such investor, increased the total outstanding amount for advances to approximately $220,000.

Subscription Agreements

The Company entered into subscription agreements on June 20, 2024, which was later rescinded and reissued on August 23, 2024 with Rainwater LLC (which was solely controlled by Paul Dacier), Harry You and Niccolo de Masi to sell an aggregate of 250 shares of Company Class A Common Stock at a purchase price of approximately $2,955.78 per share and 40 shares of Class B common stock at a purchase price of approximately $3,103.57 per share for an aggregate subscription amount of $865,000. The Company received an aggregate proceed of $415,000 and recorded $450,000 in subscription receivable as of September 30, 2024.

Note 7 — Stockholders’ Deficit

Domestication to Massachusetts and Amendments to Articles of Organization

As of December 31, 2023, the Company was authorized to issue 4,800 shares of common stock and 200 shares of Series A preferred stock, with a par value of $0.0001 per share each.

On April 8, 2024, the Company domesticated into a Massachusetts corporation. Upon the Company’s domestication, the Company is authorized to issue 9,600 shares of common stock and 400 shares of preferred stock