Company: RAIN
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044438
Chunk: 76

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting
periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements.
While early adoption is permitted, the Company does not plan to adopt this standard early. This ASU will likely result in additional disclosures
being included in the Company’s consolidated financial statements once adopted. The Company is currently evaluating the provisions
of this ASU will have on its consolidated financial statements.

Note 3 — Business Combination

Business Combination

On December 31, 2024, the Company consummated
its Business Combination pursuant to the terms of the Business Combination Agreement. The Business Combination was structured as follows:

a)Prior to Closing, the sole outstanding Class B ordinary share of Coliseum, par value $0.001 per share, was converted into one Class A ordinary share of Coliseum, par value $0.001 per share (“Coliseum Class A Ordinary Shares”), each of which was then converted into one share of Holdco’s Class A Common Stock, par value $0.0001 per share (the “Holdco Class A Common Stock”), at Closing.

b)Prior to Closing, pursuant to (x) non-redemption agreements entered into by Coliseum in connection with its November 2023 amendment to extend the time it had to complete an initial business combination among Coliseum, Harry You, and certain of Coliseum’s existing shareholders and (y) a support agreement entered into by Coliseum, Coliseum Acquisition Sponsor, LLC, and Harry You, Coliseum Acquisition Sponsor, LLC and Harry You forfeited and surrendered for no consideration an aggregate of 606,972 Coliseum Class A Ordinary Shares, and Coliseum issued 606,972 newly-issued Coliseum Class A Ordinary Shares to such non-redeeming shareholders of Coliseum.

11

RAIN ENHANCEMENT TECHNOLOGIES
HOLDCO, INC.

NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2025

c)On the Closing Date, each Coliseum Class A Ordinary Share issued and outstanding immediately prior to Closing (excluding redeemed public shares) was automatically converted into the right to receive one share of Holdco Class A Common Stock, and each whole publicly traded warrant of Coliseum (the “Coliseum Public Warrants”) that was issued