Rain Enhancement Technologies Announces Completion of Business Combination with Coliseum Acquisition Corp., Establishing Publicly Listed Provider of Rainfall Generation Technology
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.
Le Tecnologie di Potenziamento della Pioggia (RET) hanno completato la loro fusione aziendale con Coliseum Acquisition Corp., diventando una società quotata pubblicamente su Nasdaq. Le azioni ordinarie di Classe A e i warrant della società saranno scambiati con i simboli 'RAIN' e 'RAINW' a partire dal 2 gennaio 2025.
RET sviluppa tecnologia di generazione di pioggia tramite ionizzazione per affrontare la scarsità d’acqua che colpisce vari settori. Secondo NIASRA, la loro tecnologia ha dimostrato un incremento del 16% delle precipitazioni durante un trial di sei anni in Oman. L'azienda ha nominato Randy Seidl come Co-CEO, portando con sé 40 anni di esperienza nel settore tecnologico.
L’azienda ha l’obiettivo di commercializzare la propria tecnologia per servire industrie, organizzazioni e governi, affrontando il crescente divario tra domanda e offerta d’acqua, che si prevede raggiunga il 40% entro il 2030.
Tecnologías de Mejora de Lluvia (RET) ha completado su combinación empresarial con Coliseum Acquisition Corp., convirtiéndose en una empresa cotizada públicamente en Nasdaq. Las acciones comunes Clase A y los warrants de la empresa se negociarán bajo los símbolos 'RAIN' y 'RAINW' a partir del 2 de enero de 2025.
RET desarrolla tecnología de generación de lluvia mediante ionización para abordar la escasez de agua que afecta a diversas industrias. Según NIASRA, su tecnología mostró un aumento del 16% en la precipitación durante una prueba de seis años en Omán. La compañía ha nombrado a Randy Seidl como Co-CEO, aportando 40 años de experiencia en la industria tecnológica.
La empresa tiene como objetivo comercializar su tecnología para servir a industrias, organizaciones y gobiernos, abordando la creciente brecha entre la oferta y la demanda de agua, que se espera alcance el 40% para 2030.
비가 증가 기술(RET)는 Coliseum Acquisition Corp.와의 사업 결합을 완료하여 Nasdaq에 상장된 기업이 되었습니다. 이 회사의 A주식과 워런트는 2025년 1월 2일부터 'RAIN' 및 'RAINW' 기호로 거래됩니다.
RET는 다양한 산업에 영향을 미치는 물 부족 문제를 해결하기 위해 이온화 비 생성 기술을 개발하고 있습니다. NIASRA에 따르면, 그들의 기술은 오만에서 6년간의 시험 동안 비가 16% 증가한 것으로 나타났습니다. 이 회사는 Randy Seidl을 공동 CEO로 임명하여 40년의 기술 산업 경험을 가지고 있습니다.
회사는 2030년까지 40%에 이를 것으로 예상되는 증가하는 물 공급 수요 격차를 해결하기 위해 산업, 조직 및 정부에 서비스를 제공하기 위한 기술 상용화를 목표로 하고 있습니다.
Technologies d'Amélioration des Pluies (RET) a terminé sa fusion avec Coliseum Acquisition Corp., devenant ainsi une entreprise cotée en bourse sur le Nasdaq. Les actions ordinaires de Classe A et les bons de souscription de l'entreprise seront échangés sous les symboles 'RAIN' et 'RAINW' à partir du 2 janvier 2025.
RET développe une technologie de génération de pluie par ionisation pour faire face à la pénurie d'eau touchant divers secteurs. Selon NIASRA, leur technologie a montré une augmentation de 16 % des précipitations lors d'un essai de six ans au Oman. L'entreprise a nommé Randy Seidl au poste de Co-CEO, apportant 40 ans d'expérience dans l'industrie technologique.
L'entreprise vise à commercialiser sa technologie pour servir les industries, les organisations et les gouvernements, en répondant à l'écart croissant entre l'offre et la demande en eau, qui devrait atteindre 40 % d'ici 2030.
