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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, 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.
Coliseum Acquisition Corp. has successfully closed its initial public offering (IPO), issuing 15,000,000 units at $10.00 each. Trading commenced on Nasdaq under the ticker symbol MITAU on June 23, 2021. Each unit comprises one Class A ordinary share and one-third of a redeemable warrant, with whole warrants allowing purchase of shares at $11.50. The Class A shares and redeemable warrants will trade separately under symbols MITA and MITAW. Stifel, Nicolaus & Company served as the sole book-running manager for the offering.
Coliseum Acquisition Corp. announced its initial public offering, pricing 15,000,000 units at $10.00 each, listing on Nasdaq under the ticker symbol “MITAU”. Each unit comprises one Class A ordinary share and one-third of a warrant, with the full warrant exercisable at $11.50 per share. The offering is set to close by June 25, 2021, subject to customary conditions. Stifel, Nicolaus & Company is the book-running manager, and an additional 2,250,000 units may be purchased to cover over-allotments. A registration statement became effective on June 22, 2021.
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