What changed in this filing

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Item 1A. Risk Factors

2026-04-15 compared with 2025-04-16 · 1419 added, 1528 removed, 24 unchanged (99% of the section changed)

You should carefully consider the following

risk factors in addition to the other information included in this Annual Report, including matters addressed in the section entitled

“Cautionary Statement Regarding Forward-Looking Statements and Risk Factor Summary.” We may face additional risks and uncertainties

that are not presently known to us, or that we currently deem immaterial, which may also impair our business, prospects, financial condition

or operating results.

The following discussion should be read in conjunction with our consolidated financial statements and notes to

the consolidated financial statements included herein.

Risks Relating to RWT’s Status as an Emerging Company

RWT has a limited operating history and has not yet generated

any revenues, which makes it difficult to forecast its future results of operations.

As a result of RWT’s limited operating history, its ability to

accurately forecast the future results of operations is limited and subject to a number of uncertainties, including RWT’s ability

to plan for and model future growth.

RWT’s ability to generate revenues will largely be dependent on its ability to develop and

improve ionization rainfall generation technology, and market and sell its services and products.

RWT’s business model is in the

early stages of development and its technical roadmap may not be realized as quickly as hoped, or even at all.

The development of RWT’s

business model will likely require the incurrence of significant costs, while RWT’s revenues will be impacted by technological,

go-to-market, and operational advancements which may not occur on the currently anticipated timetable or at all.

Further, in future periods,

RWT’s growth could slow or decline for a number of reasons, including but not limited to slow market acceptance, increased competition,

competing technology, inability to develop, improve or effectively scale up RWT’s technology, a decrease in the growth of the overall

market, government regulation, or RWT’s failure, for any reason, to continue to take advantage of growth opportunities.

RWT will also encounter risks and uncertainties frequently experienced

by growing companies in rapidly changing industries.

If RWT’s assumptions regarding these risks and uncertainties and its future

growth are incorrect or change, or if RWT does not address these risks successfully, RWT’s operating and financial results could

differ materially from its expectations, and its business could suffer.

RWT’s success as a business ultimately relies upon fundamental

research and development breakthroughs in the coming years and decade.

There is no certainty these research and development milestones

will be achieved as quickly as hoped, or even at all.

RWT expects to incur significant expenses and losses for the

foreseeable future.

RWT believes that it will incur operating and net losses until it is

able to grow its one-to-many business model at scale, deliver a robust, sustainable pipeline of clients and acquire long-term, multi-annual

Among other things, RWT will incur ongoing expenses in connection with the design, development and manufacturing of its technology,

conduct and expansion of its research and development activities, increases in its sales and marketing activities, development of its

distribution infrastructure, and increases in its general and administrative functions to support its growing operations.

RWT may find that these efforts are more expensive than it currently

anticipates or that these efforts may not result in revenues, which would further increase RWT’s losses.

If RWT is unable to achieve

and/or sustain profitability, or if RWT is unable to achieve the growth that it expects, it could have a material effect on RWT’s

business, financial condition or results of operations.

RWT’s business model is unproven and may never allow it to cover its costs.

RWT’s estimates of market opportunity and growth forecasts

may prove to be inaccurate.

Market opportunity estimates and growth forecasts, including those

RWT has generated itself, are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate.

RWT’s business plan assumes a strong sales pipeline of actionable client targets that can be converted to revenue-generating clients

beginning in 2025.

However, RWT does not currently have clients, and the variables that go into the calculation of RWT’s client

acquisition forecasts are subject to change over time.

There is no guarantee that any particular number or percentage of clients or companies

covered by its estimates will purchase its products at all or generate any particular level of revenue for RWT.

Any growth of RWT’s

business depends on a number of factors, including the cost, performance, and perceived value associated with its technology.

RWT’s success will also depend upon its ability to expand, scale

its operations, and increase its sales capability.

RWT’s business model allows for affordable installation and manufacturing costs,

expected to initially be approximately $280,000 per system, which price point will allow clients to be “laddered up” with

a “land and expand” sales strategy, which will also involve continued involvement with RWT as it expects to be the sole operator

for its rainfall generation services.

The all-in cost is expected to be approximately $425,000 that includes labor, a meteorologist and

other related costs.

However, RWT has not implemented such strategy with any clients as of the date of this Annual Report, and cannot

assure you that it will be successful.

Further, unforeseen issues associated with scaling up the technology at commercially viable levels

could negatively impact RWT’s business, financial condition and results of operations.

RWT’s growth is dependent upon its ability to successfully

support and service its clients.

Because RWT’s platform is expected to be unique in certain respects,

its future clients will require particular support and service functions, some of which are not currently available, and may never be

If RWT is unable to attract and retain the service and support staff needed in its client locations, it may not be able to

successfully launch pilot projects or support and maintain the installation and operation of projects that have been sold.

If RWT experiences

delays in adding such support capacity or servicing its future clients efficiently, or experiences unforeseen issues with the reliability

of its platform, it could overburden RWT’s servicing and support capabilities.

Similarly, increasing the number of RWT products

and services would require it to rapidly increase the availability of these services.

Failure to adequately support and service its future

clients may inhibit RWT’s growth and ability to expand.

RWT may not manage growth effectively.

RWT’s failure to manage growth effectively could harm its business,

results of operations and financial condition.

RWT anticipates that a period of significant expansion will be required to address potential

This expansion will place a significant strain on RWT’s management, operational and financial resources.

Expansion will

require significant cash investments and management resources and there is no guarantee that they will generate additional sales of RWT’s

products or services, or that RWT will be able to avoid cost overruns or be able to hire additional personnel to support them.

RWT will also need to ensure its compliance with regulatory requirements in various jurisdictions applicable to the sale, installation

and servicing of its products.

To manage the growth of its operations and personnel, RWT must establish appropriate and scalable operational

and financial systems, procedures and controls and establish and maintain a qualified finance, administrative and operations staff.

may be unable to acquire the necessary capabilities and personnel required to manage growth or to identify, manage and exploit potential

strategic relationships and market opportunities.

RWT will need additional capital to pursue its business objectives

and respond to business opportunities, challenges or unforeseen circumstances, and it cannot be sure that additional financing will be

RWT will need additional capital to pursue its

business objectives.

RWT’s business and its future plans for expansion are capital-intensive and the specific timing of cash inflows

and outflows may fluctuate substantially from period to period.

RWT management currently estimates approximately $6.3 million and approximately

$62 million in expenses for its one-year and five-year business plan.

As of December 31, 2024, after Closing, the Company

had approximately $37,000 in cash.

Additionally, the Company has a $7 million line of credit from an affiliate of Harry You, of which

$839,000 has been borrowed as of the date of this Annual Report.

The Company has adjusted production ramp-up in order to align with the

available funding.

RWT’s management has determined that the RWT system’s design is complete, requiring no additional R&D

in the near-term, and that the main cash requirement for operations in the next 12 months will be production cost of additional units,

staffing and operations.

The Company’s management determined that the Company has access to funds under the Loan Agreement,

and the affiliate of Harry You has the financial ability to provide such funds, that are sufficient to fund the working capital needs

of the Company over the next 12 months from the date of issuance of this Annual Report.

However, RWT expects to require additional capital

to pursue its business objectives in the future.

RWT’s business and its future plans for expansion are capital-intensive and the

specific timing of cash inflows and outflows may fluctuate substantially from period to period.

However, we cannot assure you that the

Company will be able to obtain additional capital for its five-year business plan.

RWT’s operating plan may change because of factors currently

unknown, and RWT may need to seek additional funds sooner than planned, through public or private equity or debt financings or other sources,

such as strategic collaborations.

Such financings may result in dilution to stockholders, issuance of securities with priority as to liquidation

and dividend and other rights more favorable than common stock, imposition of debt covenants and repayment obligations or other restrictions

that may adversely affect its business.

In addition, RWT may seek additional capital due to favorable market conditions or strategic considerations

even if it believes that it has sufficient funds for current or future operating plans.

There can be no assurance that financing will

be available to RWT on favorable terms, or at all.

The inability to obtain financing when needed may make it more difficult for RWT to

operate its business or implement its growth plans.

Risks Relating to RWT’s Business and Industry

There are many risks and uncertainties that may affect RWT’s

operations, performance, development and results.

Many of these risks are beyond RWT’s control.

The following is a description of

the important risk factors that may affect RWT’s business and industry.

If any of these risks were to actually occur, RWT’s

business, financial condition or results of operations could be materially adversely affected.

Additional risks and uncertainties not

currently known to RWT or that RWT currently considers to be immaterial may also materially adversely affect its business, financial condition

or results of operations.

We have identified a material weakness

in our internal control over financial reporting as of and for the year ended December 31, 2023 and determined that it had not been

remediated as of December 31, 2024.

If we are unable to develop and maintain an effective system of internal control over financial reporting,

we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us

and materially and adversely affect our business and operating results.

Our management is responsible for establishing and maintaining adequate

internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and

the preparation of consolidated financial statements for external purposes in accordance with accounting principles generally accepted

in the United States of America (“U.S.

Our management is likewise required, on a quarterly basis, to evaluate the

effectiveness of our internal controls and to disclose any changes and material weaknesses identified through such evaluation in those

internal controls.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting,

such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will

not be prevented or detected on a timely basis.

We have identified a material weakness in our internal control over

financial reporting as of and for the year ended December 31, 2023 regarding the calculation of deferred tax assets and disclosure of

income taxes in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Classification (“ASC”)

Topic 740, “Income Taxes.”.

This misstatement led to a change in accounting for the correction of the error in calculating

the gross deferred tax asset and the offsetting valuation allowance, as well as the omission of certain income tax disclosures.

it did not impact RWT’s liquidity, cash flows, or operating costs during the period covered by RWT’s audited consolidated

financial statements.

RWT’s management determined that the material weakness had not been remediated as of December 31, 2024.

a discussion of management’s consideration of the material weakness identified related to such issues, see “Note 2”

of RWT’s audited consolidated financial statements including in the prospectus filed with the SEC on December 12, 2024.

should carefully consider the following risk factors in addition to the other information included in this Annual Report, including matters

addressed in the section entitled “Cautionary Statement Regarding Forward-Looking Statements and Risk Factor Summary.” We

may face additional risks and uncertainties that are not presently known to us, or that we currently deem immaterial, which may also

impair our business, prospects, financial condition or operating results.

The following discussion should be read in conjunction with

our consolidated financial statements and notes to the consolidated financial statements included herein.

Relating to RET’s Status as an Emerging Company

has a limited operating history and has generated limited revenues to date, which makes it difficult to forecast its future results of

a result of RET’s limited operating history, its ability to accurately forecast the future results of operations is limited and

subject to a number of uncertainties, including RET’s ability to plan for and model future growth.

RET’s ability to generate

revenues will largely be dependent on its ability to develop and improve AEI technology, and market and sell its services and products.

RET’s business model is in the early stages of development, and its technical roadmap may not be realized as quickly as hoped,

or even at all.

The development of RET’s business model will likely require the incurrence of significant costs, while RET’s

revenues will be impacted by technological, go-to-market, and operational advancements which may not occur on the currently anticipated

timetable or at all.

Further, in future periods, RET’s growth could slow or decline for a number of reasons, including but not

limited to slow market acceptance, increased competition, competing technology, inability to develop, improve or effectively scale up

RET’s technology, a decrease in the growth of the overall market, government regulation, or RET’s failure, for any reason,

to continue to take advantage of growth opportunities.

will also encounter risks and uncertainties frequently experienced by growing companies in rapidly changing industries.

assumptions regarding these risks and uncertainties and its future growth are incorrect or change, or if RET does not address these risks

successfully, RET’s operating and financial results could differ materially from its expectations, and its business could suffer.

RET’s success as a business ultimately relies upon continued research, development, and commercialization efforts over the coming

There is no certainty these development milestones will be achieved as quickly as hoped, or even at all.

expects to incur significant expenses and losses for the foreseeable future.

believes that it will incur operating and net losses until it is able to grow its one-to-many business model at scale, deliver a robust,

sustainable pipeline of clients and acquire long-term, multi-annual contracts.

Among other things, RET will incur ongoing expenses in

connection with the design, development and manufacturing of its technology, conduct and expansion of its research and development activities,

increases in its sales and marketing activities, development of its distribution infrastructure, and increases in its general and administrative

functions to support its growing operations.

may find that these efforts are more expensive than it currently anticipates or that these efforts may not result in revenues, which

would further increase RET’s losses.

If RET is unable to achieve and/or sustain profitability, or if RET is unable to achieve the

growth that it expects, it could have a material effect on RET’s business, financial condition or results of operations.

business model is unproven and may never allow it to cover its costs.

estimates of market opportunity and growth forecasts may prove to be inaccurate.

opportunity estimates and growth forecasts, including those RET has generated itself, are subject to significant uncertainty and are

based on assumptions and estimates that may not prove to be accurate.

RET’s business plan assumes a strong sales pipeline of actionable

client targets that can be converted to revenue-generating clients.

However, RET currently has limited commercial engagements and is

in the early stages of deploying pilot projects and evaluation programs with certain public and research stakeholders, and the variables

that go into the calculation of RET’s client acquisition forecasts are subject to change over time.

There is no guarantee that

any particular number or percentage of clients or companies covered by its estimates will purchase its products at all or generate any

particular level of revenue for RET.

Any growth of RET’s business depends on a number of factors, including the cost, performance,

and perceived value associated with its technology.

success will also depend upon its ability to expand, scale its operations, and increase its sales capability.

RET’s business model

allows for affordable installation and manufacturing costs, expected to initially be approximately $280,000 per system, which price point

will allow clients to be “laddered up” with a “land and expand” sales strategy, which will also involve continued

involvement with RET as it expects to be the sole operator for its rain and snowfall generation services.

The all-in cost per system

is expected to be approximately $425,000, which includes labor, a meteorologist, installation and manufacturing costs.

However, RET is

currently deploying and evaluating its systems through pilot projects and collaborative programs designed to measure potential rainfall

enhancement and other atmospheric effects, but has not implemented such strategy with any revenue-generating clients as of the date of

this Annual Report, and cannot assure you that it will be successful.

Further, unforeseen issues associated with scaling up the technology

at commercially viable levels could negatively impact RET’s business, financial condition and results of operations.

growth is dependent upon its ability to successfully support and service its clients.

RET’s platform is expected to be unique in certain respects, its future clients will require support and service functions, some

of which are not currently available, and may never be available.

If RET is unable to attract and retain the service and support staff

needed in its client locations, it may not be able to successfully launch pilot projects or support and maintain the installation and

operation of projects that have been sold.

If RET experiences delays in adding such support capacity or servicing its future clients

efficiently, or experiences unforeseen issues with the reliability of its platform, it could overburden RET’s servicing and support

capabilities.

Similarly, increasing the number of RET products and services would require it to rapidly increase the availability of

these services.

Failure to adequately support and service its future clients may inhibit RET’s growth and ability to expand.

may not manage growth effectively.

failure to manage growth effectively could harm its business, results of operations and financial condition.

RET anticipates that a period

of significant expansion will be required to address potential growth.

This expansion will place a significant strain on RET’s

management, operational and financial resources.

Expansion will require significant cash investments and management resources and there

is no guarantee that they will generate additional sales of RET’s products or services, or that RET will be able to avoid cost

overruns or be able to hire additional personnel to support them.

In addition, RET will also need to ensure its compliance with regulatory

requirements in various jurisdictions applicable to the sale, installation and servicing of its products.

To manage the growth of its

operations and personnel, RET must establish appropriate and scalable operational and financial systems, procedures and controls and

establish and maintain a qualified finance, administrative and operations staff.

RET may be unable to acquire the necessary capabilities

and personnel required to manage growth or to identify, manage and exploit potential strategic relationships and market opportunities.

will need additional capital to pursue its business objectives and respond to business opportunities, challenges or unforeseen circumstances,

and it cannot be sure that additional financing will be available.

will need additional capital to pursue its business objectives.

RET’s business and its future plans for expansion are capital-intensive

and the specific timing of cash inflows and outflows may fluctuate substantially from period to period.

of December 31, 2025, the Company had approximately $214,000 in cash.

Additionally, the Company has a $7 million line of credit from

an affiliate of Harry You, of which approximately $6.0 million has been borrowed as of December 31, 2025.

The Company has adjusted certain

operational and production activities in order to align with the available funding and intends to seek additional sources of capital

to support its operational and commercialization activities.

RET’s management continues to invest in research and development activities

to enhance the performance and application of its AEI systems, including ongoing testing and development related to rain and snowfall

generation, fog dispersion and other atmospheric applications.

During 2025, the Company also manufactured and deployed additional

systems and incurred costs associated with system production, installation, monitoring and operational support.

RET’s business

and its future plans for expansion are capital-intensive and the specific timing of cash inflows and outflows may fluctuate substantially

from period to period.

However, we cannot assure you we will be able to obtain additional capital for our future business plan.

operating plan may change because of factors currently unknown, and RET may need to seek additional funds sooner than planned, through

public or private equity or debt financings or other sources, such as strategic collaborations.

Such financings may result in dilution

to stockholders, issuance of securities with priority as to liquidation and dividend and other rights more favorable than common stock,

imposition of debt covenants and repayment obligations or other restrictions that may adversely affect its business.

In addition, RET

may seek additional capital due to favorable market conditions or strategic considerations even if it believes that it has sufficient

funds for current or future operating plans.

There can be no assurance that financing will be available to RET on favorable terms, or

The inability to obtain financing when needed may make it more difficult for RET to operate its business or implement its growth

Relating to RET’s Business and Industry

are many risks and uncertainties that may affect RET’s operations, performance, development and results.

Many of these risks are

beyond RET’s control.

The following is a description of the important risk factors that may affect RET’s business and industry.

If any of these risks were to actually occur, RET’s business, financial condition or results of operations could be materially

adversely affected.

Additional risks and uncertainties not currently known to RET or that RET currently considers to be immaterial may

also materially adversely affect its business, financial condition or results of operations.

have a history of operating losses, limited cash resources and substantial doubt exists about our ability to continue as a going concern.

are an early-stage company with a limited operating history and have not yet generated significant revenue from operations.

As of December

31, 2025, we had approximately $214,000 in cash and a working capital deficit of approximately $13.0 million.

We expect to continue to

incur operating losses as we continue developing, deploying and evaluating our AEI technology.

ability to continue as a going concern depends on our ability to obtain additional financing, generate revenue and manage operating expenses.

