Rain Enhancement Technologies Completes Business Combination with Coliseum Acquisition

On December 31, 2024, Rain Enhancement Technologies Holdco, Inc. finalized its business combination with Coliseum Acquisition Corp. (NASDAQ:MITA), a special purpose acquisition company. The transaction, approved by both parties’ board of directors and shareholders, marks the establishment of the publicly listed Rain Enhancement Technologies Holdco, Inc.

As a result of the combination, Rain Enhancement Technologies Holdco will commence trading its Class A common stock and warrants on Nasdaq starting January 2, 2025, under the ticker symbols “RAIN” and “RAINW,” respectively. Randy Seidl has been appointed as Co-Chief Executive Officer effective January 2, 2025, and will join Chris Riley, the current Co-Chief Executive Officer, in steering the company through a transition period. Seidl brings 40 years of technology industry experience to aid in the growth and innovation of Rain Enhancement Technologies Holdco.

Rain Enhancement Technologies focuses on developing and commercializing ionization rainfall generation technology to address global water scarcity challenges. Their technology, based on existing physics theory and proven through prior trials, aims to provide additional rainfall to various industries, countries, and localities. The company has successfully conducted trials demonstrating an average of about 16% additional rainfall using an ionization rainfall generation system.

RET has strategic partnerships in place with private organizations, government leaders, and major agriculture companies to build a solid customer base. With a roadmap for development, innovation, and scaling their technology, RET intends to collaborate with engineers, scientists, and experts in the water technology and rainfall generation field to further enhance their solutions.

Chris Riley, interim Chief Executive Officer of RET Holdco, expressed excitement about the completed transaction, highlighting the new growth opportunities it presents. Accompanying the sentiment, Harry You, Chairman of Coliseum, emphasized the significance of RET Holdco’s rainfall ionization platform in meeting global water access demands and creating value for stakeholders.

RET Holdco’s management team, including Chris Riley and Randy Seidl, along with a board of directors comprising key industry experts, are poised to drive the company’s initiatives forward. The collaboration with partners and advancements in technology are set to pave the way for RET Holdco’s contributions to water-stressed regions across the globe.

The business combination was realized with the assistance of Needham & Company as financial advisor to Coliseum. Legal counsel was provided by TCF Law Group, PLLC for RET and RET Holdco, and by White & Case LLP for Coliseum.

For further information, investors can contact RainwaterTechIR@icrinc.com and media inquiries may be directed to RainwaterTechPR@icrinc.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Coliseum Acquisition’s 8K filing here.

Coliseum Acquisition Company Profile

Coliseum Acquisition Corp. does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2021 and is based in Las Vegas, Nevada.