Regen-Verbesserungstechnologien (RET) hat ihre Unternehmensfusion mit Coliseum Acquisition Corp. abgeschlossen und ist nun ein öffentlich börsennotiertes Unternehmen an der Nasdaq. Die Stammaktien der Klasse A und die Warrants des Unternehmens werden ab dem 2. Januar 2025 unter den Symbolen 'RAIN' und 'RAINW' gehandelt.
RET entwickelt Technologien zur Erzeugung von Regen durch Ionisierung, um der Wasserknappheit in verschiedenen Branchen entgegenzuwirken. Laut NIASRA zeigte ihre Technologie während eines sechsjährigen Versuchs im Oman einen Anstieg der Niederschläge um 16 %. Das Unternehmen hat Randy Seidl zum Co-CEO ernannt, der 40 Jahre Erfahrung in der Technologiebranche mitbringt.
Das Unternehmen beabsichtigt, seine Technologie zu kommerzialisieren, um Industrien, Organisationen und Regierungen zu bedienen und den wachsenden Wasserbedarf zu decken, der voraussichtlich bis 2030 40 % erreichen wird.
- Successfully completed business combination to become publicly traded on Nasdaq
- Technology demonstrated 16% increase in rainfall in third-party trials
- Exclusive license for underlying IP and technology
- Appointed experienced technology executive Randy Seidl as Co-CEO
- Established relationships with potential customers including private organizations and country leaders
- Technology still in development phase with no current commercial deployment
- Requires transition period with dual CEO structure
- Operating in early-stage market with unproven commercial viability
Insights
The SPAC merger completion between Rain Enhancement Technologies and Coliseum Acquisition Corp represents a notable development in the climate technology sector. The deal provides RET with public market access and enhanced capital raising capabilities through its new Nasdaq listing under 'RAIN'. With a current market cap of
The most compelling aspect is RET's demonstrated
The appointment of Randy Seidl as Co-CEO adds credible enterprise technology leadership experience from EMC, Sun Microsystems and HP, which could accelerate commercial partnerships and execution. The transition period with current Co-CEO Christopher Riley should provide operational continuity while implementing the public company infrastructure.
The ionization rainfall generation technology represents an innovative approach to weather modification with significant scientific backing. The six-year randomized trial in Oman, validated by NIASRA, provides credible evidence of the technology's efficacy. The system's foundation in basic physics principles and use of natural conditions suggests lower regulatory hurdles compared to chemical-based approaches.
Key technological advantages include recent advances in cloud condensation nuclei understanding and improved weather forecasting capabilities, which could enhance the system's effectiveness. The exclusive IP licensing positions RET favorably in the rainfall enhancement space. However, success will depend on the company's ability to replicate the Oman results across different geographical and atmospheric conditions.
The timing of this public listing aligns with escalating global water security concerns. With two-thirds of the world's population experiencing water scarcity annually, RET's addressable market spans multiple high-value sectors including energy, agriculture and transportation. The company's strategic focus on both private industry and government customers creates diverse revenue opportunities.
The established relationships with country leaders and major agriculture companies suggest a promising commercial pipeline. However, the success of the business model will depend on pricing strategy, deployment costs and the ability to demonstrate consistent results across different regions. The market opportunity is substantial, but investors should monitor early commercial contract wins and technology validation across diverse climatic conditions as key performance indicators.
- Combination accelerates Rain Enhancement Technologies, Inc. (“RET” or the “Company”)’s aim to develop, manufacture and commercialize ionization rainfall generation technology to provide additional rainfall for the energy, agriculture, logistics, transportation, decarbonization, and food industries, as well as supranational organizations, countries and localities.
- Rain Enhancement Technologies Holdco, Inc. (“RET Holdco”) Class A common stock and warrants to begin trading on Nasdaq on January 2, 2025 under the ticker symbols “RAIN” and “RAINW,” respectively.
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
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
RET has developed relationships with private organizations, country leaders and major agriculture companies to build a pipeline of potential customers. RET management believes the Company is well-positioned for the development, innovation, and scaling of its rainfall generation technology.