We have historically relied on related-party financing arrangements, including borrowings under our line of credit, and we have used

a substantial portion of the available capacity under such arrangements.

There can be no assurance that additional funding will be available

on acceptable terms, or at all.

If we are unable to obtain additional financing or generate sufficient revenue, we may be required to

delay, reduce or discontinue certain operations, manufacturing activities installations or development activities, which could materially

adversely affect our business, financial condition and results of operations.

We have identified material weaknesses in our

internal control over financial reporting.

Such material weaknesses could continue to adversely affect our ability to report our results

of operations and financial condition accurately and in a timely manner, could result in the loss of investor confidence, listing deficiencies

or delisting from Nasdaq and litigation and adversely affect the trading of our securities.

Our management is responsible for establishing and

maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

Our management is likewise

required, on a quarterly basis, to evaluate the effectiveness of our internal controls and to disclose any changes and material weaknesses

identified through such evaluation in those internal controls.

A material weakness is a deficiency, or a combination of deficiencies,

in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or

interim consolidated financial statements will not be prevented, or detected and corrected on a timely basis.

Effective internal controls

are necessary for us to provide reliable financial reports and prevent fraud.

We continue to evaluate steps to remediate the material

These remediation measures may be time consuming and costly and there is no assurance that these initiatives will ultimately

have the intended effects.

We intend to take steps to remediate this material

weakness, including plans to hire or engage a specialist to assist in the preparation of the income tax provision and disclosures.

elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately

have the intended effects.

Efforts to remediate this material weakness may

not be effective or prevent any future material weakness or significant deficiency in Holdco’s internal control over financial reporting.

If Holdco’s efforts are not successful or other material weaknesses or control deficiencies occur in the future, Holdco may be unable

to report its financial results accurately on a timely basis, which could cause Holdco’s reported financial results to be materially

misstated and result in the loss of investor confidence and cause the market price of the Class A Common Stock to decline.

internal controls could also cause investors to lose confidence in Holdco’s reported financial information, which could have a negative

effect on the trading price of its stock.

Failure to implement and maintain effective internal controls over financial reporting could

also subject Holdco to potential delisting from Nasdaq or any other stock exchange on which its stock is listed or to other regulatory

investigations and civil or criminal sanctions.

We can give no assurance that the measures that Holdco plans to take

in the future will remediate the material weakness identified or that any additional material weaknesses or restatements of financial

results will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or

circumvention of these controls.

Holdco is required, pursuant to Section 404 of the Sarbanes-Oxley Act, to annually furnish a report

by management on, among other things, the effectiveness of its internal control over financial reporting.

This assessment needs to include

disclosure of any material weaknesses identified by Holdco’s management in its internal control over financial reporting.

is required to disclose changes made in its internal control and procedures on a quarterly basis.

To comply with the requirements of being

a public company, Holdco may need to undertake various actions, such as implementing new internal controls and procedures and hiring accounting

or internal audit staff.

If Holdco is unable to hire the additional accounting and internal audit staff necessary to comply with these

requirements, Holdco may need to retain additional outside consultants.

If Holdco is unable to conclude that its internal controls over

financial reporting are effective, investors may lose confidence in Holdco’s financial reporting, which could negatively impact

the price of Holdco’s securities.

We may face litigation and other risks

as a result of the restatement of RWT’s pre-merger audited consolidated financial statements and the material weakness in

RWT’s internal control over financial reporting.

RWT’s management and its board of directors concluded that it

was appropriate to restate RWT’s pre-merger previously issued and audited consolidated financial statements as of and for the year

ended December 31, 2023.

As discussed in “Note 2” of RWT’s audited consolidated financial statements including in the

prospectus filed with the SEC on December 12, 2024, RWT identified a material weakness in its internal controls over financial reporting

regarding the calculation of deferred tax assets and disclosure of income taxes in accordance with FASB ASC 740.

As a result of such material weakness, the restatement and other matters

raised or that may in the future be raised by the SEC, RWT incurred additional costs, including increased accounting and legal fees, and

RWT faces (and RWT and Holdco following the Business Combination face) potential for litigation or other disputes which may include, among

others, claims invoking the federal and state securities laws, or other claims arising from the restatement and material weaknesses in

RWT’s internal control over financial reporting and the preparation of RWT’s consolidated financial statements.

date of Annual Report, we have no knowledge of any such litigation or dispute.

However, we can provide no assurance that such litigation

or dispute will not arise in the future.

Any such litigation or dispute, whether successful or not, could have a material adverse effect

on the business of Holdco and its results of operations and financial condition.

RWT can provide no assurance of the effectiveness and success

of ionization rainfall generation technology in increasing precipitation.

Commercial applications of ionization rainfall generation technology

are still at the initial stages of development, and further development and extensive testing will be required to determine its technical

feasibility and commercial viability.

The scientific community continues to debate whether rainfall generation technology has been able

to produce statistically significant results in augmenting rainfall or other types of precipitation, with some authors suggesting that

it remains a “pseudo-science”, whereas other authors have found statistically meaningful results.

At this point in time, given

the complexities of attributing increased precipitation to weather modification technologies, scientists have neither conclusively proven

nor disproven that ionization rainfall generation technologies and/or other types of weather modification technologies augment and optimize

precipitation.

RWT’s success will depend on its ability to prove and demonstrate,

to potential clients and the broader community, scientific and technological advances and to translate such advances into commercially

competitive products.

Failure can occur at any stage of the process.

If the development of this technology is not successful or the market

is not convinced that ionization rainfall generation technologies lead to demonstrable results, RWT may invest substantial amounts of

time and money without developing revenue-producing products.

As RWT eventually enters into more robust development and trials of the

technology, the data and results generated may not be as compelling as earlier results in previous trials done by third parties.

In light of the unproven technology involved and the other factors

described elsewhere in this Annual Report, there can be no assurance that RWT will be able to successfully complete the development, commercialization

or marketing of any new technology or products which could materially harm its business, results of operations and prospects.

RWT has not demonstrated it can develop rainfall generation technology

and faces barriers in replicating meaningful rainfall generation.

If RWT cannot successfully overcome those barriers, its business will

be negatively impacted and could fail.

Rainfall generation is a difficult undertaking.

There are significant engineering, technology, operational and climatological challenges that RWT must overcome to deliver consistent

results with its platform.

RWT is in the development stage and faces significant challenges in the development of its rainfall generation

platform and in producing the necessary technology and machines in commercial volumes.

Some of the development challenges that could prevent

the introduction of RWT’s technology include, but are not limited to, failure to:

find scalable ways to secure real estate to set

up and operate trials, secure paying client engagements, hire key team members with relevant water expertise, address any and all permitting

requirements, establish prototyping scalability and bespoke supply chains, find adequate construction partners, and grow, create and train

a productive sales force.

Additionally, RWT may fail to achieve a high degree of repeat success in rainfall generation, which could lead

to a failure to ensure client retention.

RWT may also fail to realize the potential of rainfall generation technology.

RWT has not demonstrated it can market and sell its rainfall

generation technology and faces market barriers to entry that it may not be able to overcome.

RWT’s rain enhancement ionization technology is not widely adopted

or accepted in the market.

RWT may face difficulties overcoming skepticism about its ability to create rain, or creating too much rain,

or taking rain away from areas where it could naturally fall.

RWT may need to educate the market to develop a broader understanding and

acceptance of the science underlying the technology, as well as convince clients that the benefits justify the investment and costs of

implementing its technology.

RWT faces further challenges to streamline its go-to-market strategy, integrate its technology with other

products and services, build its brand and engender loyalty while improving the core technology offering.

RWT may not be able to manufacture its technology at the pace,

scale and volume needed to generate and meet market demand.

RWT will need to develop the manufacturing process necessary to make

rainfall generation technology in high volume.

RWT has not yet devised or validated a manufacturing process or acquired the tools or processes

that may be necessary to produce rainfall generation technology that meets all commercial requirements.

If RWT is not able to overcome

these manufacturing hurdles in building its technology, RWT’s business is likely to fail.

Even if RWT completes development and achieves volume production of

its platform, if the cost, performance characteristics or other specifications of the rainfall generation technology fall short of RWT’s

projections, RWT’s business, financial condition and results of operations would be adversely affected.

Additionally, developing manufacturing techniques to produce the volume

required to achieve forecasted production could hinder profitability in the future.

If RWT’s technology fails to achieve a broad

advantage in generating rainfall, its business, financial condition and future prospects may be harmed.

The markets for rainfall generation-related products are in nascent

stages, and RWT may have limited opportunities to license our technologies or sell its products.

The rainfall generation industry is in the early stage of commercializing

rainfall generation technology.

Skepticism around the efficacy of the technology’s ability to enhance rainfall has hindered previous

RWT’s success will depend upon its ability to expand, scale its

operations, and increase its sales capability, which may take longer or be more expensive than expected.

Unforeseen issues associated

with scaling up and constructing RWT’s technology at commercially viable levels could negatively impact RWT’s business, financial

condition and results of operations.

RWT’s growth is dependent upon its ability to successfully market and sell rainfall generation

RWT does not have experience with the mass distribution and sale of rainfall generation technology.

Its growth and long-term

success will depend upon the development of its sales and delivery capabilities.

RWT may be harmed by competing technologies.

The markets in which RWT operates are rapidly evolving to address increasing

global need for reliable access to water, creating additional investment in competition.

There has been significant improvement in water

generation technologies such as desalination and chemical-based cloudseeding.

As these markets continue to mature and new technologies

and competitors enter such markets, RWT expects competition to intensify.

RWT could lose market share and its revenues could decline,

thereby affecting its earnings and potential for growth.

In particular, although RWT does not plan to use chemicals in its manufacturing

and production process, chemical-based cloudseeding companies may provide additional competition due to the maturity of chemical-based

technology, more established historical operational data, stronger research groups, demonstrated effects in specific use cases, market

acceptance and funding by recognized institutions.

In the future, RWT’s technologies may also compete with other

emerging technologies.

These technologies may be less expensive and provide higher or additional performance.

Companies with these competing

technologies may also have greater resources.

Technological change could render its technologies obsolete, and new, competitive technologies

could emerge that achieve broad adoption and adversely affect the use of its technologies and intellectual property.

RWT will be dependent on its suppliers and manufacturers, and

supply chain issues could delay the introduction of RWT’s product and negatively impact its business and operating results.

RWT has not yet entered into relationships with potential suppliers

and manufacturers.

However, when RWT enters into relationships with suppliers and manufacturers, it may face delays in the introduction

of its product due to supply chain issues.

The manufacture, installation, production and operation of the ionization rainfall generation

technology is expected to be dependent upon third party suppliers, service providers and networks.

When RWT begins contracting with suppliers

and manufacturers, it may be adversely affected if it is not able to obtain the required materials, supplies and critical spare parts

required to build the machinery and operate our technology.

Any of the following factors (and others) could have an adverse impact

on RWT’s operations:

RWT’s inability to enter into agreements with suppliers on commercially reasonable terms, or at all;

difficulties of suppliers ramping up their supply of materials to meet RWT’s requirements;

a failure to forecast humidity conditions, natural updrafts and realized range for rainfall enhancement activities;

a failure to retain key technical staff;

introduction of new regulations limiting or prohibiting weather modification, including the reinterpretation of existing regulations and/or the issuance of executive orders limiting/prohibiting weather modification;

a significant increase in the price of one or more components, including due to industry consolidation occurring within one or more component supplier markets or as a result of decreased production capacity at manufacturers;

any reductions or interruption in supply, including disruptions on RWT’s global supply chain as a result of geopolitical conflicts, which RWT may in the future experience;

financial problems of either manufacturers or component suppliers;

significantly increased freight charges, or raw material costs and other expenses associated with RWT’s business;

a failure to develop its supply chain management capabilities and recruit and retain qualified professionals;

a failure to adequately authorize procurement of inventory by RWT’s contract manufacturers;

a failure to appropriately cancel, reschedule, or adjust its requirements based on RWT’s business needs;

other factors beyond RWT’s control or which it does not presently anticipate, could also affect its suppliers’ ability to deliver components to RWT on a timely basis.

If any of the aforementioned factors were to materialize, it could

cause RWT to halt production of its rainfall generation technology and/or entail higher manufacturing costs, any of which could materially

adversely affect RWT’s business, operating results, and financial condition and could materially damage relationships with future

RWT’s products may not achieve market success, but will

still require significant costs to develop.

RWT believes that it must continue to dedicate significant resources

to its research and development efforts before knowing whether there will be market acceptance of its RWT rainfall generation technologies.

in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual

or interim financial statements will not be prevented or detected on a timely basis.

This Annual Report includes a restatement of our

previously issued unaudited condensed consolidated financial statements contained in our (i) Quarterly Report on Form 10-Q

as of and for the three months ended March 31, 2025, filed with the SEC on May 15, 2025, and (ii) Quarterly Report on

Form 10-Q as of and for the three and six months ended June 30, 2025, filed with the SEC on August 14, 2025.

As described elsewhere

in this Annual Report, the Company should have recorded the premium financing agreement in connection with its insurance policy as a

liability, with an offset to prepaid expenses, upon its execution in January 2025.

The error was identified as part of the preparation

of the Company’s consolidated financial statements for the year ended December 31, 2025.

As a result, our management has concluded

that a material weakness existed in the Company’s internal control over financial reporting as of December 31, 2025, and that the

Company’s disclosure controls and procedures were ineffective as of December 31, 2025.

See “Item 9A—Controls and Procedures”

within this Annual Report for a description of these matters.

The Company intends to take steps to remediate this

material weakness, including enhancing its internal controls over the accounting and review of recurring transactions, including insurance

premium financing arrangements.

Specifically, the Company plans to improve its accounting policies and implement a review control as

part of the period-end close process to ensure such transactions are appropriately identified, evaluated, and recorded in accordance

While the Company is committed to remediation, there can be no assurance that these measures will be sufficient.

a discussion of management’s consideration of the material weakness identified related to the accounting for financed insurance

premiums, see “Note 2—Restatement of Previously Issued Financial Statements” to the accompanying consolidated

financial statements, as well as “Item 9A—Controls and Procedures” included in this Annual Report.

We previously identified a material weakness in our

internal control over financial reporting as of and for the year ended December 31, 2023, regarding the calculation of deferred tax assets

and disclosure of income taxes in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Classification

(“ASC”) Topic 740, “Income Taxes.” This misstatement led to a change in accounting for the correction of the

error in calculating the gross deferred tax asset and the offsetting valuation allowance, as well as the omission of certain income tax

However, it did not impact RET’s liquidity, cash flows, or operating costs during the period covered by RET’s

audited consolidated financial statements.

During 2024 and 2025, management implemented remediation measures designed to address this

material weakness, including enhancing internal review procedures and engaging external specialists to assist with the preparation and

review of the income tax provision and related disclosures.

Based on these actions and management’s evaluation of the related controls,

management concluded that such material weakness was remediated as of December 31, 2025.

We cannot assure you that we won’t identify

further material weaknesses or control deficiencies in the future.

Our current and potential future material weaknesses may cause us

to be unable to report our financial results accurately and on a timely basis, which could cause our reported financial results to be

materially misstated and result in the loss of investor confidence and cause the market price of our Class A common stock to decline.

Failure to implement and maintain effective internal controls over financial reporting could also subject the Company to potential delisting

from Nasdaq or any other stock exchange on which our stock is listed or to other regulatory investigations and civil or criminal sanctions.

We also face potential for litigation or other disputes

which may include, among others, claims invoking the federal and state securities laws, contractual claims or other claims arising from

the restatement and material weaknesses in our internal control over financial reporting and the preparation of our financial statements.

As of the date of this Annual Report, we have no knowledge of any such litigation or dispute.

However, we can provide no assurance that

such litigation or dispute will not arise in the future.

Any such litigation or dispute, whether successful or not, could have a material

adverse effect on our business and results of operations and financial condition.

can provide no assurance of the effectiveness and success of AEI technology in increasing precipitation.

applications of AEI technology are still at the early stages of development, and further development and testing will be required to

determine its technical feasibility and commercial viability across different atmospheric conditions and geographies.

While RET has conducted

pilot deployments and has publicly reported preliminary observations and early indications from certain field installations, these observations

are not conclusive and may not be predictive of future performance.

The scientific community continues to evaluate the effectiveness

of various weather modification approaches, and attributing changes in precipitation to any intervention is complex due to the variability

of weather systems, measurement limitations, and the need for statistically rigorous study designs.

Accordingly, there can be no assurance

that AEI technologies, including RET’s platform, will produce statistically significant, repeatable, or commercially viable results.

success will depend on its ability to prove and demonstrate, to potential clients and the broader community, scientific and technological

advances and to translate such advances into commercially competitive products.

Failure can occur at any stage of rain and snowfall generation

development, deployment, measurement, or commercialization.

As RET expands its pilot programs and data collection efforts, results may

vary by location, season, and weather pattern, and the data and results generated may not be as compelling as earlier results in previous

trials done by third parties.

light of the developing and evolving technology involved and the other factors described elsewhere in this Annual Report, there can be

no assurance that RET will be able to successfully complete the development, commercialization or marketing of any new technology or

products which could materially harm its business, results of operations and prospects.

AEI technology is still being evaluated through pilot deployments and ongoing testing, and we face challenges in demonstrating consistent

and repeatable rain and snowfall generation.

If RET cannot successfully overcome those barriers, its business will be negatively impacted

and could fail.

and snowfall generation is a difficult undertaking.

There are significant engineering, technology, operational and climatological challenges

that RET must overcome to deliver consistent results with its platform.

RET remains in an early stage of commercial deployment and faces

significant challenges in further developing and scaling its rain and snowfall generation platform and in producing the necessary technology

and machines in commercial volumes.

While RET has installed and deployed several systems and has reported preliminary observations from

certain field deployments, these results remain subject to further validation and may not be repeatable across different atmospheric

conditions or geographies.

The effectiveness of rain and snowfall generation technologies can vary significantly depending on atmospheric

conditions, geographic factors and other variables that may be beyond the Company’s control.

of the development challenges that could prevent the successful commercialization of RET’s technology include, but are not limited

to, failure to:

find scalable ways to secure real estate to set up and operate trials, secure commercial client engagements, hire key

team members with relevant water expertise, address any and all permitting requirements, establish prototyping scalability and bespoke

supply chains, find adequate construction partners, and grow, create and train a productive sales force.

