Coliseum Acquisition Corp. amends Business Combination Agreement

LAS VEGAS, NV - Coliseum Acquisition Corp. (NASDAQ:MITA), a special purpose acquisition company, has amended its Business Combination Agreement with Rain Enhancement Technologies, Inc. (RET), as disclosed in a recent SEC filing.

On Thursday, Coliseum, RET, and related entities modified their June 25, 2024, agreement, reflecting changes in RET's capital structure and other technical adjustments. These alterations do not affect the overall consideration for RET shareholders but include the issuance of preferred stock and options to RET service providers, and an adjustment to the voting power of Class B common stock of Holdco.

Additionally, the amendment introduces a revised Lock-Up Agreement and provides for post-closing indemnification for Coliseum's sponsors. A technical revision reflects the assignment of the agreement from one merger subsidiary to another.

In conjunction with these changes, an amendment to the Letter Agreement was also executed on the same day. It outlines a $500,000 reimbursement for expenses incurred by Coliseum's Chairman and affiliates and a $100,000 cash compensation for each of Coliseum's directors, contingent upon the Business Combination's completion or Coliseum's liquidation.

The information in this article is based on an SEC filing.

In other recent news, Coliseum Acquisition Corp., a special purpose acquisition company, has been granted an extension by the Nasdaq Hearings Panel to remain listed on the exchange, according to a recent SEC filing. The Las Vegas-based company now has until December 23, 2024, to complete its initial business combination, following a notice of non-compliance received earlier. This development comes with the condition that Coliseum Acquisition Corp. must provide progress updates on the status of the business combination.

Coliseum Acquisition Corp. had been facing potential delisting from the Nasdaq Stock Market due to a failure to satisfy Nasdaq's requirements for a special purpose acquisition company (SPAC) to complete a business combination within 36 months of its initial public offering. The company's management has expressed its intention to comply with listing requirements and is actively pursuing the completion of its business combination.

In a parallel development, Coliseum Acquisition Corp. is preparing to request a hearing before the Nasdaq Hearings Panel to seek additional time to finalize its proposed merger with Rain Enhancement Technologies, Inc. These recent developments underscore the strict compliance measures enforced by Nasdaq, particularly concerning SPACs, and will significantly impact the company's future operations and its place in the public market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.