Company: RAIN
Filing Date: 2025-01-31
Form Type: S-1
Source: 0001213900-25-008536
Chunk: 165

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-01-31
Form: S-1
Chunk 165
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) or 13(g) of the Securities Act. The   
 principal business office address of each of Meteora Capital, LLC and Mr. Mittal is 1200 N Federal Hwy, #200, Boca Raton, FL 33432.    |

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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</div>

RET Related Party Transactions

Due to Related Parties

Certain of RET’s former officers and Harry You paid an aggregate of approximately $17,000 and approximately $153,000, respectively, to cover for certain expenses and purchases of certain intangible assets and construction in-process equipment on RET’s behalf. RET recorded the full outstanding amount of approximately $170,000 owed in due to related parties in the accompanying balance sheet as of December 31, 2022. The amounts due to related parties are non- interest bearing, unsecured and due on demand.

On February 2, 2023, RET issued a promissory note (the “Note”) to its former CEO and Harry You and Niccolo de Masi for an aggregate amount of $600,000, of which approximately $153,000 was already advanced by one of the Note holders under the form of payments for expenses on behalf of RET as mentioned above. RET 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 investors to approximately $617,000. The Note has an annual interest rate of 5% and is currently due on demand. RET repaid the advance amount of approximately $17,000 to its officers in April 2023. As of September 30, 2024 and December 31, 2023, RET 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, Harry You also covered additional expenses on behalf of RET. As of September 30, 2024 and December 31, 2023, RET has approximately $204,000 and $11,000 in outstanding advances received from Harry You.

Subscription Agreements

RET entered into subscription
agreements on June 20, 2024, which were later rescinded. On August 23, 2024, RET entered into new subscription agreements with Rainwater
LLC and affiliates of Harry You and Niccolo de Masi, to sell an aggregate of 250 shares of