Additionally, RET may fail to

achieve a high degree of repeat success in rain and snowfall generation, which could lead to a failure to ensure client retention or

to generate sustainable commercial demand for its technology.

RET may also fail to realize the potential of AEI technology or other weather

modification applications that it seeks to develop.

has not demonstrated it can market and sell its AEI technology and faces market barriers to entry that it may not be able to overcome.

rain enhancement ionization technology is not widely adopted or accepted in the market.

RET may face difficulties overcoming skepticism

about its ability to create rain, or creating too much rain, or taking rain away from areas where it could naturally fall.

to educate the market to develop a broader understanding and acceptance of the science underlying the technology, as well as convince

clients that the benefits justify the investment and costs of implementing its technology.

RET faces further challenges to streamline

its go-to-market strategy, integrate its technology with other products and services, build its brand and engender loyalty while improving

the core technology offering.

may not be able to manufacture its technology at the pace, scale and volume needed to generate and meet market demand.

will need to develop the manufacturing process necessary to make AEI technology at scale.

While RET has manufactured and deployed systems

and currently maintains its inventory of certain components and systems, the Company must continue to refine and expand its manufacturing

capabilities to support large scale deployments and future demands.

In the future, RET may evaluate or explore additional manufacturing

approaches, including expanding production capabilities or working with additional manufacturing partners, in order to mitigate potential

supply constraints or manufacturing lead times.

However, such arrangements may not be successfully implemented or may introduce additional

operational, logistical or quality control risks.

RET is not able to effectively manage these manufacturing hurdles in building its technology, RET’s ability to deploy systems and

meet customer demand may be limited.

if RET successfully increases production capacity, if the cost, performance characteristics or other specifications of the AEI technology

fall short of RET’s projections, RET’s business, financial condition and results of operations would be adversely affected.

Additionally,

developing manufacturing techniques to produce the volumes required to achieve forecasted production levels may require significant investment

and capital and could negatively impact margins or profitability in the future.

If RET’s technology fails to achieve a broad advantage

in generating rainfall, its business, financial condition and future prospects may be harmed.

markets for rain and snowfall generation-related products are in nascent stages, and RET may have limited opportunities to license our

technologies or sell its products.

rain and snowfall generation industry is in the early stage of commercializing AEI technology.

Skepticism around the efficacy of the

technology’s ability to enhance rainfall has hindered previous adoption.

success will depend upon its ability to expand, scale its operations, and increase its sales capability, which may take longer or be

more expensive than expected.

Unforeseen issues associated with scaling up and constructing RET’s technology at commercially viable

levels could negatively impact RET’s business, financial condition and results of operations.

RET’s growth is dependent upon

its ability to successfully market and sell AEI technology.

RET does not have experience with the mass distribution and sale of AEI technology.

Its growth and long-term success will depend upon the development of its sales and delivery capabilities.

may be harmed by competing technologies.

markets in which RET operates are rapidly evolving to address increasing global need for reliable access to water, creating additional

investment in competition.

There has been significant improvement in water generation technologies such as desalination and chemical-based

cloudseeding.

As these markets continue to mature and new technologies and competitors enter such markets, RET expects competition to

RET could lose market share and its revenues could decline, thereby affecting its earnings and potential for growth.

In particular,

although RET does not plan to use chemicals in its manufacturing and production process, chemical-based cloudseeding companies may provide

additional competition due to the maturity of chemical-based technology, more established historical operational data, stronger research

groups, demonstrated effects in specific use cases, market acceptance and funding by recognized institutions.

the future, RET’s technologies may also compete with other emerging technologies.

These technologies may be less expensive and

provide higher or additional performance.

Companies with these competing technologies may also have greater resources.

Technological

change could render its technologies obsolete, and new, competitive technologies could emerge that achieve broad adoption and adversely

affect the use of its technologies and intellectual property.

is dependent on its suppliers and manufacturers, and supply chain issues could delay the introduction of RET’s product and negatively

impact its business and operating results.

has not yet entered into relationships with potential suppliers and manufacturers.

However, RET may face delays in the introduction of

its product due to supply chain issues.

The manufacture, installation, production and operation of the AEI technology is expected to

be dependent upon third party suppliers, service providers and networks.

of the following factors (and others) could have an adverse impact on RET’s operations:

inability to enter into agreements with suppliers on commercially reasonable terms, or at

● difficulties

of suppliers ramping up their supply of materials to meet RET’s requirements;

failure to forecast humidity conditions, natural updrafts and realized range for rainfall

enhancement activities;

failure to retain key technical staff;

● introduction

of new regulations limiting or prohibiting weather modification, including the reinterpretation

of existing regulations and/or the issuance of executive orders limiting/prohibiting weather

modification;

significant increase in the price of one or more components, including due to industry consolidation

occurring within one or more component supplier markets or as a result of decreased production

capacity at manufacturers;

reductions or interruption in supply, including disruptions on RET’s global supply

chain as a result of geopolitical conflicts, which RET may in the future experience;

problems of either manufacturers or component suppliers;

● significantly

increased freight charges, or raw material costs and other expenses associated with RET’s

failure to develop its supply chain management capabilities and recruit and retain qualified

professionals;

failure to adequately authorize procurement of inventory by RET’s contract manufacturers;

failure to appropriately cancel, reschedule, or adjust its requirements based on RET’s

business needs;

factors beyond RET’s control or which it does not presently anticipate, could also

affect its suppliers’ ability to deliver components to RET on a timely basis.

any of the aforementioned factors were to materialize, it could cause RET to halt production of its AEI technology and/or entail higher

manufacturing costs, any of which could materially adversely affect RET’s business, operating results, and financial condition

and could materially damage relationships with future clients.

products may not achieve market success, but will still require significant costs to develop.

believes that it must continue to dedicate significant resources to its research and development efforts before knowing whether there

will be market acceptance of its RET rain and snowfall generation technologies.

Furthermore, the performance of these products is uncertain.

RWT’s rainfall generation services could fail to attain sufficient

market acceptance, if at all, for many reasons, including:

pricing and the perceived value of RWT’s platform relative to its cost;

delays in releasing rainfall generation technologies with sufficient performance and scale to the market;

failure to produce products of consistent quality that offer functionality comparable or superior to existing or new products;

ability to produce products fit for their intended purpose;

failures to accurately predict market or client demands;

defects, errors or failures in the design or performance of RWT’s rainfall generation technologies;

negative publicity about the performance or effectiveness of RWT’s technology;

strategic reaction of companies that market competitive products;

the introduction or anticipated introduction of competing technology.

To the extent RWT is unable to effectively develop and market its rainfall

generation technologies to address these challenges and attain market acceptance, its business, operating results and financial condition

may be adversely affected.

RWT intends to make significant investments in new products and

services that may not achieve technological feasibility or profitability or that may limit RWT’s revenue growth.

RWT intends to make significant investments in research, development,

and marketing of new technologies, products and services.

Investments in new technologies are speculative and technological feasibility

may not be achieved.

Commercial success depends on many factors including demand for innovative technology, availability of materials

and equipment, selling price the market is willing to bear, competition and effective licensing or product sales.

RWT may not achieve

significant revenues from new product and service investments for a number of years, if at all.

Moreover, new technologies, products and

services may not be profitable, and even if they are profitable, operating margins for new products and businesses may not be as high

as the margins we have experienced historically or originally anticipated.

RWT may fail to obtain statistically significant results that

demonstrate its ability to enhance rainfall.

RWT intends to create standardized measurement approaches and collect

climatological data in order to demonstrate statistically significant results indicating its ability to successfully achieve rainfall

Its ability to achieve replicable statistically significant results is not yet proven, and failure to do so may affect its

commercial success.

Currently, there is limited research and no historical basis for RWT’s ability to develop, manufacture, and

deliver this technology, as well as on its ability to implement this technology regardless of location.

RWT may also experience increased

costs relating to obtaining, analyzing, and reviewing data that demonstrates statistical significance of this technology in increasing

RWT may not be able to accurately estimate the future supply

and demand for its rainfall generation technology, which could result in a variety of inefficiencies in its business and hinder its ability

to generate revenue.

If RWT fails to accurately predict how clients will adopt its platform, it could incur additional costs or experience

It is difficult to predict RWT’s future revenues and appropriately

budget for its expenses, and RWT may have limited insight into trends that may emerge and affect its business.

RWT anticipates being required

to provide forecasts of its demand to its current and future suppliers prior to the scheduled delivery of products and technology to potential

Currently, there is limited research and no historical basis for making judgments on the demand for rainfall generation technology

or its ability to develop, manufacture, and deliver this technology, or RWT’s profitability, if any, in the future.

If RWT overestimates

client adoption of its platform, its suppliers may have excess inventory, which indirectly would increase RWT’s costs.

If RWT underestimates

its requirements, its suppliers may have inadequate inventory, which could interrupt manufacturing of its products and result in delays

in shipments and revenues.

In addition, lead times for materials and components that RWT’s suppliers order may vary significantly

and depend on factors such as the specific supplier, contract terms and demand for each component at a given time.

If RWT fails to accurately

qualify client adoption curves of its platform in the near- and medium-term period, which may cause failure to order sufficient quantities

of product components in a timely manner, the delivery of its technology to its potential clients could be delayed, which would harm RWT’s

business, financial condition and operating results.

RWT may fail to accurately estimate the size and growth of client

There is no assurance that RWT will be able to ramp its business to

meet client demands about rainfall timing and predictability.

Potential clients may require rapid increases in production on short notice.

RWT may not be able to purchase sufficient supplies or allocate sufficient manufacturing capacity to meet such increases in demand.

client ramp-up in the future and significant increases in demand may strain RWT’s resources or negatively affect its margins.

to satisfy client demand in a timely manner may harm its reputation, reduce its other opportunities, damage its relationships with clients,

reduce revenue growth, and/or cause it to incur contractual penalties.

Failure to grow at rates similar to that of other competitors in

the industry may adversely affect RWT’s operating results and ability to effectively compete within the industry.

RWT may fail to find adequate sites to operate its platform and

RWT’s ability to meet its financial and operating objectives

depends on its ability to find adequate sites to operate its machines and platform, which can be difficult and expensive.

to find adequate sites (including leases) requires compliance with numerous zoning, environmental, and governmental requirements.

the cost of operation, including leases, may become economically unfeasible causing RWT to abandon or cease operations at said site.

ability to find such sites could hinder our financial operating objectives and adversely affect operating results.

RWT may be affected by failures of its clients, both private

and public, to meet their payment obligations.

A failure of RWT’s future clients to meet their payment obligations

may affect its ability to receive payments under its contracts.

In addition to RWT’s potential contracts with private parties, RWT

intends to derive a portion of its revenues directly or indirectly from contracts with federal, state and city agencies, and other governmental

authorities of various countries, in areas relating to, among others, water resiliency, decarbonization, forest fire mitigation, agricultural

and other water infrastructure projects.

The funding of these programs could be reduced or eliminated due to numerous factors beyond RWT’s

control, including lack of funding or budgetary constraints due to current political party views, geopolitical events, sovereign default,

and other macro- or micro-economic conditions.

A reduction or elimination of government spending under RWT’s contracts could cause

a material adverse effect on its business, financial condition, results of operations and cash flow.

RWT’s clients may refuse to pay for rainfall generation

services that directly or indirectly benefit other nearby parties.

RWT expects its offerings to have an expansive

operating range, with rainfall occurring anywhere within an approximately 50-mile radius.

Accordingly, there may be situations where a

party who has not paid for RWT’s technology could still benefit from nearby rain enhancement, particularly since the success of

the technology is linked to specific weather conditions.

It is possible that RWT’s clients may not want and/or fail to meet some

or all of their payment obligations when the rain enhancement did not solely or directly benefit them or the specific area it was intended

This failure to collect payment owed may adversely harm RWT’s business, financial condition and operating results.

RWT’s future success depends in part on recruiting and

retaining key personnel and failure to do so may make it more difficult for us to execute the business strategy.

RWT is dependent upon the continued services of

key personnel, including members of its executive management team.

The loss of any one of these individuals could disrupt our operations

or its strategic plans.

Additionally, RWT’s future success will depend on, among other things, its ability to hire and retain the

necessary qualified sales, marketing and managerial personnel, for whom it competes with numerous other companies, academic institutions

and organizations.

If RWT loses key employees, if it is unable to retain other qualified personnel, or if its management team is not able

to effectively manage it through these events, RWT’s business, financial condition, and results of operations may be adversely affected.

RWT’s operations, projects and prospects will be located

in remote areas, and its production, processing and product delivery will rely on the infrastructure and skilled labor being adequate

and remaining available.

RWT’s success depends to a significant extent on its ability

to attract, hire, and train qualified employees, including its ability to attract employees with the necessary skills in the regions in

which it will operate.

While very technical skills should not be required for basic construction and ongoing maintenance of RWT’s

platform, in order to successfully operate its technology, it will need to hire qualified project managers, engineers, and statisticians

who, respectively, can properly and self-sufficiently maintain and manage its technology suite, evaluate weather data, and have the required

expertise to improve system design and functionality.

RWT could experience increases in its recruiting and training costs and decreases

in its operating efficiency, productivity and profit margins if it is unable to attract, hire and train a sufficient number of skilled

employees to support its operations.

RWT’s business is dependent on the international market

prices of energy and fiberglass, among other materials, which are both cyclical and volatile.

RWT expects that its business and financial performance will be affected

by the market prices of energy needed to power the platform.

Although its cost and energy requirements are expected to be modest on a

per gallon basis, prices of energy have been subject to wide fluctuations and are affected by numerous factors beyond RWT’s control,

including international economic and political conditions, the cyclicality of consumption, actual or perceived changes in levels of supply

and demand, the availability and costs of substitutes, inventory levels maintained by users, actions of participants in the commodities

markets and currency exchange rates.

Current or future semiconductor shortages could also affect production.

In addition, market prices

and supply chain delays in obtaining fiberglass (the key material required for the apparatus design) could potentially inhibit production

System security and data protection breaches, as well as cyber-attacks,

could disrupt RWT’s operations, which may damage RWT’s reputation and adversely affect its business.

In recent years, cyberattacks, including denial-of-service attacks,

ransomware attacks, business email compromises, computer malware, viruses, social engineering (including phishing) and other tactics designed

to gain access to and exploit sensitive information by breaching mission critical systems of large organizations have increased in volume

and sophistication.

RWT’s information technology systems and automated machinery, which it will rely on to operate its business,

could be exposed to such tactics.

RWT may also experience unavailable systems, unauthorized access or disclosure due to employee theft

or misuse, sophisticated nation-state and nation-state supported actors and advanced persistent threat intrusions.

RWT may be unable to

implement adequate preventative measures or stop security breaches while they are occurring, and attackers may sabotage or to obtain unauthorized

access to RWT’s systems, networks, or physical facilities.

Actual or perceived breaches of RWT’s security measures or the

accidental loss, inadvertent disclosure or unapproved dissemination of proprietary information or sensitive or confidential data about

RWT, its partners, its clients or third parties could expose us and the parties affected to a risk of loss or misuse of this information,

resulting in litigation and potential liability, paying damages, regulatory inquiries or actions, damage to the RWT brand and reputation

or other harm to the RWT business.

Additionally, cyberattacks that impacts RWT’s ability to operate its platform could result in

production errors, processing inefficiencies and unscheduled downtime/degradation of operations, in turn causing the loss of sales and

clients, and decreased revenue and increased overhead costs, which could have a material adverse effect on our results of operations.

Unfavorable conditions in RWT’s industry or the global

economy, could limit RWT’s ability to grow its business and negatively affect its results of operations.

RWT’s results of operations may vary based on the impact of changes

in its industry or the global economy on RWT or its potential clients.

Negative conditions in the general economy both in the United States

and abroad, including conditions resulting from changes in gross domestic product growth, financial and credit market fluctuations, international

trade relations, pandemics (such as the COVID-19 pandemic), political turmoil, natural catastrophes, warfare, and terrorist attacks on

the United States or elsewhere, could cause a decrease in business investments, including the progress on development of rainfall generation

technologies, and negatively affect the growth of RWT’s business.

In addition, in challenging economic times, potential future clients

may experience cash flow problems and as a result may modify, delay or cancel plans to purchase RWT’s products and services.

RET’s rain and snowfall generation services could fail to attain sufficient market acceptance, if at all, for many reasons, including:

and the perceived value of RET’s platform relative to its cost;

in releasing rain and snowfall generation technologies with sufficient performance and scale

to the market;

to produce products of consistent quality that offer functionality comparable or superior

to existing or new products;

to produce products fit for their intended purpose;

to accurately predict market or client demands;

errors or failures in the design or performance of RET’s rain and snowfall generation

technologies;

publicity about the performance or effectiveness of RET’s technology;

reaction of companies that market competitive products;

introduction or anticipated introduction of competing technology.

the extent RET is unable to effectively develop and market its rain and snowfall generation technologies to address these challenges

and attain market acceptance, its business, operating results and financial condition may be adversely affected.

intends to make significant investments in new products and services that may not achieve technological feasibility or profitability

or that may limit RET’s revenue growth.

intends to make significant investments in research, development, and marketing of new technologies, products and services.

in new technologies are speculative and technological feasibility may not be achieved.

Commercial success depends on many factors including

demand for innovative technology, availability of materials and equipment, selling price the market is willing to bear, competition and

effective licensing or product sales.

RET may not achieve significant revenues from new product and service investments for a number

of years, if at all.

Moreover, new technologies, products and services may not be profitable, and even if they are profitable, operating

margins for new products and businesses may not be as high as the margins we have experienced historically or originally anticipated.

may fail to obtain statistically significant results that demonstrate its ability to enhance rainfall.

intends to create standardized measurement approaches and collect climatological data in order to demonstrate statistically significant

results indicating its ability to successfully achieve rain and snowfall generation.

Its ability to achieve replicable statistically

significant results is not yet proven, and failure to do so may affect its commercial success.

Currently, there is limited research and

no historical basis for RET’s ability to develop, manufacture, and deliver this technology, as well as on its ability to implement

this technology regardless of location.

RET may also experience increased costs relating to obtaining, analyzing, and reviewing data

that demonstrates statistical significance of this technology in increasing rainfall.

may not be able to accurately estimate the future supply and demand for its AEI technology, which could result in a variety of inefficiencies

in its business and hinder its ability to generate revenue.