RET has established a strategic roadmap and multiple vectors for development, innovation and enhancement. In addition to its exclusive license of certain relevant underlying IP, the Company intends to draw on the services of leading engineers, scientists, climatologists and experts in the water technology and rainfall generation space. Recent advancements in understanding cloud condensation nuclei and more precise weather forecasting serve as catalysts for increasing the potential enhancement of RET’s technology, creating even greater confidence in the efficacy of the ionization approach. This foundation is expected to empower RET’s management to swiftly establish commercial alliances with private industries and governments, while involving key stakeholders invested in ecosystem maintenance and restoration in water-stressed areas across the world.
Management Commentary
Chris Riley, interim Chief Executive Officer of RET Holdco, stated, “We are incredibly proud to complete this transaction and become a
Harry You, Chairman of the Board of Coliseum, stated, “As a public company, RET Holdco is well-positioned to help meet the global demand from private industries and governments for sustainable access to water. We are confident that the Company’s rainfall ionization platform will not only play a role in addressing this demand, but also ultimately generate value to all of its stakeholders. We look forward to further innovating and deploying RET’s technology as well as other cutting edge technologies.”
Management and Governance
RET’s senior management team, led by Chris Riley, will work with Mr. Seidl on an interim basis. Mr. Riley, a veteran C-suite leader with experience spanning both public and private sector companies, brings a wealth of leadership experience accumulated over more than three decades in various technology sectors, including IT, Cloud, Security, Automation and AI. Previously, he served as President, Worldwide Field Operations for DataRobot, as Chief Revenue Officer and Strategic Advisor to the CEO at Automation Anywhere, and in varying roles at Dell, Dell/EMC and EMC (NYSE: Dell, formerly NYSE: EMC), including President Americas Sales and Customer Operations, President Dell Technologies Select and SVP Global Alliances. During his tenure at Dell, Mr. Riley led the
RET Holdco’s board of directors will be comprised of Christopher Riley, Randy Seidl, Harry You, Alexandra Steele, Lyman Dickerson and J. Eric Smith.
Advisors
Needham & Company acted as financial advisor to Coliseum in connection with the Business Combination. TCF Law Group, PLLC acted as legal counsel to RET and RET Holdco. White & Case LLP acted as legal counsel to Coliseum.
About Rain Enhancement Technologies, Inc.
RET was founded to provide the world with reliable access to water, one of life’s most important resources. To achieve this mission, RET aims to develop, manufacture and commercialize ionization rainfall generation technology. This weather modification technology seeks to provide the world with reliable access to water, and transform business, society and the planet for the better.
About Coliseum Acquisition Corp.
Coliseum Acquisition Corp. is a special purpose acquisition company whose business purpose is to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses.
Forward-Looking Statements
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of other financial, performance and operational metrics and projections of market opportunity; (2) references with respect to the anticipated benefits of the Business Combination and the projected future financial performance of RET; (3) changes in the market for RET’s services and technology, expansion plans and opportunities; (4) the projected technological developments of RET; (5) current and future potential commercial and customer relationships; (6) the ability to operate efficiently at scale; (7) anticipated investments in capital resources and research and development, and the effect of these investments; (8) the ability of RET Holdco to issue equity or equity-linked securities in the future; and (9) the ability to maintain the listing of RET Holdco’s Class A common stock and warrants on Nasdaq following the Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of RET’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of RET and RET Holdco. These forward-looking statements are subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Registration Statement on Form S-4, filed with the SEC on November 25, 2024, as amended from time to time, and the other documents that RET Holdco has filed, or will file, with the SEC relating to the Business Combination. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that RET and RET Holdco do not presently know or that RET and RET Holdco currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward looking statements reflect RET and RET Holdco’s expectations, plans or forecasts of future events and views as of the date of this press release. RET and RET Holdco anticipate that subsequent events and developments will cause RET and RET Holdco’s assessments to change. However, while RET and RET Holdco may elect to update these forward-looking statements at some point in the future, RET and RET Holdco specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing RET and RET Holdco’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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Source: Rain Enhancement Technologies
FAQ
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