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Rain Enhancement Technologies (RET) has completed its business combination with Coliseum Acquisition Corp., becoming a publicly listed company on Nasdaq. The company's Class A common stock and warrants will trade under symbols 'RAIN' and 'RAINW' starting January 2, 2025.
RET develops ionization rainfall generation technology to address water scarcity affecting various industries. Their technology demonstrated a 16% increase in rainfall during a six-year trial in Oman, according to NIASRA. The company appointed Randy Seidl as Co-CEO, bringing 40 years of technology industry experience.
The company aims to commercialize its technology to serve industries, organizations, and governments, addressing the growing water supply-demand gap expected to reach 40% by 2030.
Coliseum Acquisition Corp (NASDAQ: MITA) has scheduled two important shareholder meetings for December 23, 2024, at 9:00 am ET. The first meeting concerns the proposed business combination with Rain Enhancement Technologies, while the second addresses a potential time extension for completing the combination.
Shareholders of record as of November 26, 2024, can vote on both matters. The current deadline for completing the business combination is December 25, 2024, with a proposed extension until December 31, 2024, and possible further extensions until February 28, 2025.
Public shareholders can redeem their shares at approximately $11.39 per share for both meetings, with a redemption deadline of December 19, 2024, at 5:00 pm ET. Berto would need to deposit $17,500 for the initial extension and $75,000 for each additional monthly extension.
Coliseum Acquisition Corp (Nasdaq: MITA, MITAU, MITAW) and Rain Enhancement Technologies (RET) announced that their registration statement for their proposed business combination has been declared effective by the SEC. The extraordinary general meeting of Coliseum shareholders is scheduled for December 23, 2024.
The proxy statement/prospectus will be mailed to Coliseum's shareholders of record as of November 26, 2024. The business combination is expected to close in December 2024, subject to closing conditions.
Rain Enhancement Technologies (RET) is merging with Coliseum Acquisition Corp, a SPAC, to go public under the ticker 'RAIN' on Nasdaq. This business combination values RET at $45 million, with Coliseum bringing approximately $31 million in cash to support growth and innovation. RET's ionization rainfall generation technology aims to address global water scarcity, proven by a six-year trial in Oman showing a 16% increase in rainfall. RET's CEO, Chris Riley, brings extensive leadership experience. The transaction is expected to complete following customary closing conditions.
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