If RET fails to accurately predict how clients will adopt its platform, it

could incur additional costs or experience delays.

is difficult to predict RET’s future revenues and appropriately budget for its expenses, and RET may have limited insight into

trends that may emerge and affect its business.

RET anticipates being required to provide forecasts of its demand to its current and

future suppliers prior to the scheduled delivery of products and technology to potential clients.

Currently, there is limited research

and no historical basis for making judgments on the demand for AEI technology or its ability to develop, manufacture, and deliver this

technology, or RET’s profitability, if any, in the future.

If RET overestimates client adoption of its platform, its suppliers

may have excess inventory, which indirectly would increase RET’s costs.

If RET underestimates its requirements, its suppliers may

have inadequate inventory, which could interrupt manufacturing of its products and result in delays in shipments and revenues.

lead times for materials and components that RET’s suppliers order may vary significantly and depend on factors such as the specific

supplier, contract terms and demand for each component at a given time.

If RET fails to accurately qualify client adoption curves of

its platform in the near- and medium-term period, which may cause failure to order sufficient quantities of product components in a timely

manner, the delivery of its technology to its potential clients could be delayed, which would harm RET’s business, financial condition

and operating results.

may fail to accurately estimate the size and growth of client demands.

is no assurance that RET will be able to ramp its business to meet client demands about rainfall timing and predictability.

clients may require rapid increases in production on short notice.

RET may not be able to purchase sufficient supplies or allocate sufficient

manufacturing capacity to meet such increases in demand.

Rapid client ramp-up in the future and significant increases in demand may strain

RET’s resources or negatively affect its margins.

Inability to satisfy client demand in a timely manner may harm its reputation,

reduce its other opportunities, damage its relationships with clients, reduce revenue growth, and/or cause it to incur contractual penalties.

Failure to grow at rates similar to that of other competitors in the industry may adversely affect RET’s operating results and

ability to effectively compete within the industry.

may fail to find adequate sites to operate its platform and machinery.

ability to meet its financial and operating objectives depends on its ability to find adequate sites to operate its machines and platform,

which can be difficult and expensive.

The process to find adequate sites (including leases) requires compliance with numerous zoning,

environmental, and governmental requirements.

Further, the cost of operation, including leases, may become economically unfeasible causing

RET to abandon or cease operations at said site.

RET’s ability to find such sites could hinder our financial operating objectives

and adversely affect operating results.

may be affected by failures of its clients, both private and public, to meet their payment obligations.

failure of RET’s future clients to meet their payment obligations may affect its ability to receive payments under its contracts.

In addition to RET’s potential contracts with private parties, RET intends to derive a portion of its revenues directly or indirectly

from contracts with federal, state and city agencies, and other governmental authorities of various countries, in areas relating to,

among others, water resiliency, decarbonization, forest fire mitigation, agricultural and other water infrastructure projects.

of these programs could be reduced or eliminated due to numerous factors beyond RET’s control, including lack of funding or budgetary

constraints due to current political party views, geopolitical events, sovereign default, and other macro- or micro-economic conditions.

A reduction or elimination of government spending under RET’s contracts could cause a material adverse effect on its business,

financial condition, results of operations and cash flow.

clients may refuse to pay for rain and snowfall generation services that directly or indirectly benefit other nearby parties.

expects its offerings to have an expansive operating range, with rainfall occurring anywhere within an approximately 50-mile radius.

Accordingly, there may be situations where a party who has not paid for RET’s technology could still benefit from nearby rain enhancement,

particularly since the success of the technology is linked to specific weather conditions.

It is possible that RET’s clients may

not want and/or fail to meet some or all of their payment obligations when the rain enhancement did not solely or directly benefit them

or the specific area it was intended to.

This failure to collect payment owed may adversely harm RET’s business, financial condition

and operating results.

future success depends in part on recruiting and retaining key personnel and failure to do so may make it more difficult for us to execute

the business strategy.

is dependent upon the continued services of key personnel, including members of its executive management team.

The loss of any one of

these individuals could disrupt our operations or its strategic plans.

Additionally, RET’s future success will depend on, among

other things, its ability to hire and retain the necessary qualified sales, marketing and managerial personnel, for whom it competes

with numerous other companies, academic institutions and organizations.

If RET loses key employees, if it is unable to retain other qualified

personnel, or if its management team is not able to effectively manage it through these events, RET’s business, financial condition,

and results of operations may be adversely affected.

operations, projects and prospects will be located in remote areas, and its production, processing and product delivery will rely on

the infrastructure and skilled labor being adequate and remaining available.

success depends to a significant extent on its ability to attract, hire, and train qualified employees, including its ability to attract

employees with the necessary skills in the regions in which it will operate.

While very technical skills should not be required for basic

construction and ongoing maintenance of RET’s platform, in order to successfully operate its technology, it will need to hire qualified

project managers, engineers, and statisticians who, respectively, can properly and self-sufficiently maintain and manage its technology

suite, evaluate weather data, and have the required expertise to improve system design and functionality.

RET could experience increases

in its recruiting and training costs and decreases in its operating efficiency, productivity and profit margins if it is unable to attract,

hire and train a sufficient number of skilled employees to support its operations.

business is dependent on the international market prices of energy and fiberglass, among other materials, which are both cyclical and

expects that its business and financial performance will be affected by the market prices of energy needed to power the platform.

its cost and energy requirements are expected to be modest on a per gallon basis, prices of energy have been subject to wide fluctuations

and are affected by numerous factors beyond RET’s control, including international economic and political conditions, the cyclicality

of consumption, actual or perceived changes in levels of supply and demand, the availability and costs of substitutes, inventory levels

maintained by users, actions of participants in the commodities markets and currency exchange rates.

Current or future semiconductor

shortages could also affect production.

In addition, market prices and supply chain delays in obtaining fiberglass (the key material

required for the apparatus design) could potentially inhibit production schedules.

security and data protection breaches, as well as cyber-attacks, could disrupt RET’s operations, which may damage RET’s reputation

and adversely affect its business.

recent years, cyberattacks, including denial-of-service attacks, ransomware attacks, business email compromises, computer malware, viruses,

social engineering (including phishing) and other tactics designed to gain access to and exploit sensitive information by breaching mission

critical systems of large organizations have increased in volume and sophistication.

RET’s information technology systems and automated

machinery, which it will rely on to operate its business, could be exposed to such tactics.

RET may also experience unavailable systems,

unauthorized access or disclosure due to employee theft or misuse, sophisticated nation-state and nation-state supported actors and advanced

persistent threat intrusions.

RET may be unable to implement adequate preventative measures or stop security breaches while they are

occurring, and attackers may sabotage or to obtain unauthorized access to RET’s systems, networks, or physical facilities.

or perceived breaches of RET’s security measures or the accidental loss, inadvertent disclosure or unapproved dissemination of

proprietary information or sensitive or confidential data about RET, its partners, its clients or third parties could expose us and the

parties affected to a risk of loss or misuse of this information, resulting in litigation and potential liability, paying damages, regulatory

inquiries or actions, damage to the RET brand and reputation or other harm to the RET business.

Additionally, cyberattacks that impact

RET’s ability to operate its platform could result in production errors, processing inefficiencies and unscheduled downtime/degradation

of operations, in turn causing the loss of sales and clients, and decreased revenue and increased overhead costs, which could have a

material adverse effect on our results of operations.

conditions in RET’s industry or the global economy, could limit RET’s ability to grow its business and negatively affect

its results of operations.

results of operations may vary based on the impact of changes in its industry or the global economy on RET or its potential clients.

Negative conditions in the general economy both in the United States and abroad, including conditions resulting from changes in gross

domestic product growth, financial and credit market fluctuations, international trade relations, pandemics (such as the COVID-19 pandemic),

political turmoil, natural catastrophes, warfare, and terrorist attacks on the United States or elsewhere, could cause a decrease in

business investments, including the progress on development of rain and snowfall generation technologies, and negatively affect the growth

of RET’s business.

In addition, in challenging economic times, potential future clients may experience cash flow problems and as

a result may modify, delay or cancel plans to purchase RET’s products and services.

Additionally, if RET’s clients are not

successful in generating sufficient revenue or are unable to secure financing, they may not be able to pay, or may delay payment of,

accounts receivable due to RET.

Moreover, RET’s key suppliers may reduce their output or become insolvent, thereby adversely impacting

RET’s ability to manufacture its products.

Furthermore, uncertain economic conditions may make it more difficult for RET to raise

funds through borrowings or private or public sales of debt or equity securities.

RET cannot predict the timing, strength or duration

of any economic slowdown, instability or recovery, generally or within any particular industry.

may invest in or acquire other businesses in the future, which may or may not be complementary to the RET business.

Investing in or acquiring

other businesses will require the devotion of a significant amount of time and resources, may not be successful, and could negatively

impact Holdco’s results of operations, financial condition and liquidity.

of RET and Merger Sub 1 (as the surviving company of the SPAC Merger) are wholly-owned subsidiaries of Holdco.

We intend for the business

of developing, improving, and commercializing AEI technology to continue to be conducted by RET as a subsidiary of Holdco.

the Holdco A&R Articles, Holdco may engage in any and all lawful business for which a business corporation may engage in under the

In the future, Holdco, directly or indirectly, may acquire additional businesses or assets which may or may not be complementary

to the RET business.

The costs of such acquisitions may be substantial, including as a result of professional fees and due diligence

There is no assurance that the time and resources expended on pursuing a particular acquisition will result in a completed transaction,

or that any completed transaction will ultimately be successful.

In addition, Holdco may be unable to identify suitable acquisition or

strategic investment opportunities, or may be unable to obtain any required financing or regulatory approvals, and therefore may be unable

to complete such acquisitions or strategic investments on favorable terms, if at all.

may decide to pursue acquisitions with which its investors may not agree and Holdco cannot assure investors that any acquisition or investment

will be successful or otherwise provide a favorable return on investment.

If Holdco acquires a business or assets that are not complementary

to the RET business, such business or assets may not be able to leverage our existing infrastructure or operational experience, which

may increase the costs and risk associated with such acquisitions, and we may determine in connection with such acquisition or afterward

to separate the ownership of such business or assets from that of RET through a spin-off, split off or otherwise of RET or of such business

addition, acquisitions and the integration thereof will require significant time and resources and place significant demands on Holdco’s

management, as well as on its operational and financial infrastructure.

Risks related to the successful integration of an acquired business

the attention of Holdco management and that of the acquired business;

or linking different accounting and financial reporting systems and systems of internal controls

and, in some instances, implementing new controls and procedures;

computer, technology and other information networks and systems, including enterprise resource

planning systems and billing systems;

● assimilating

personnel, human resources, billing and collections, and other administrative departments

and potentially contrasting corporate cultures;

relationships with or losses of key clients and suppliers of RET’s business or the

acquired business;

● interfering

with, or loss of momentum in, RET’s ongoing business or that of the acquired company;

to retain key personnel;

or cost-overruns in the integration process.

inability to manage its growth through acquisitions, including the integration process, and to realize the anticipated benefits of an

acquisition could have a material adverse effect on its business, financial condition and results of operations.

Relating to the Environment, Health and Safety

efficacy of RET’s machines could be materially adversely affected by changes in weather conditions generally, including variability

and longer-term shifts in climate patterns, as a result of climate change or otherwise.

revenues expected to be generated by RET’s machines are correlated to weather conditions, and the timing and predictability of

its operations are subject to environmental conditions that RET cannot ultimately control.

The technology does not cause rainfall to

be created but is designed to enhance the amount and possibility of rainfall when conditions are appropriate in the atmosphere and when

cloud formation is underway in an approximately 40-mile radius, according to third-party testing, thus this is dependent upon irradiance

and weather conditions generally.

Weather conditions have natural variations from season to season and from year to year and may also

undergo long-term or permanent change because of climate change or other factors.

While RET may try to reduce such risks through studies

of present or historical conditions or modeling of future conditions, projections of rain depend on assumptions about weather patterns,

shading and irradiance, which are inherently uncertain and may not be consistent with actual conditions at the site.

A sustained decline

in suitable weather conditions could lead to a material adverse change in the volume of rain generated, revenues and cash flow.

Additionally,

if RWT’s clients are not successful in generating sufficient revenue or are unable to secure financing, they may not be able to

pay, or may delay payment of, accounts receivable due to RWT.

Moreover, RWT’s key suppliers may reduce their output or become insolvent,

thereby adversely impacting RWT’s ability to manufacture its products.

Furthermore, uncertain economic conditions may make it more

difficult for RWT to raise funds through borrowings or private or public sales of debt or equity securities.

RWT cannot predict the timing,

strength or duration of any economic slowdown, instability or recovery, generally or within any particular industry.

Holdco may invest in or acquire other businesses in the future,

which may or may not be complementary to the RWT business.

Investing in or acquiring other businesses will require the devotion of a significant

amount of time and resources, may not be successful, and could negatively impact Holdco’s results of operations, financial condition

and liquidity.

Following the Closing, each of RWT (as the surviving

entity of the Company Merger) and Merger Sub 1 (as the surviving company of the SPAC Merger) are wholly-owned subsidiaries of Holdco.

We intend for the business of developing, improving, and commercializing ionization rainfall generation technology to continue to be conducted

by RWT as a subsidiary of Holdco.

Under the Holdco A&R Articles, Holdco may engage in any and all

lawful business for which a business corporation may engage in under the MBCA.

In the future, Holdco, directly or indirectly, may acquire

additional businesses or assets which may or may not be complementary to the RWT business.

The costs of such acquisitions may be substantial,

including as a result of professional fees and due diligence efforts.

There is no assurance that the time and resources expended on pursuing

a particular acquisition will result in a completed transaction, or that any completed transaction will ultimately be successful.

Holdco may be unable to identify suitable acquisition or strategic investment opportunities, or may be unable to obtain any required financing

or regulatory approvals, and therefore may be unable to complete such acquisitions or strategic investments on favorable terms, if at

Holdco may decide to pursue acquisitions with which its investors may

not agree and Holdco cannot assure investors that any acquisition or investment will be successful or otherwise provide a favorable return

on investment.

If Holdco acquires a business or assets that are not complementary to the RWT business, such business or assets may not

be able to leverage our existing infrastructure or operational experience, which may increase the costs and risk associated with such

acquisitions, and we may determine in connection with such acquisition or afterward to separate the ownership of such business or assets

from that of RWT through a spin-off, split off or otherwise of RWT or of such business or assets.

In addition, acquisitions and the integration thereof will require

significant time and resources and place significant demands on Holdco’s management, as well as on its operational and financial

infrastructure.

Risks related to the successful integration of an acquired business include:

diverting the attention of Holdco management and that of the acquired business;

merging or linking different accounting and financial reporting systems and systems of internal controls and, in some instances, implementing new controls and procedures;

merging computer, technology and other information networks and systems, including enterprise resource planning systems and billing systems;

assimilating personnel, human resources, billing and collections, and other administrative departments and potentially contrasting corporate cultures;

disrupting relationships with or losses of key clients and suppliers of RWT’s business or the acquired business;

interfering with, or loss of momentum in, RWT’s ongoing business or that of the acquired company;

failure to retain key personnel;

delays or cost-overruns in the integration process.

Holdco’s inability to manage its growth through acquisitions,

including the integration process, and to realize the anticipated benefits of an acquisition could have a material adverse effect on its

business, financial condition and results of operations.

Risks Relating to the Environment, Health and Safety

The efficacy of RWT’s machines could be materially adversely

affected by changes to weather conditions generally, as a result of climate change or otherwise.

The revenues expected to be generated by RWT’s

machines are correlated to weather conditions, and timing and predictability of its operations is subject to environmental conditions

that RWT cannot ultimately control.

The technology does not allow rainfall to be created.

It may enhance the amount and possibility of

rainfall when conditions are appropriate in the atmosphere and when cloud formation is underway in an approximately 40-mile radius, according

to third-party testing, thus this is dependent upon irradiance and weather conditions generally.

Weather conditions have natural variations

from season to season and from year to year and may also undergo long-term or permanent change because of climate change or other factors.

While RWT may try to reduce such risks through studies of present or historical conditions or modeling of future conditions, projections

of rain depend on assumptions about weather patterns, shading and irradiance, which are inherently uncertain and may not be consistent

with actual conditions at the site.

A sustained decline in weather conditions could lead to a material adverse change in the volume of

rain generated, revenues and cash flow.

Additionally, climate change may increase the frequency and severity

of adverse weather conditions, such as tropical storms, wildfires, droughts, floods, hurricanes, tornadoes, ice storms or extreme temperature,

and may have the long-term effect of changing weather patterns, which could result in more frequent and severe disruptions to our technology.

Such disruptions may include, among other things, damage to or destruction of our assets or to assets required for weather generation

or the impaired operation or forced shutdown of these assets.

Furthermore, because RWT’s platform will rely on appropriate

conditions, client satisfaction might be hindered by the factors such as wind speed, wind direction or lack of wind.

If these machines

are unable to produce the levels the client want, demands for RWT’s services may decrease and its business may be adversely affected.

Clients may experience significant financial inputs from insufficient rain increases hindered by the weather.

Clients and others may hold RWT accountable for changing environmental

and/or weather conditions, including challenges resulting from excessive rain.

Changes in rainfall patterns may lead to extreme

weather conditions and unintended consequences, including, but not limited to, excessive rains, increased hail, natural disasters like

mudslides, flooding, changes in rainfall patterns, increased or decreased temperatures, and increased storm frequency and tendency.

RWT does not believe that its product could lead to such extreme environmental conditions as RWT expects to be able to control when the

rain enhancement machines are turned off and on, changes in environmental conditions in the areas in which it operates could have a material

adverse effect on its reputation, which may adversely affect its operations.

The RWT technology has a large target area coverage which

has the potential to generate excess rainfall outside or in extension to desired locations.

Timing of targeted rainfall generation is

also highly variable, meaning that additional rain may occur at inopportune times, for example during the day in tourism-focused areas.

Clients and others dependent on RWT’s services may hold

RWT accountable for any failures to fulfill increased rainfall expectations.

RWT’s future rainfall generation technology may fail to meet

RWT’s projections for increased rainfall for a variety of reasons, including, but not limited to, technological malfunctioning,

regulatory impediments, and operational or financial conditions.

Clients whose projects depend on increased rainfall may hold RWT accountable

for any failures to increase rainfall and the subsequent effect on their respective businesses, such as, a negative return on investments

in agricultural projects dependent on increased rainfall.

