Unlike Berto I and II, this transaction ran through a separate, pre-existing SPAC (Coliseum Acquisition Corp., Nasdaq: MITA) that the Harry You / Berto team took over mid-flight rather than sponsoring from IPO.
Overview
Developer of ionization rainfall-generation technology — a weather-modification platform aiming to expand reliable access to fresh water for agriculture, energy, logistics, decarbonization, and government/municipal customers.
Deal facts
| Item | Detail |
| Sponsor takeover / Announced / Closed | Jun 26, 2023 (Berto/Harry You acquires Coliseum sponsor) / Jun 25, 2024 (BCA signed) / Dec 31, 2024 (closed) |
| Pre-Closing Valuation | $45M |
| Trading Commenced | Jan 2, 2025 — Nasdaq: RAIN / RAINW |
| Founders | Harry You, Paul Dacier, Niccolo de Masi (also CEO of IonQ) |
Sponser value-add
The Berto team acquired a majority of the economics in an unaffiliated SPAC, Coliseum Acquisition Corp., that was nearing its two-year deadline and successfully led a de-SPAC transaction with Rain Enhancement Technologies (RET). This helped preserve value for investors and warrant holders while providing RET with access to the public markets and growth capital.
Outcome
Gave RET a public vehicle and access to trust/PIPE-style capital to fund commercialization of rainfall-generation technology for agricultural, governmental, and infrastructure customers.
