Rain Enhancement Technologies Announces Completion of Business Combination with Coliseum Acquisition Corp., Establishing Publicly Listed Provider of Rainfall Generation Technology

Rain Enhancement Technologies Holdco, Inc. (“RET Holdco”), an emerging company developing rainfall generation technology, today announced that it has completed its previously announced business combination (the “Business Combination”) with Coliseum Acquisition Corp. (NASDAQ:MITA) (“Coliseum”), a publicly traded special purpose acquisition company.

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The transaction was approved by each party’s board of directors and shareholders.

The combined public entity will be named Rain Enhancement Technologies Holdco, Inc. and its Class A common stock and warrants are expected to commence trading on Nasdaq on January 2, 2025 under the new ticker symbols “RAIN” and “RAINW,” respectively.

RET Holdco also announced that it has appointed Randy Seidl as Co-Chief Executive Officer, effective January 2, 2025. Seidl, who will also join RET Holdco’s Board of Directors, will work with Christopher Riley, the current Co-Chief Executive Officer, who will assist RET Holdco through a transition period. Seidl brings 40 years of technology industry experience, having served in senior executive leadership positions at EMC, Sun Microsystems, and Hewlett Packard and as CEO of Sales Community and Revenue Acceleration, two firms that assist leaders of companies to be better leaders and accelerate revenue growth.

Company Background
Water scarcity is a pervasive challenge affecting primary components of global ecosystems such as energy, agriculture, logistics, transportation, decarbonization, and food. Almost two thirds of the world’s population experiences water scarcity for at least one month each year and the gap in supply of water and demand is expected to grow to 40% by 2030.

RET aims to develop, manufacture and commercialize ionization rainfall generation technology to provide additional rainfall for industries, supranational organizations, countries and localities. The Company’s ionization technology is rooted in simple, existing physics theory using natural conditions, and has robust datasets produced and evaluated during prior trials by third parties. In a six-year randomized third-party trial conducted from 2013 to 2018 in Oman, an ionization rainfall generation system generated an average of approximately 16% of additional rainfall, according to results published by the National Institute for Applied Statistics Research Australia (“NIASRA”), a third-party research organization, in the International Statistical Review. RET has licensed the engineering designs for the equipment and systems used in the trials.