RWT may suffer or be exposed to liability or costly litigation from its clients

or others whose dependency on increased rainfall is affected.

In addition, RWT’s reputation may be adversely affected, which may

adversely affect RWT’s operations and financial condition.

ESG issues, including those related to climate change and sustainability,

may have an adverse effect on RWT’s business, financial condition and results of operations and damage our reputation.

There is an increasing focus from certain investors, customers, consumers,

employees and other stakeholders concerning environmental, social, and governance matters (“ESG”).

Additionally, public interest

and legislative pressure related to public companies’ ESG practices continue to grow, particularly as the SEC considers new rulemaking

related to ESG disclosure.

If RWT’s ESG practices fail to meet regulatory requirements or investor, customer, consumer, employee

or other stakeholders’ evolving expectations and standards for responsible corporate citizenship in areas including environmental

stewardship, support for local communities, board of directors and employee diversity, human capital management, employee health and safety

practices, product quality, corporate governance and transparency, its reputation, brand and employee retention may be negatively impacted,

and its clients and suppliers may be unwilling to continue to do business with RWT.

Customers, consumers, investors and other stakeholders are increasingly

focusing on environmental issues, including climate change, dams, energy and water use, and other sustainability concerns.

climate change, in particular, may result in new or increased legal and regulatory requirements to reduce or mitigate impacts to the environment.

If RWT does not adapt to or comply with new regulations, or if it fails

to comply with disclosure requirements and consequently fail to meet evolving regulatory, investor, industry or stakeholder expectations

and concerns regarding ESG issues, investors may reconsider their capital investment in RWT, and customers and consumers may choose to

stop purchasing its products, which could have a material adverse effect on our reputation, business or financial condition.

Political, regulatory and social opposition to our activities

could adversely impact RWT’s business and reputation.

Disputes and protests related to the nature of RWT’s business

may arise from time to time.

In some instances, lobbying by competitive chemical-based cloudseeding and desalination technologies could

slow RWT’s growth and ability to address target markets.

Disagreements or disputes with research group, institutions, and lobbying

groups for competing technology could cause delays or interruptions to RWT’s operations, adversely affect its reputation or otherwise

hamper its ability to conduct our operations.

Certain individuals or groups opposed to ionization rainfall generation

technology may take actions to disrupt RWT’s operations and projects, and they may continue to do so in the future, which may harm

its operations and could adversely affect its business.

Given the variety of rainfall generation approaches, competing claims regarding

the efficacy of each approach may make it difficult to delineate the relative impact each approach has on rainfall generation.

individuals or groups may oppose RWT’s operations by accusing us of unsubstantiated claims regarding environmental pollution and/or

health risks, as well as point to RWT’s shorter operating history to create uncertainty around the statistical significance of the

historical results of its technology.

Social demands and conflicts could have a material adverse effect on RWT’s business and results

of operations and areas in which it operates.

Risks Relating to Intellectual Property & Technology

Existing ionization rainfall generation technologies may largely

be in the public domain and RWT’s competitors could develop and commercialize products similar or identical to RWT’s, and

its ability to successfully commercialize its products may be adversely affected.

Therefore, success of RWT’s business is dependent

on its ability to create and implement new technologies and to obtain and maintain patent protection for such technologies.

As existing ionization rainfall generation technologies are based on

approximately 70 years of technological efforts beginning in the 1950s, the current state-of-the-art of this technology may largely be

in the public domain.

Therefore, RWT’s competitors could develop and commercialize products similar or identical to RWT’s,

and its ability to successfully commercialize its products may be adversely affected, and RWT’s success depends on its ability to

create and implement new or improved ionization rainfall generation technologies that are proprietary to RWT.

RWT will devote significant

climate change may increase the frequency and severity of adverse weather conditions, such as tropical storms, wildfires, droughts, floods,

hurricanes, tornadoes, ice storms or extreme temperature, and may have the long-term effect of changing weather patterns, which could

result in more frequent and severe disruptions to our technology.

Such disruptions may include, among other things, damage to or destruction

of, our assets or to assets required for weather generation or the impaired operation or forced shutdown of these assets.

because RET’s platform will rely on appropriate conditions, client satisfaction might be hindered by factors such as wind speed,

wind direction or lack of wind.

If these machines are unable to produce the levels clients want, then demands for RET’s services

may decrease and its business may be adversely affected.

Clients may experience significant financial impacts from insufficient rain

increases due to weather conditions.

and others may hold RET accountable for changing environmental and/or weather conditions, including challenges resulting from excessive

in rainfall patterns may lead to extreme weather conditions and unintended consequences, including, but not limited to, excessive rains,

increased hail, natural disasters like mudslides, flooding, changes in rainfall patterns, increased or decreased temperatures, and increased

storm frequency and tendency.

While RET does not believe that its product could lead to such extreme environmental conditions as RET

expects to be able to control when the rain enhancement machines are turned off and on, changes in environmental conditions in the areas

in which it operates could have a material adverse effect on its reputation, which may adversely affect its operations.

The RET technology

has a large target area coverage which has the potential to generate excess rainfall outside or in extension to desired locations.

of targeted rain and snowfall generation is also highly variable, meaning that additional rain may occur at inopportune times, for example

during the day in tourism-focused areas.

and others dependent on RET’s services may hold RET accountable for any failures to fulfill increased rainfall expectations.

future AEI technology may fail to meet RET’s projections for increased rainfall for a variety of reasons, including, but not limited

to, technological malfunctioning, regulatory impediments, and operational or financial conditions.

Clients whose projects depend on increased

rainfall may hold RET accountable for any failures to increase rainfall and the subsequent effect on their respective businesses, such

as, a negative return on investments in agricultural projects dependent on increased rainfall.

RET may suffer or be exposed to liability

or costly litigation from its clients or others whose dependency on increased rainfall is affected.

In addition, RET’s reputation

may be adversely affected, which may adversely affect RET’s operations and financial condition.

issues, including those related to climate change and sustainability, may have an adverse effect on RET’s business, financial condition

and results of operations and could damage our reputation.

is an increasing focus from certain investors, customers, consumers, employees and other stakeholders concerning environmental, social,

and governance matters (“ESG”).

Additionally, public interest and legislative pressure related to public companies’

ESG practices continue to grow, and evolving SEC disclosure requirements and enforcement may increase scrutiny of ESG-related statements.

If RET’s ESG practices or disclosures fail to meet regulatory requirements or investor, customer, consumer, employee or other stakeholders’

evolving expectations and standards for responsible corporate citizenship in areas including environmental stewardship, support for local

communities, board of directors and employee diversity, human capital management, employee health and safety practices, product quality,

corporate governance and transparency, its reputation, brand and employee retention may be negatively impacted, and its clients and suppliers

may be unwilling to continue to do business with RET.

consumers, investors and other stakeholders are increasingly focusing on environmental issues, including climate change, dams, energy

and water use, and other sustainability concerns.

Concern over climate change, in particular, may result in new or increased legal and

regulatory requirements to reduce or mitigate impacts to the environment.

RET does not adapt to or comply with new regulations, or if it fails to comply with disclosure requirements and consequently fail to

meet evolving regulatory, investor, industry or stakeholder expectations and concerns regarding ESG issues, investors may reconsider

their capital investment in RET, and customers and consumers may choose to stop purchasing its products, which could have a material

adverse effect on our reputation, business or financial condition.

regulatory and social opposition to our activities could adversely impact RET’s business and reputation.

and protests related to the nature of RET’s business may arise from time to time.

In some instances, lobbying by competitive chemical-based

cloudseeding and desalination technologies could slow RET’s growth and ability to address target markets.

Disagreements or disputes

with research group, institutions, and lobbying groups for competing technology could cause delays or interruptions to RET’s operations,

adversely affect its reputation or otherwise hamper its ability to conduct our operations.

individuals or groups opposed to AEI technology may take actions to disrupt RET’s operations and projects, and they may continue

to do so in the future, which may harm its operations and could adversely affect its business.

Given the variety of rain and snowfall

generation approaches, competing claims regarding the efficacy of each approach may make it difficult to delineate the relative impact

each approach has on rain and snowfall generation.

Certain individuals or groups may oppose RET’s operations by accusing us of

unsubstantiated claims regarding environmental pollution and/or health risks, as well as point to RET’s shorter operating history

to create uncertainty around the statistical significance of the historical results of its technology.

Social demands and conflicts could

have a material adverse effect on RET’s business and results of operations and areas in which it operates.

Relating to Intellectual Property & Technology

AEI technologies may largely be in the public domain and RET’s competitors could develop and commercialize products similar or

identical to RET’s, and its ability to successfully commercialize its products may be adversely affected.

Therefore, success of

RET’s business is dependent on its ability to create and implement new technologies and to obtain and maintain patent protection

for such technologies.

existing AEI technologies are based on approximately 70 years of technological efforts beginning in the 1950s, the current state-of-the-art

of this technology may largely be in the public domain.

Therefore, RET’s competitors could develop and commercialize products similar

or identical to RET’s, and its ability to successfully commercialize its products may be adversely affected, and RET’s success

depends on its ability to create and implement new or improved AEI technologies that are proprietary to RET.

RET will devote significant

resources to developing new technologies and intends to seek patent protection to achieve a competitive advantage.

RWT’s research

and development efforts may require long development cycles and a substantial investment before RWT can determine the commercial viability

RET’s research

and development efforts may require long development cycles and a substantial investment before RET can determine the commercial viability

of any resulting technologies.

Moreover, there is no assurance that RWT can successfully develop, deploy and market new or improved technologies

Moreover, there is no assurance that RET can successfully develop, deploy and market new or improved technologies

in a timely or commercially acceptable fashion or obtain patent protection over such technologies.

Even if RWT is able to obtain patents

Even if RET is able to obtain patents

covering such technologies, it is still uncertain whether these patents will be contested, circumvented, invalidated or limited in scope

in the future.

The rights granted under any issued patents may not provide RWT with meaningful protection or competitive advantages, and

some foreign countries provide significantly less effective patent enforcement than in the United States, particularly in those countries

where RWT’s solutions are likely to be deployed, resulting in significant harm to RWT’s business, financial position, results

The rights granted under any issued patents may not provide RET with meaningful protection or competitive advantages,

and some foreign countries provide significantly less effective patent enforcement than in the United States, particularly in those countries

where RET’s solutions are likely to be deployed, resulting in significant harm to RET’s business, financial position, results

of operations and cash flows.

If RWT fails to protect and enforce its existing and future technology

and intellectual property, its business will suffer.

RWT believes that its success will depend in large part on its ability

to protect its existing and future technology and intellectual property, including its ability to obtain intellectual property protection

in a timely manner, its ability to convince third parties of the applicability of its potential intellectual property rights to its products

and its ability to enforce its intellectual property rights.

RWT intends to achieve the foregoing through a combination of license, development

and non-disclosure agreements and other contractual provisions and patent, trademark, trade secret and copyright laws However, regardless

of RWT’s efforts to protect its future technology and intellectual property, third parties may attempt to copy or otherwise obtain

and use such technology, including through the compromise of RWT’s trade secrets.

Monitoring unauthorized use of RWT’s future

intellectual property may be difficult and costly, and the steps RWT will take to prevent misappropriation may not be sufficient.

enforcement efforts RWT undertakes, including litigation, could be time-consuming and expensive and could divert management’s attention,

which could harm its business, results of operations and financial condition.

In addition, existing intellectual property laws and contractual

remedies may afford less protection than needed to safeguard RWT’s potential intellectual property, as patent, copyright, trademark

and trade secret laws vary significantly throughout the world.

A number of foreign countries do not protect intellectual property rights

to the same extent as do the laws of the United States.

Therefore, RWT’s potential intellectual property rights may not be as strong

or as easily enforced outside of the United States and efforts to protect against the unauthorized use of RWT’s intellectual property

rights, technology and other proprietary rights may be more expensive and difficult outside of the United States.

If RWT fails to adequately

protect its future technology and intellectual property, its licensees and competitors may seek to use its technology and intellectual

property without the payment of license fees and royalties, which could weaken its competitive position, reduce its operating results

and increase the likelihood of costly litigation.

The intellectual property rights of others may prevent RWT from

commercializing its products or developing new technology or entering new markets, and RWT’s business may suffer or be exposed to

liability or costly litigation if third parties assert that RWT violates their intellectual property rights.

RWT’s success depends in part on its ability to commercialize

its products and continually adapt to incorporate new technologies and to expand into markets that may be created by new technologies.

However, RWT may become subject to intellectual property disputes that prevent it from commercializing its products, introducing new technologies

or expanding into new markets.

Therefore, RWT’s success depends, in part, on its ability to develop and commercialize its products

without infringing, misappropriating or otherwise violating the intellectual property rights of third parties.

However, RWT may not be

aware that its products are infringing, misappropriating or otherwise violating third-party intellectual property rights and such third

parties may bring claims alleging such infringement, misappropriation or violation.

For example, there may be issued patents of which

RWT is unaware, held by third parties that, if found to be valid and enforceable, could be alleged to be infringed by RWT’s offerings.

There also may be pending patent applications of which RWT is not aware that may result in issued patents, which could be alleged to be

infringed by RWT’s offerings.

Because patent applications can take years to issue and are often afforded confidentiality for some

period of time there may currently be pending applications, unknown to RWT, that later result in issued patents that could cover RWT’s

future technologies.

Lawsuits can be time-consuming and expensive to resolve, and they divert management’s time and attention.

platform may not be able to withstand any third-party claims against its use.

In addition, many companies have the capability to dedicate

substantially greater resources to enforce their intellectual property rights and to defend claims that may be brought against them.

a patent infringement claim against RWT, RWT may assert, as a defense, that we do not infringe the relevant patent claims, that the patent

is invalid or both.

RWT does not have a large patent portfolio which it could use in counter-claims as part of a defense against infringement.

The strength of RWT’s defenses will depend on the patents asserted, the interpretation of these patents, and its ability to invalidate

the asserted patents.

However, RWT could be unsuccessful in advancing non-infringement and/or invalidity arguments in its defense.

the United States, issued patents enjoy a presumption of validity, and the party challenging the validity of a patent claim must present

clear and convincing evidence of invalidity, which is a high burden of proof.

Conversely, the patent owner need only prove infringement

by a preponderance of the evidence, which is a lower burden of proof.

If a third party is able to obtain an injunction preventing us from

accessing such third-party intellectual property rights, or if RWT cannot modify its technology to make it non-infringing, or license

or develop alternative technology for any infringing aspect of our business, it may be forced to limit or stop sales of its products or

cease business activities related to such intellectual property.

RWT cannot predict the outcome of lawsuits and cannot ensure that the

results of any such actions will not have an adverse effect on its business, financial condition or results of operations.

Any intellectual

property litigation to which RWT might become a party, or for which it is required to provide indemnification, regardless of the merit

of the claim or its defenses, may require RWT to do one or more of the following:

cease selling or using technology that incorporates the intellectual property rights that allegedly infringes, misappropriates or violates the intellectual property of a third party;

make substantial payments for legal fees, settlement payments or other costs or damages;

obtain a license, which may not be available on reasonable terms or at all, to sell or use the relevant technology;

redesign the allegedly infringing technology to avoid infringement, misappropriation or violation, which could be costly, time-consuming or impossible;

rebrand RWT or pursue a different trademark;

indemnify organizations using RWT’s platform or third-party service providers.

Even if the claims do not result in litigation or are resolved in RWT’s

favor, these claims, and the time and resources necessary to resolve them, could divert the resources of its management and harm its business

and operating results.

Moreover, there could be public announcements of the results of hearings, motions or other interim proceedings

or developments and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect

on the price of RWT’s common stock.

The occurrence of infringement claims may grow as the market for our products, services and

technologies grows.

Accordingly, RWT’s exposure to damages resulting from infringement claims could increase and this could further

exhaust its financial and management resources.

Risks Relating to Regulatory and Legal Matters

RWT may be subject to certain federal, state and/or local environmental

and governmental regulations and laws that limit the scope of its marketplace and affect its business, results of operations and financial

Additionally, failure to comply with applicable laws and regulations could subject RWT to liability and negatively affect its

business, results of operations and financial condition.

Certain jurisdictions have codified regulations around cloudseeding

technology that may subject RWT to certain licensing and permitting requirements.

Furthermore, the use of certain materials for seeding

purposes may be subject to governmental regulation.

RWT could be subject to the United Nations Convention on the Prohibition of Military

or Any Other Hostile Use of Environmental Modification Techniques.

This Convention bans hostile weather modifications.

It is yet to be

determined whether ionization rainfall generation technology is considered hostile.

RWT could also face liability with respect to environmental

issues occurring at sites on which it operates as a result of indirect consequences of rainfall generation, and may face costs or liabilities

as a result of its role on sites.

In addition, licensing and permitting requirements, among other potential regulatory restrictions, may

not only limit the scope of RWT’s marketplace, but make it uneconomical for RWT to carry out its business in certain locations,

thus negatively affecting RWT’s financial condition and results of operations.

RWT may also be required to comply with economic and trade sanctions

administered by governments in the areas in which we currently operate, and where we may operate in the future, including the U.S.

(including without limitation regulations administered and enforced by the U.S.

Department of the Treasury’s Office of Foreign Assets

Control (“OFAC”) and the U.S.

Department of State) and the Council of the European Union.

These economic and trade sanctions

prohibit or restrict transactions to or from or dealings with certain specified countries, regions, their governments and, in certain

circumstances, their nationals, and with individuals and entities that are specially-designated, such as individuals and entities included

on OFAC’s List of Specially Designated Nationals.

Any future economic and trade sanctions imposed in jurisdictions where we operate

could negatively impact our business, financial condition, and results of operations.

RWT’s ability to expand in certain locations is subject

to land restriction policies and permits which we may fail to obtain or which may be terminated or not renewed by governmental authorities.

RWT’s business is subject to regulation, including with respect

to acquiring and renewing the required authorizations, permits, concessions and/or licenses from the relevant governmental regulatory

bodies necessary to perform operations in specific, regulated areas.

In order to successfully operate RWT’s technology, it will

need to obtain, or be in the process of obtaining, all material authorizations, permits, concessions and licenses required to conduct

its rainfall generation operations.

It may be difficult to receive the required permits, which may require

RWT’s management team to divert its attention from other aspects of its business, or it may be more capital intensive or a more

time consuming process than expected to receive permits, either of which could increase costs and delay the launch of its products.

if RWT does not comply with the requirements set forth in the permits, RWT could lose the granted permits or not receive them at all.

These authorizations, permits, concessions and licenses are also subject

to RWT’s compliance with conditions imposed and regulations promulgated by the relevant governmental authorities.

While RWT anticipates

that all required authorizations, permits, concessions and environmental licenses or their renewals will be granted as and when sought,

there is no assurance that these items will be granted as a matter of course, and there is no assurance that new conditions will not be

imposed in connection with such renewals.

If RWT were to violate any laws and regulations or the conditions of its concessions, authorizations,

licenses and permits, it may be subjected to substantial fines or sanctions, revocations of operating permits or licenses and possible

closings of certain of its operations.

RWT may also be subject to the potential risk of confiscation or nationalization of its operating

facilities by the governmental authorities of certain countries.

Non-compliance with anti-corruption, anti-bribery, anti-money

laundering, financial and economic sanctions and similar laws can subject RWT to administrative, civil and criminal fines and penalties,

collateral consequences, remedial measures and legal expenses, all of which could materially adversely affect its reputation, business,

financial condition, and results of operations.

RWT will be subject to anti-corruption, anti-bribery, anti-money laundering,

financial and economic sanctions and similar laws and regulations in various jurisdictions in which it conducts or in the future may conduct

activities, including the U.S.

Foreign Corrupt Practices Act (“FCPA”), the U.K.

Bribery Act 2010, and other anti-corruption

laws and regulations.

The FCPA and the U.K.

Bribery Act 2010 prohibits RWT and its officers, directors, employees and business partners

acting on its behalf, including agents, from corruptly offering, promising, authorizing or providing anything of value to a “foreign

official” for the purposes of influencing official decisions or obtaining or retaining business or otherwise obtaining favorable

The FCPA also requires companies to make and keep books, records and accounts that accurately reflect transactions and dispositions

of assets and to maintain a system of adequate internal accounting controls.

Bribery Act also prohibits non-governmental “commercial”

bribery and soliciting or accepting bribes.

A violation of these laws or regulations could adversely affect RWT’s business, results

of operations, financial condition and reputation.

RWT’s policies and procedures designed to ensure compliance with these regulations

may not be sufficient and its directors, officers, employees, representatives, consultants, agents, and business partners could engage

in improper conduct for which we may be held responsible.

Non-compliance with anti-corruption, anti-bribery, anti-money laundering

or financial and economic sanctions laws could subject RWT to whistleblower complaints, adverse media coverage, investigations, and severe

administrative, civil and criminal sanctions, collateral consequences, remedial measures and legal expenses, all of which could materially

RET fails to protect and enforce its existing and future technology and intellectual property, its business will suffer.

believes that its success will depend in large part on its ability to protect its existing and future technology and intellectual property,

including its ability to obtain intellectual property protection in a timely manner, its ability to convince third parties of the applicability

of its potential intellectual property rights to its products and its ability to enforce its intellectual property rights.

to achieve the foregoing through a combination of license, development and non-disclosure agreements and other contractual provisions

and patent, trademark, trade secret and copyright laws However, regardless of RET’s efforts to protect its future technology and

intellectual property, third parties may attempt to copy or otherwise obtain and use such technology, including through the compromise

of RET’s trade secrets.

Monitoring unauthorized use of RET’s future intellectual property may be difficult and costly, and

the steps RET will take to prevent misappropriation may not be sufficient.

Any enforcement efforts RET undertakes, including litigation,

could be time-consuming and expensive and could divert management’s attention, which could harm its business, results of operations

and financial condition.

In addition, existing intellectual property laws and contractual remedies may afford less protection than needed

to safeguard RET’s potential intellectual property, as patent, copyright, trademark and trade secret laws vary significantly throughout

A number of foreign countries do not protect intellectual property rights to the same extent as do the laws of the United

Therefore, RET’s potential intellectual property rights may not be as strong or as easily enforced outside of the United

States and efforts to protect against the unauthorized use of RET’s intellectual property rights, technology and other proprietary

rights may be more expensive and difficult outside of the United States.

If RET fails to adequately protect its future technology and

intellectual property, its licensees and competitors may seek to use its technology and intellectual property without the payment of

license fees and royalties, which could weaken its competitive position, reduce its operating results and increase the likelihood of

costly litigation.

intellectual property rights of others may prevent RET from commercializing its products or developing new technology or entering new

markets, and RET’s business may suffer or be exposed to liability or costly litigation if third parties assert that RET violates

their intellectual property rights.

success depends in part on its ability to commercialize its products and continually adapt to incorporate new technologies and to expand

into markets that may be created by new technologies.

However, RET may become subject to intellectual property disputes that prevent

it from commercializing its products, introducing new technologies or expanding into new markets.

Therefore, RET’s success depends,

in part, on its ability to develop and commercialize its products without infringing, misappropriating or otherwise violating the intellectual

property rights of third parties.

However, RET may not be aware that its products are infringing, misappropriating or otherwise violating

third-party intellectual property rights and such third parties may bring claims alleging such infringement, misappropriation or violation.

For example, there may be issued patents of which RET is unaware, held by third parties that, if found to be valid and enforceable, could

be alleged to be infringed by RET’s offerings.

There also may be pending patent applications of which RET is not aware that may

result in issued patents, which could be alleged to be infringed by RET’s offerings.

Because patent applications can take years

to issue and are often afforded confidentiality for some period of time there may currently be pending applications, unknown to RET,

that later result in issued patents that could cover RET’s future technologies.

Lawsuits can be time-consuming and expensive to

resolve, and they divert management’s time and attention.

RET’s platform may not be able to withstand any third-party claims

against its use.

In addition, many companies have the capability to dedicate substantially greater resources to enforce their intellectual

property rights and to defend claims that may be brought against them.

In a patent infringement claim against RET, RET may assert, as

a defense, that we do not infringe the relevant patent claims, that the patent is invalid or both.

RET does not have a large patent portfolio

which it could use in counter-claims as part of a defense against infringement.

The strength of RET’s defenses will depend on the

patents asserted, the interpretation of these patents, and its ability to invalidate the asserted patents.

However, RET could be unsuccessful

in advancing non-infringement and/or invalidity arguments in its defense.

In the United States, issued patents enjoy a presumption of

validity, and the party challenging the validity of a patent claim must present clear and convincing evidence of invalidity, which is

a high burden of proof.

Conversely, the patent owner need only prove infringement by a preponderance of the evidence, which is a lower

burden of proof.

If a third party is able to obtain an injunction preventing us from accessing such third-party intellectual property

rights, or if RET cannot modify its technology to make it non-infringing, or license or develop alternative technology for any infringing

aspect of our business, it may be forced to limit or stop sales of its products or cease business activities related to such intellectual

RET cannot predict the outcome of lawsuits and cannot ensure that the results of any such actions will not have an adverse

effect on its business, financial condition or results of operations.

Any intellectual property litigation to which RET might become

a party, or for which it is required to provide indemnification, regardless of the merit of the claim or its defenses, may require RET

to do one or more of the following:

selling or using technology that incorporates the intellectual property rights that allegedly

infringes, misappropriates or violates the intellectual property of a third party;

substantial payments for legal fees, settlement payments or other costs or damages;

a license, which may not be available on reasonable terms or at all, to sell or use the relevant

the allegedly infringing technology to avoid infringement, misappropriation or violation,

which could be costly, time-consuming or impossible;

RET or pursue a different trademark;

organizations using RET’s platform or third-party service providers.

if the claims do not result in litigation or are resolved in RET’s favor, these claims, and the time and resources necessary to

resolve them, could divert the resources of its management and harm its business and operating results.

Moreover, there could be public

announcements of the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors

perceive these results to be negative, it could have a substantial adverse effect on the price of RET’s common stock.

The occurrence

of infringement claims may grow as the market for our products, services and technologies grows.

Accordingly, RET’s exposure to

damages resulting from infringement claims could increase and this could further exhaust its financial and management resources.

we are unable to develop, access or effectively integrate artificial intelligence (“AI”) and advanced analytics capabilities

in the future, or if we face increased costs, regulatory scrutiny or cybersecurity risks associated with AI, our competitiveness, operations

and prospects could be adversely affected.

currently do not have developed or deployed AI for rainfall predictability, targeting or operational decision-making, and any future

use of AI would require significant investment, access to high-quality data, specialized personnel, third-party tools and infrastructure,

and extensive testing and validation.

Competitors or potential partners may develop or deploy AI-enabled forecasting, measurement, automation

or optimization capabilities more quickly or effectively than we do, which could reduce demand for our services, increase pricing pressure,

or limit our ability to differentiate our offerings.

we pursue AI-related initiatives in the future, we may experience operational risks, including model or data errors, limitations in predictive

performance, integration challenges with hardware and software controls, and difficulties establishing appropriate governance, documentation

and internal controls.

addition, AI-related laws, regulations and standards are rapidly evolving in the United States and internationally and may impose new

compliance obligations, require additional disclosures, restrict certain uses of data, or increase the risk of investigations, enforcement

actions, litigation or reputational harm, including scrutiny of public statements regarding AI capabilities.

initiatives may also increase our cybersecurity and data protection risks.

The use of third-party AI tools or cloud-based services, the

collection and processing of weather and operational data, and the potential for adversarial attacks, data poisoning, model theft, or

unauthorized access could expose us to business interruption, loss of proprietary information, regulatory inquiries, contractual liability,

and reputational damage.

Any of these risks could materially adversely affect our business, financial condition and results of operations.

Relating to Regulatory and Legal Matters

may be subject to certain federal, state and/or local environmental and governmental regulations and laws that limit the scope of its

marketplace and affect its business, results of operations and financial condition.

Additionally, failure to comply with applicable laws

and regulations could subject RET to liability and negatively affect its business, results of operations and financial condition.

jurisdictions have codified regulations around cloudseeding technology that may subject RET to certain licensing and permitting requirements.

Furthermore, the use of certain materials for seeding purposes may be subject to governmental regulation.

RET could be subject to the

United Nations Convention on the Prohibition of Military or Any Other Hostile Use of Environmental Modification Techniques.

This Convention

bans hostile weather modifications.

It is yet to be determined whether AEI technology is considered hostile.

RET could also face liability

with respect to environmental issues occurring at sites on which it operates as a result of indirect consequences of rain and snowfall

generation, and may face costs or liabilities as a result of its role on sites.

In addition, licensing and permitting requirements, among

other potential regulatory restrictions, may not only limit the scope of RET’s marketplace, but make it uneconomical for RET to

carry out its business in certain locations, thus negatively affecting RET’s financial condition and results of operations.

may also be required to comply with economic and trade sanctions administered by governments in the areas in which we currently operate,

and where we may operate in the future, including the U.S.

government (including without limitation regulations administered and enforced

Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the U.S.

Department of State)

and the Council of the European Union.

These economic and trade sanctions prohibit or restrict transactions to or from or dealings with

certain specified countries, regions, their governments and, in certain circumstances, their nationals, and with individuals and entities

that are specially-designated, such as individuals and entities included on OFAC’s List of Specially Designated Nationals.

future economic and trade sanctions imposed in jurisdictions where we operate could negatively impact our business, financial condition,

and results of operations.

ability to expand in certain locations is subject to land restriction policies and permits which we may fail to obtain or which may be

terminated or not renewed by governmental authorities.

business is subject to regulation, including with respect to acquiring and renewing the required authorizations, permits, concessions

and/or licenses from the relevant governmental regulatory bodies necessary to perform operations in specific, regulated areas.

to successfully operate RET’s technology, it will need to obtain, or be in the process of obtaining, all material authorizations,

permits, concessions and licenses required to conduct its rain and snowfall generation operations.

may be difficult to receive the required permits, which may require RET’s management team to divert its attention from other aspects

of its business, or it may be more capital intensive or a more time consuming process than expected to receive permits, either of which

could increase costs and delay the launch of its products.

Furthermore, if RET does not comply with the requirements set forth in the

permits, RET could lose the granted permits or not receive them at all.

authorizations, permits, concessions and licenses are also subject to RET’s compliance with conditions imposed and regulations

promulgated by the relevant governmental authorities.

While RET anticipates that all required authorizations, permits, concessions and

environmental licenses or their renewals will be granted as and when sought, there is no assurance that these items will be granted as

a matter of course, and there is no assurance that new conditions will not be imposed in connection with such renewals.

If RET were to

violate any laws and regulations or the conditions of its concessions, authorizations, licenses and permits, it may be subjected to substantial

fines or sanctions, revocations of operating permits or licenses and possible closings of certain of its operations.

RET may also be

subject to the potential risk of confiscation or nationalization of its operating facilities by the governmental authorities of certain

Non-compliance

with anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws can subject RET to administrative,

civil and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could materially

adversely affect its reputation, business, financial condition, and results of operations.

Risks Relating to Ownership of Holdco Securities

Unless the context otherwise requires, references in this subsection

“— Risks Relating to Ownership of Holdco Securities” to “we”, “us”, and “our” generally

refer to Holdco.

There can be no assurance that Holdco will be able to comply

with the continued listing rules of Nasdaq.

Holdco’s Class A Common Stock and Warrants are currently listed

To maintain the listing of our Class A Common Stock and Warrants on Nasdaq, we must satisfy minimum financial and other continued

listing requirements and standards, including those related to the closing price of our Common Stock and Warrants.

On February 18, 2025,

Holdco received written notice (the “MVLS Notice”) from the Listing Qualifications Staff (“Staff”) of the Nasdaq

which notified us that, for the 30 consecutive business days ended February 14, 2025, our market value of listed securities (“MVLS”)

closed below the $50,000,000 MVLS threshold required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A)

(the “MVLS Rule”).

In accordance with Nasdaq Listing Rule 5810(c)(3)(C), we have been

provided an initial period of 180 calendar days, or until August 18, 2025 (the “MVLS Compliance Period”), by which we have

to regain compliance with the MVLS Rule.

To regain compliance, Holdco’s MVLS must close at or above $50,000,000 for a minimum of

ten consecutive business days during the MVLS Compliance Period.

The MVLS Notice further notes that if Holdco is unable to satisfy the

MVLS requirement prior to such date, we may be eligible to transfer the listing of its securities to The Nasdaq Capital Market (provided

that we then satisfies the requirements for continued listing on that market).

If Holdco does not regain compliance by the end of the MVLS Compliance

Period, Nasdaq staff will provide written notice to us that our securities are subject to delisting.

At that time, Holdco may appeal any

such delisting determination to a hearings panel.

Also on February 18, 2025, Holdco received written notice (the “MVPHS

Notice”) from the Staff that for the 30 consecutive business days ended February 14, 2025, our market value of publicly held shares

(“MVPHS”) closed below the $15,000,000 MVPHS threshold required for continued listing on Nasdaq under Nasdaq Listing Rule

5450(b)(2)C) (the “MVPHS Rule”).

In accordance with Nasdaq Listing Rule 5810(c)(3)(D), we have been

provided an initial period of 180 calendar days, or until August 18, 2025 (the “MVLS Compliance Period”), by which we have

to regain compliance with the MVPHS Rule.

To regain compliance, the Company’s MVPHS must close at or above $15,000,000 for a minimum

of ten consecutive business days during the MVPHS Compliance Period.

The MVPHS Notice further notes that if Holdco is unable to satisfy

the MVPHS requirement prior to such date, we may be eligible to transfer the listing of its securities to The Nasdaq Capital Market (provided

that Holdco then satisfies the requirements for continued listing on that market).

If Holdco does not regain compliance by the end of the MVPHS Compliance

Period, Nasdaq staff will provide written notice to us that our securities are subject to delisting.

At that time, Holdco may appeal any

such delisting determination to a hearings panel.

There can be no assurance that Holdco will regain and maintain compliance

with the MVLS Rule and MVPHS Rule and the other listing requirements of the Nasdaq, or that it will not be delisted.

If we are not able

stay in compliance with the relevant MVLS Rule and MVPHS Rule, there is a risk that our Common Stock and Warrants may be delisted from

If Nasdaq delists the Class A Common Stock or Warrants from trading

on its exchange for failure to meet its listing rules, Holdco and its shareholders could face significant material adverse consequences

a limited availability of market quotations for our securities;

reduced liquidity for our securities;

a determination that shares of Class A Common Stock is a “penny stock” which will require brokers trading in shares of Class A Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;

a limited amount of news and analyst coverage;

a decreased ability to issue additional securities or obtain additional financing in the future.

The National Securities Markets Improvement Act of 1996, which is a

federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered

securities.” The Class A Common Stock and Warrants are covered securities because they are listed on Nasdaq.

Although the states

are preempted from regulating the sale of covered securities, the federal statute does allow the states to investigate companies if there

is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities

in a particular case.

If Holdco’s securities are no longer listed on Nasdaq, such securities would not qualify as covered securities

and Holdco would be subject to regulation in each state in which it offers its securities.

An active trading market for Class A Common Stock may not develop

or be sustained and the share price of the Class A Common Stock may be volatile.

Holdco cannot guarantee that an active trading market for the Common

Stock will develop or be sustained, nor can Holdco predict the prices at which its common shares may trade after the Business Combination.

If a public trading market does develop for the Class A Common Stock,

its market price is likely to be highly volatile and could fluctuate widely in price in response to various factors, many of which are

beyond our control, including the following:

the concentration of the ownership of our shares by a limited number of affiliated stockholders may limit interest in our securities;

limited “public float” with a small number of persons whose sales or lack of sales could result in positive or negative pricing pressure on the market price for the Class A Common Stock;

additions or departures of key personnel;

loss of a strategic relationship;

variations in operating results from the expectations of securities analysts or investors;

announcements of new products or services by us or our competitors;

reductions in the market share of our products;

announcements by us or our competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;

investor perception of our industry or prospects;

insider selling or buying;

investors entering into short sale contracts;

regulatory developments affecting our industry;

changes in our industry;

competitive pricing pressures;

our ability to obtain working capital financing;

sales of the Class A Common Stock;

our ability to execute our business plan;

operating results that fall below expectations;

revisions in securities analysts’ estimates or reductions in security analysts’ coverage;

economic and other external factors.

Many of these factors are beyond our control and may decrease the market

price of the Class A Common Stock, regardless of our operating performance.

We cannot make any predictions or projections as to what the

prevailing market price for the Class A Common Stock will be at any time, including as to whether the Class A Common Stock will sustain

current market prices, or as to what effect that the sale of shares or the availability of the Class A Common Stock for sale at any time

will have on the prevailing market price.

In addition, the securities markets have from time-to-time experienced

significant price and volume fluctuations that are unrelated to the operating performance of particular companies.

These market fluctuations

may also materially and adversely affect the market price of the Class A Common Stock.

If the benefits of the Business Combination do not meet the expectations

of investors or securities analysts, the market price of the Class A Common Stock may decline.

If the benefits of the Business Combination do not meet the expectations

of investors or securities analysts, the market price of the Class A Common Stock may decline.

Fluctuations in the price of Class A Common Stock could contribute

to the loss of all or part of your investment.

The trading price of Class A Common Stock following the Business Combination could be volatile

and subject to wide fluctuations in response to various factors, some of which are beyond Holdco’s control.

Broad market and industry

factors may materially harm the market price of Class A Common Stock irrespective of Holdco’s operating performance.

The stock market

in general, and Nasdaq specifically, has experienced extreme volatility that has often been unrelated to the operating performance of

particular companies.

As a result of this volatility, you may not be able to sell your securities at or above the price at which they

were acquired.

A loss of investor confidence in the market for the stocks of other companies which investors perceive to be similar to

Holdco could depress Holdco’s share price regardless of Holdco’s business, prospects, financial conditions or results of operations.

A decline in the market price of Holdco’s securities also could adversely affect Holdco’s ability to issue additional securities

and Holdco’s ability to obtain additional financing in the future.

Inflationary pressures, increases in interest rates and other adverse

economic and market forces may contribute to potential downward pressures in market value of the Class A Common Stock.

Additionally, any

of the risk factors discussed in this Annual Report could have a material adverse effect on your investment in Class A Common Stock may

trade at prices significantly below the price you paid for them.

In such circumstances, the trading price of Class A Common Stock may

not recover and may experience a further decline.

The RWT Founders have substantial control over Holdco, which

could limit other shareholders’ ability to influence corporate matters and could delay or prevent a change in corporate control.

The RWT Founders collectively own approximately 57.67% of the outstanding

will be subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws and regulations

in various jurisdictions in which it conducts or in the future may conduct activities, including the U.S.

Foreign Corrupt Practices Act

(“FCPA”), the U.K.

Bribery Act 2010, and other anti-corruption laws and regulations.

The FCPA and the U.K.

Bribery Act 2010

prohibits RET and its officers, directors, employees and business partners acting on its behalf, including agents, from corruptly offering,

promising, authorizing or providing anything of value to a “foreign official” for the purposes of influencing official decisions

or obtaining or retaining business or otherwise obtaining favorable treatment.

The FCPA also requires companies to make and keep books,

records and accounts that accurately reflect transactions and dispositions of assets and to maintain a system of adequate internal accounting

Bribery Act also prohibits non-governmental “commercial” bribery and soliciting or accepting bribes.

violation of these laws or regulations could adversely affect RET’s business, results of operations, financial condition and reputation.

RET’s policies and procedures designed to ensure compliance with these regulations may not be sufficient and its directors, officers,

employees, representatives, consultants, agents, and business partners could engage in improper conduct for which we may be held responsible.

Non-compliance

with anti-corruption, anti-bribery, anti-money laundering or financial and economic sanctions laws could subject RET to whistleblower

complaints, adverse media coverage, investigations, and severe administrative, civil and criminal sanctions, collateral consequences,

remedial measures and legal expenses, all of which could materially adversely affect its reputation, business, financial condition, and

results of operations.

Relating to Ownership of Holdco Securities

the context otherwise requires, references in this subsection “— Risks Relating to Ownership of Holdco Securities”

to “we”, “us”, and “our” generally refer to Holdco.

can be no assurance that Holdco will be able to comply with the continued listing rules of Nasdaq.

Class A Common Stock and Warrants are currently listed on Nasdaq.

To maintain the listing of our Class A Common Stock and Warrants on

Nasdaq, we must satisfy minimum financial and other continued listing requirements and standards, including those related to the closing

price of our Common Stock and Warrants.

February 18, 2025, Holdco received written notice (the “MVLS Notice”) from the Listing Qualifications Staff (“Staff”)

of the Nasdaq which notified us that, for the 30 consecutive business days ended February 14, 2025, our market value of listed securities

(“MVLS”) closed below the $50,000,000 MVLS threshold required for continued listing on the Nasdaq Global Market under Nasdaq

Listing Rule 5450(b)(2)(A) (the “MVLS Rule”).

Also on February 18, 2025, we received the MVPHS Notice from Nasdaq that for

the 30 consecutive business days ended February 14, 2025, our MVPHS closed below the $15,000,000 MVPHS threshold required for continued

listing on Nasdaq under Nasdaq Listing Rule 5450(b)(2)C).

August 19, 2025, the Company received a notice (the “Notice”) from the Staff indicating that the Company had not regained

compliance with either the MVLS Rule or the MVPHS Rule and, unless the Company timely requests a hearing before the Nasdaq Hearings Panel

(the “Panel”), the Company’s securities would be subject to suspension and delisting from The Nasdaq Global Market

at the opening of business on August 28, 2025.

Company submitted its timely request for a hearing before the Panel on August 21, 2025, to request additional time to regain compliance

with the MVLS Rule and the MVPHS Rule.

As part of the compliance plan submitted to the Panel, the Company requested a transfer of its

listing from the Nasdaq Global Market to the Nasdaq Capital Market.

A hearing before the Panel was held on September 18, 2025 and

on October 14, 2025, the Panel granted the Company’s request for continued listing on Nasdaq, subject to the Company’s application

to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market on or before October 20, 2025, and its demonstration

of compliance with all listing rules of the Nasdaq Capital Market on or before October 31, 2025.

The Company applied for listing on the Nasdaq

Capital Market and demonstrated compliance with all of the listing rules of the Nasdaq Capital Market, and Nasdaq approved the listing

of the Company’s securities on the Nasdaq Capital Market.

In connection with the approval of the Company’s application, the

listing qualifications staff of Nasdaq indicated that the Company’s previously disclosed deficiencies were cured.

February 18, 2026, the Company received an additional notice from the Listing Qualifications Staff of Nasdaq indicating that, for the

30 consecutive business days ended February 14, 2026, the Company’s market value of listed securities had again fallen below the

minimum $35,000,000 requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2).

In accordance

with Nasdaq rules, the Company has been provided a compliance period of 180 calendar days, or until August 17, 2026, to regain compliance

with this requirement.

There can be no assurance that the Company will be able to regain compliance with the applicable Nasdaq listing

standards within the compliance period or maintain compliance thereafter.

Nasdaq delists the Class A Common Stock or Warrants from trading on its exchange for failure to meet its listing rules, Holdco and its

shareholders could face significant material adverse consequences including:

limited availability of market quotations for our securities;

liquidity for our securities;

determination that shares of Class A Common Stock are “penny stock” which will

require brokers trading in shares of Class A Common Stock to adhere to more stringent rules

and possibly result in a reduced level of trading activity in the secondary trading market

for our securities;

limited amount of news and analyst coverage;

decreased ability to issue additional securities or obtain additional financing in the future.

National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the

sale of certain securities, which are referred to as “covered securities.” The Class A Common Stock and Warrants are covered

securities because they are listed on Nasdaq.

Although the states are preempted from regulating the sale of covered securities, the federal

statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity,

then the states can regulate or bar the sale of covered securities in a particular case.

If Holdco’s securities are no longer listed

on Nasdaq, such securities would not qualify as covered securities and Holdco would be subject to regulation in each state in which it

offers its securities.

active trading market for Class A Common Stock may not develop or be sustained and the share price of the Class A Common Stock may be

cannot guarantee that an active trading market for the Common Stock will develop or be sustained, nor can Holdco predict the prices at

which its common shares may trade from time to time.

a public trading market does develop for the Class A Common Stock, its market price is likely to be highly volatile and could fluctuate

widely in price in response to various factors, many of which are beyond our control, including the following:

concentration of the ownership of our shares by a limited number of affiliated stockholders

may limit interest in our securities;

“public float” with a small number of persons whose sales or lack of sales could

result in positive or negative pricing pressure on the market price for the Class A Common

or departures of key personnel;

of a strategic relationship;

in operating results from the expectations of securities analysts or investors;

● announcements

of new products or services by us or our competitors;

in the market share of our products;

● announcements

by us or our competitors of significant acquisitions, strategic partnerships, joint ventures

or capital commitments;

perception of our industry or prospects;

selling or buying;

entering into short sale contracts;

developments affecting our industry;

in our industry;

● competitive

pricing pressures;

ability to obtain working capital financing;

of the Class A Common Stock;

ability to execute our business plan;

results that fall below expectations;

in securities analysts’ estimates or reductions in security analysts’ coverage;

ability to regain compliance with Nasdaq listing requirements within any applicable compliance

ability to maintain compliance with Nasdaq’s continued listing standards;

and other external factors.

of these factors are beyond our control and may decrease the market price of the Class A Common Stock, regardless of our operating performance.

We cannot make any predictions or projections as to what the prevailing market price for the Class A Common Stock will be at any time,

including as to whether the Class A Common Stock will sustain current market prices, or as to what effect that the sale of shares or

the availability of the Class A Common Stock for sale at any time will have on the prevailing market price.

addition, the securities markets have from time-to-time experienced significant price and volume fluctuations that are unrelated to the

operating performance of particular companies.

These market fluctuations may also materially and adversely affect the market price of

the Class A Common Stock.

the benefits of the Business Combination do not meet the expectations of investors or securities analysts, the market price of the Class

A Common Stock may decline.

the benefits of the Business Combination do not meet the expectations of investors or securities analysts, the market price of the Class

A Common Stock may decline.

in the price of Class A Common Stock could contribute to the loss of all or part of your investment.

The trading price of Class A Common

Stock following the Business Combination could be volatile and subject to wide fluctuations in response to various factors, some of which

are beyond Holdco’s control.

Broad market and industry factors may materially harm the market price of Class A Common Stock irrespective

of Holdco’s operating performance.

The stock market in general, and Nasdaq specifically, has experienced extreme volatility that

has often been unrelated to the operating performance of particular companies.

As a result of this volatility, you may not be able to

sell your securities at or above the price at which they were acquired.

A loss of investor confidence in the market for the stocks of

other companies which investors perceive to be similar to Holdco could depress Holdco’s share price regardless of Holdco’s

business, prospects, financial conditions or results of operations.

A decline in the market price of Holdco’s securities also could

adversely affect Holdco’s ability to issue additional securities and Holdco’s ability to obtain additional financing in the

pressures, increases in interest rates and other adverse economic and market forces may contribute to potential downward pressures in

market value of the Class A Common Stock.

Additionally, any of the risk factors discussed in this Annual Report could have a material

adverse effect on your investment in Class A Common Stock may trade at prices significantly below the price you paid for them.

circumstances, the trading price of Class A Common Stock may not recover and may experience a further decline.

RET Founders have substantial control over Holdco, which could limit other shareholders’ ability to influence corporate matters

and could delay or prevent a change in corporate control.

You, Paul Dacier and Niccolo de Masi (together, the “RET Founders”) collectively own approximately 42.30% of the outstanding

Common Stock and approximately 47.48% of the voting power of the Common Stock (assuming no exercise of any Warrants or Options).

the RWT Founders have no agreement to act together with respect to voting or investment decisions in their RWT shares, if they were to

the RET Founders have no agreement to act together with respect to voting or investment decisions in their RET shares, if they were to

act together, they would be able to influence Holdco’s management and affairs and control the outcome of matters submitted to our

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all of our assets.

Further, the RWT Founders hold an aggregate of 57,752 shares of Class

B Common Stock, representing all issued and outstanding shares of Class B Common Stock.

The Class B Common Stock has fifteen votes per

share, and the Class A Common Stock, which is the class of stock held by public shareholders, has one vote per share.

Pursuant to the

Holdco A&R Articles, the RWT Founders as the sole initial holders of Class B Common Stock will have rights that are different from

unaffiliated shareholders for so long as the RWT Founders or their permitted transferees collectively beneficially own more than 20% of

the number of shares of Class B Common Stock collectively held by them as of the Closing.

Such rights include the right to fill vacancies

on Holdco’s board of directors (the “Board”), to call special meetings of shareholders, to take action by written consent

of the shareholders, and that amendments to the Holdco A&R Articles will require the affirmative vote of a majority of the shares

of Common Stock entitled to vote in lieu of two-thirds of the shares of Common Stock entitled to vote on the matter.

Future transfers

by holders of Class B Common Stock will generally result in those shares converting to Class A Common Stock, subject to limited exceptions,

such as certain transfers effected for estate planning or charitable purposes.

Further, the Class B Common Stock will automatically convert

into Class A Common Stock on the date that is 5 years after the Closing Date, or earlier in certain circumstances, including if the initial

holders thereof collectively cease to beneficially own at least twenty percent (20%) of the number of shares of Common Stock held by them

on the Closing Date, as more fully set forth in the Holdco A&R Articles.

The RWT Founders may have interests, with respect to their Common Stock

which are different from those of unaffiliated shareholders and the concentration of voting power among one or more of these stockholders

may have an adverse effect on the trading price of the Class A Common Stock.

In addition, this concentration of ownership might adversely affect

the market price of the Class A Common Stock by:

(1) delaying, deferring or preventing a change of control;

(2) impeding a merger, consolidation,

takeover or other Business Combination involving Holdco;

or (3) discouraging a potential acquirer from making a tender offer or otherwise

attempting to obtain control of Holdco.

The Dual Class Structure may have the effect of concentrating

voting control with the holders of Class B Common Stock.

Holdco has a dual class stock structure in which

shares of Class A Common Stock each have one vote per share and shares of Class B Common Stock have fifteen votes per share.

after giving effect to the Business Combination, there were 7,471,678 shares of Class A Common Stock outstanding (7,528,761 shares after

giving effect to the additional PIPE closings on January 29, 2025 and February 6, 2025), 57,752 shares of Class B Common Stock outstanding,

5,000,000 shares of Class A Common Stock issuable upon the exercise of outstanding Warrants, and 2,150,838 shares of Class A Common Stock

issuable upon the exercise of outstanding Options.

Class B Common Stock is exclusively held by the RWT Founders, which moderately increases

their voting control.

See “ Risk Factors — The RWT Founders have substantial control over Holdco, which

could limit other shareholders’ ability to influence corporate matters and could delay or prevent a change in corporate control.

Further, Holdco has the ability to issue additional shares of Class

B Common Stock without your consent.

If additional shares of Class B Common Stock are issued in a financing or other transaction, whether

to the RWT Founders or to third parties, such shares would give the holder increased voting power as compared to shares of Class A Common

The requirements of being a public company may strain Holdco’s

resources and distract management and we will incur substantial costs as a result of being a public company.

Holdco is subject to the reporting requirements of the Exchange

Act, the Sarbanes-Oxley Act, and the Securities Act.

the RET Founders hold an aggregate of 57,752 shares of Class B Common Stock, representing all issued and outstanding shares of Class

B Common Stock.

The Class B Common Stock has fifteen votes per share, and the Class A Common Stock, which is the class of stock held

by public shareholders, has one vote per share.

Pursuant to the Holdco A&R Articles, the RET Founders as the sole initial holders

of Class B Common Stock will have rights that are different from unaffiliated shareholders for so long as the RET Founders or their permitted

transferees collectively beneficially own more than 20% of the number of shares of Class B Common Stock collectively held by them as

of the Closing.

Such rights include the right to fill vacancies on Holdco’s Board, to call special meetings of shareholders, to

take action by written consent of the shareholders, and that amendments to the Holdco A&R Articles will require the affirmative vote

of a majority of the shares of Common Stock entitled to vote in lieu of two-thirds of the shares of Common Stock entitled to vote on

Future transfers by holders of Class B Common Stock will generally result in those shares converting to Class A Common Stock,

subject to limited exceptions, such as certain transfers effected for estate planning or charitable purposes.

Further, the Class B Common

Stock will automatically convert into Class A Common Stock on the date that is 5 years after the Closing Date, or earlier in certain

circumstances, including if the initial holders thereof collectively cease to beneficially own at least twenty percent (20%) of the number

of shares of Common Stock held by them on the Closing Date, as more fully set forth in the Holdco A&R Articles.

RET Founders may have interests, with respect to their Common Stock which are different from those of unaffiliated shareholders and the

concentration of voting power among one or more of these stockholders may have an adverse effect on the trading price of the Class A

Common Stock.

addition, this concentration of ownership might adversely affect the market price of the Class A Common Stock by:

(1) delaying, deferring

or preventing a change of control;

(2) impeding a merger, consolidation, takeover or other Business Combination involving Holdco;

(3) discouraging a potential acquirer from making a tender offer or otherwise attempting to obtain control of Holdco.

The dual class structure may have the effect

of concentrating voting control with the holders of Class B Common Stock.

has a dual class stock structure in which shares of Class A Common Stock each have one vote per share and shares of Class B Common Stock

have fifteen votes per share.

As of March 31, 2026, there were 8,131,081 shares of the registrant’s Class A common stock, par value

$0.0001 per share (including 301,160 unvested restricted stock awards), and 57,752 shares of the registrant’s Class B common stock,

par value $0.0001 per share, outstanding, 5,000,000 shares of Class A Common Stock issuable upon the exercise of outstanding Warrants,

and 2,150,838 shares of Class A Common Stock issuable upon the exercise of outstanding Options.

Class B Common Stock is exclusively held

by the RET Founders, which moderately increases their voting control.

See “ Risk Factors — The RET Founders

have substantial control over Holdco, which could limit other shareholders’ ability to influence corporate matters and could delay

or prevent a change in corporate control.

Holdco has the ability to issue additional shares of Class B Common Stock without your consent.

If additional shares of Class B Common

Stock are issued in a financing or other transaction, whether to the RET Founders or to third parties, such shares would give the holder

increased voting power as compared to shares of Class A Common Stock.

requirements of being a public company may strain Holdco’s resources and distract management and we will incur substantial costs

as a result of being a public company.

Holdco is subject to the reporting requirements of

the Exchange Act, the Sarbanes-Oxley Act, and the Securities Act.

These rules, regulations and requirements are extensive.

We will incur

significant costs associated with our public company corporate governance and reporting requirements.

We incur significant costs associated with our public company corporate governance and reporting requirements.

The Exchange Act requires,

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Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial

In order to maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting

to meet this standard, significant resources and management oversight may be required.

As a result, management’s attention may be

diverted from other business concerns, which could adversely affect our business and operating results.

We may need to hire more corporate

employees to comply with these requirements or engage outside consultants, which would increase our costs and expenses.

This may divert

management’s attention from other business concerns, which could have a material adverse effect on our business, financial condition

and results of operations.

These applicable rules and regulations may make it more difficult and more expensive for us to obtain director

and officer liability insurance and it may be required to accept reduced policy limits and coverage or incur substantially higher costs

to obtain the same or similar coverage.

As a result, it may be more difficult for us to attract and retain qualified individuals to serve

on the Board or as executive officers.

In addition, changing laws, regulations and standards relating to corporate

governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making

some activities more time-consuming.

These laws, regulations and standards are subject to varying interpretations, in many cases due to

their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory

and governing bodies.

This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing

revisions to disclosure and governance practices.

We intend to invest resources to comply with evolving laws, regulations and standards,

and this investment may result in increased general and administrative expenses and a diversion of management’s time and attention

from revenue-generating activities to compliance activities.

If our efforts to comply with new laws, regulations and standards differ

from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory

authorities may initiate legal proceedings against us and our business may be adversely affected.

As a result of disclosure of information in this Annual Report and

in the filings that we are required to make as a public company, our business, operating results and financial condition have become more

visible, which may result in threatened or actual litigation, including by competitors and other third parties.

If any such claims are

successful, our business, operating results and financial condition could be adversely affected, and even if the claims do not result

in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources

of our management and adversely affect our business, operating results and financial condition.

The exercise of registration rights by the Previous Sponsor,

New Sponsor, Sponsor Affiliate and certain RWT shareholders may adversely affect the market price of the Class A Common Stock.

Pursuant to the Registration Rights Agreement and the prospectus filed

on January 30, 2025, Holdco has registered for resale, pursuant to Rule 415 under the Securities Act, an aggregate of 5,194,056

shares of Class A Common Stock.

Pursuant to the Registration Rights Agreement, the selling shareholders have customary registration rights,

including demand and piggy-back rights, subject to cooperation and cut back provisions with respect to Class A Common Stock.

As previously disclosed, we have identified material

weaknesses in our internal control over financial reporting.

For additional information, see “Item 9A—Controls and Procedures”

in this Annual Report.

In order to improve our disclosure controls and procedures

and internal control over financial reporting, significant resources and management oversight is required.

As a result, management’s

attention may be diverted from other business concerns, which could adversely affect our business and operating results.

to hire more corporate employees to comply with these requirements or engage outside consultants, which would increase our costs and

addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for

public companies, increasing legal and financial compliance costs and making some activities more time-consuming.

These laws, regulations

and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application

in practice may evolve over time as new guidance is provided by regulatory and governing bodies.

This could result in continuing uncertainty

regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices.

invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative

expenses and a diversion of management’s time and attention from revenue-generating activities to compliance activities.

efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due

to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us and our business

may be adversely affected.

a result of disclosure of information in this Annual Report and in the filings that we are required to make as a public company, our

business, operating results and financial condition have become more visible, which may result in threatened or actual litigation, including

by competitors and other third parties.

If any such claims are successful, our business, operating results and financial condition could

be adversely affected, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and

resources necessary to resolve them, could divert the resources of our management and adversely affect our business, operating results

and financial condition.

exercise of registration rights by the Previous Sponsor, New Sponsor, Sponsor Affiliate and certain RET shareholders may adversely affect

the market price of the Class A Common Stock.

to the Registration Rights Agreement and the prospectus filed on January 30, 2025, Holdco has registered for resale, pursuant to Rule

415 under the Securities Act, an aggregate of 5,194,056 shares of Class A Common Stock.

Pursuant to the Registration Rights

Agreement, the selling shareholders have customary registration rights, including demand and piggy-back rights, subject to cooperation

and cut back provisions with respect to Class A Common Stock.

An aggregate of 5,914,057 shares of Class A Common

Stock are subject to registration rights, representing approximately 72.73% of the 8,131,081 outstanding shares of Class A Common Stock

as of April 15, 2025 and approximately 242.3% of the approximately 2,441,042 shares of Class A Common Stock in the public float as of April

The registration of these shares permits the public resale of such

shares, subject to any applicable contractual lock-up obligation.

The registration and availability of a significant number of securities

for trading in the public market may have an adverse effect on the market price of the Class A Common Stock.

Sales of a substantial number of shares

of Class A Common Stock in the public market, particularly sales by our executive officers, directors and significant shareholders, or

the perception that these sales could occur, could cause the market price of Class A Common Stock to decline.

Sales of a substantial number of shares of Class

A Common Stock in the public market, particularly sales by our executive officers, directors and principal shareholders, or the perception

that these sales might occur, could cause the market price of Class A Common Stock to decline.

Some of our executive officers, directors

and the holders of a substantial number of shares of Class A Common Stock following the Business Combination are subject to lock-up provisions

pursuant to the Lock-up Agreement that, for a period of at least two years from the date of Closing, subject to certain exceptions, prohibit

them from offering for sale, selling, contracting to sell, granting any option for the sale of, transferring or otherwise disposing of

any shares of Class A Common Stock and of any securities convertible into or exercisable for Class A Common Stock.

When the applicable lock-up periods expire, our

security holders subject to lock-up provisions will be able to sell shares of Class A Common Stock in the public market.

Sales of a substantial

number of such shares upon expiration of the lock-up provisions, the perception that such sales may occur or early release of these provisions

could cause our market price to fall or make it more difficult for you to sell your Class A Common Stock at a time and price that you

deem appropriate.

In addition, we may file a registration statement

to register shares reserved for future issuance under our equity compensation plans.

Subject to the satisfaction of applicable vesting

requirements and expiration of the lock-up provisions referred to above, the shares issued upon exercise of outstanding stock options

would be available for immediate resale in the open market.

Certain existing shareholders purchased,

or may purchase, securities in the Company at a price below the current trading price of such securities, and may experience a positive

rate of return based on the current trading price.

Future investors in the Company may not experience a similar rate of return.

Certain shareholders in the Company, including

certain of the selling shareholders, acquired, or may acquire, shares of our Class A Common Stock at prices below the current trading

price of our Class A Common Stock and may experience a positive rate of return based on the current trading price.

Under the prospectus dated January 30, 2025, the

Company registered the issuance of 5,000,000 shares of Class A Class A Common Stock, which shares are issuable upon the exercise of 5,000,000

Warrants, and the resale from time to time by the selling shareholders of up to 5,914,057 shares of Class A Common Stock.

registered for resale included:

(i) 2,125,540 shares of Class A Common Stock issued to the former shareholders of RWT, upon the Closing

among the Company, RWT, Coliseum, Merger Sub 1, and Merger Sub 2, as consideration for their shares of Class A common stock

of RWT pursuant to the terms of the Business Combination Agreement, and such shares of RWT Class A common stock were originally purchased

at an effective purchase price of approximately $2.06 per share;

(ii) 57,752 shares of Class A Common Stock issuable upon the conversion

of 57,752 shares of Class B Common Stock, par value $0.0001 per share of the Company, issued to the former RWT shareholders upon the Closing

as consideration for their shares of Class B common stock of RWT, and such shares of RWT Class B common stock were originally purchased

at an effective purchase price of approximately $2.16 per share;

(iii) 2,150,838 shares of Class A Common Stock issuable upon vested Options

with an exercise price of $2.06 per share, which were issued upon the conversion of RWT’s outstanding options pursuant to the Business

Combination Agreement;

(iv) 650,120 shares of Class A Common Stock issued to Harry You and his affiliates upon the Closing as consideration

for former Founder Shares pursuant to the terms of the Business Combination Agreement, which were purchased by Mr.

You from the Previous

Sponsor in June 2023 for an aggregate purchase price of $1.00 plus the obligation to fund certain contributions to Coliseum’s trust

You funded an aggregate of $650,000 of such contributions);

(v) 806,250 shares of Class A Common Stock issued at the Closing

upon the exchange of Private Placement Warrants of Coliseum pursuant to the Warrant Exchange Agreement, and such Private Placement Warrants

were initially purchased at a price of $1.50 per Private Placement Warrant;

(vi) 118,557 shares of Class A Common Stock issued or to be

issued to the PIPE Investors pursuant to the terms of the PIPE Subscription Agreements, at a price per share of approximately $11.39;

and (vii) 5,000 shares of Class A Common Stock issued to a vendor as consideration for services rendered.

Depending on the price, the

public shareholders may have paid significantly more than the selling shareholders for any shares or Warrants they may have purchased

in the open market based on variable market price.

Despite a significant decline in the public

trading price, some of the selling shareholders named in such prospectus may still experience a positive rate of return on the

shares being offered by them due to the price at which such selling shareholder initially purchased the shares.

Based upon the

closing price of our Class A Common Stock of $2.68 on April 14, 2025, upon the sale of shares of our Class A Common Stock (i) Harry

You may experience a potential profit of approximately $1.68 per share of the Class A Common Stock issued to him upon the exchange

of the former Founder Shares in the Business Combination, and approximately $1.68 per share of the Class A Common Stock issued to

him upon the exchange of the Coliseum Private Placement Warrants in the Warrant Exchange, (ii) the RWT Founders, which includes

Harry You, Niccolo de Masi, and Paul Dacier or their affiliates, may experience a potential profit of approximately $0.62 per share

of the Class A Common Stock issued to them upon the exchange of the RWT Class A Common Stock in the Business Combination, a

potential profit of approximately $0.52 per share of the Class A Common Stock issuable upon the conversion of the Class B Common Stock

issued to them upon the exchange of the RWT Class B Common Stock in the Business Combination, and Harry You and Niccolo de Masi may

experience a potential profit of approximately $0.62 per share of the Class A Common Stock issuable upon exercise of the Options

issued to them upon the exchange of RWT options in the Business Combination, (iii) the Previous Sponsor may experience a potential

profit of approximately $1.18 per share of the Class A Common Stock issued upon the exchange of the Coliseum Private Placement

Warrants in the Warrant Exchange, (iv) the PIPE Investors, which includes Harry You and Paul Dacier, may experience a potential loss

of approximately $8.71 per share of the Class A Common Stock issued in the PIPE Investment, and (v) the vendor may experience a

potential profit of approximately $2.68 per share of the Class A Common Stock issued to the vendor at the Closing in consideration

for services rendered.

Public shareholders may not be able to experience

the same positive rates of return on securities they purchase due to the low price at which the selling shareholders purchased their

A decline in the price of Class A Common

Stock could affect our ability to raise working capital and adversely impact our ability to continue operations.

A prolonged decline in the price of Class A Common

Stock could result in a reduction in the liquidity of the common stock and a reduction in our ability to raise capital.

the price of Class A Common Stock could be especially detrimental to our liquidity, operations and strategic plans.

Such reductions may

force us to reallocate funds from other planned uses and may have a significant negative effect on our business plan and operations,

including our ability to develop new products and services and continue current operations.

If the price of the Common Stock declines,

we can offer no assurance that we will be able to raise additional capital or generate funds from operations sufficient to meet our obligations.

If we are unable to raise sufficient capital in the future, we may not be able to have the resources to continue our normal operations.

We do not intend to pay any cash dividends

in the foreseeable future and, therefore, any return on your investment in our capital stock must come from increases in the fair market

value and trading price of the capital stock.

Neither RWT nor Holdco has paid any cash dividends

on its securities in the past, and Holdco does not intend to pay cash dividends on Common Stock in the foreseeable future.

retain future earnings, if any, for reinvestment in the development and expansion of our business.

Any credit agreements, which we may

enter into with institutional lenders, may restrict our ability to pay dividends.

Whether we pay cash dividends in the future will be

at the discretion of the Board and will be dependent upon our financial condition, results of operations, capital requirements and any

other factors that the Board decides is relevant.

Therefore, any return on your investment in our capital stock must come from increases

in the fair market value and trading price of the capital stock.

If our stock price fluctuates, you could

lose a significant part of your investment.

The market price of Class A Common Stock could

be subject to wide fluctuations in response to, among other things, the risk factors described in this Annual Report, and other factors

beyond our control, such as fluctuations in the valuation of companies perceived by investors to be comparable to us.

Furthermore, the

stock markets have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities

of many companies.

These fluctuations often have been unrelated or disproportionate to the operating performance of those companies.

and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of

the military conflict between Russia and Ukraine and the military conflicts between Hamas and Israel.

Economic uncertainty in various

global markets caused by economic challenges, political instability and these conflicts, have led to market disruptions, including significant

volatility in commodity prices, credit and capital market instability and supply chain interruptions, which have caused record inflation

Our business, financial condition, and results of operations could be materially and adversely affected by further negative

impacts on the global economy and capital markets resulting from these global economic conditions, particularly if such conditions are

prolonged or worsen.

Although, to date, our results of operations has not been materially impacted by these global economic and geopolitical

conditions, it is impossible to predict the extent to which our operations may be impacted in the short and long term.

In the past, many

companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation.

We may be the target of this type of litigation in the future.

Securities litigation against us could result in substantial costs and

divert our management’s attention from other business concerns, which could seriously harm our business.

Warrants are exercisable for Class A Common

Stock, which would increase the number of shares eligible for future resale in the public market and result in dilution to our shareholders.

Warrants to purchase an aggregate of up to 5,000,000

Public Warrants are exercisable in accordance with the terms of the Warrant Assumption Agreement governing those securities.

price of the Warrants is $11.50 per share, subject to adjustment.

However, there is no guarantee that the Warrants will ever be in the

money prior to their expiration, and, as such, the Warrants may expire worthless.

See “— the Warrants may never be

in the money, and they may expire worthless and the terms of the Warrants may be amended in a manner adverse to a holder if holders of

at least 50% of the then outstanding Warrants approve of such amendment .

As a result, the exercise price of the Warrants

could be increased, the exercise period could be shortened and the number of shares of Class A Common Stock purchasable upon exercise

of a Warrant could be decreased, all without your approval.

The Warrants may never be in the money,

and they may expire worthless, and the terms of the Warrants may be amended in a manner adverse to a holder if holders of at least 50%

of the then outstanding Warrants approve of such amendment.

As a result, the exercise price of the Warrants could be increased, the exercise

period could be shortened and the number of shares of Class A Common Stock purchasable upon exercise of a Warrant could be decreased,

all without your approval.

The Warrants were issued in registered form under

a warrant agreement between the Transfer Agent, as warrant agent, and Holdco.

The Warrant Agreement provides that the terms of the Warrants

may be amended without the consent of any holder for the purpose of curing any ambiguity or to correct any defective provision or mistake,

adjusting the provisions relating to cash dividends on Common Stock as contemplated by and in accordance with the Warrant Agreement,

adding or changing any provisions with respect to matters or questions arising under the Warrant Agreement as the parties to the Warrant

Agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the

warrants, provided that the approval by the holders of at least 50% of the outstanding Warrants is required to make any change that adversely

affects the interests of the registered holders of Warrants.

Although Holdco’s ability to amend the terms of the Warrants with

the consent of at least 50% of the then outstanding Warrants is unlimited, examples of such amendments could be amendments to, among

other things, increase the exercise price of the Warrants, shorten the exercise period or decrease the number of shares of Common Stock

purchasable upon exercise of a Warrant.

Warrants are exercisable in accordance with the

terms of the Warrant Agreement.

as of March 31, 2026, and approximately 251.76% of the approximately 2,349,046 shares of Class A Common Stock in the public float as

of March 31, 2026.

registration of these shares permits the public resale of such shares, subject to any applicable contractual lock-up obligation.

registration and availability of a significant number of securities for trading in the public market may have an adverse effect on the

market price of the Class A Common Stock.

of a substantial number of shares of Class A Common Stock in the public market, particularly sales by our executive officers, directors

and significant shareholders, or the perception that these sales could occur, could cause the market price of Class A Common Stock to

of a substantial number of shares of Class A Common Stock in the public market, particularly sales by our executive officers, directors

and principal shareholders, or the perception that these sales might occur, could cause the market price of Class A Common Stock to decline.

Some of our executive officers, directors and the holders of a substantial number of shares of Class A Common Stock following the Business

Combination are subject to lock-up provisions pursuant to the Lock-up Agreement that, for a period of at least two years from the date

of Closing, subject to certain exceptions, prohibit them from offering for sale, selling, contracting to sell, granting any option for

the sale of, transferring or otherwise disposing of any shares of Class A Common Stock and of any securities convertible into or exercisable

for Class A Common Stock.

the applicable lock-up periods expire, our security holders subject to lock-up provisions will be able to sell shares of Class A Common

Stock in the public market.

Sales of a substantial number of such shares upon expiration of the lock-up provisions, the perception that

such sales may occur or early release of these provisions could cause our market price to fall or make it more difficult for you to sell

your Class A Common Stock at a time and price that you deem appropriate.

addition, we may file a registration statement to register shares reserved for future issuance under our equity compensation plans.

to the satisfaction of applicable vesting requirements and expiration of the lock-up provisions referred to above, the shares issued

upon exercise of outstanding stock options would be available for immediate resale in the open market.

decline in the price of Class A Common Stock could affect our ability to raise working capital and adversely impact our ability to continue

prolonged decline in the price of Class A Common Stock could result in a reduction in the liquidity of the common stock and a reduction

in our ability to raise capital.

A decline in the price of Class A Common Stock could be especially detrimental to our liquidity, operations

and strategic plans.

Such reductions may force us to reallocate funds from other planned uses and may have a significant negative effect

on our business plan and operations, including our ability to develop new products and services and continue current operations.

price of the Common Stock declines, we can offer no assurance that we will be able to raise additional capital or generate funds from

operations sufficient to meet our obligations.

If we are unable to raise sufficient capital in the future, we may not be able to have

the resources to continue our normal operations.

do not intend to pay any cash dividends in the foreseeable future and, therefore, any return on your investment in our capital stock

must come from increases in the fair market value and trading price of the capital stock.

RET nor Holdco has paid any cash dividends on its securities in the past, and Holdco does not intend to pay cash dividends on Common

Stock in the foreseeable future.

We intend to retain future earnings, if any, for reinvestment in the development and expansion of our

Any credit agreements, which we may enter into with institutional lenders, may restrict our ability to pay dividends.

we pay cash dividends in the future will be at the discretion of the Board and will be dependent upon our financial condition, results

of operations, capital requirements and any other factors that the Board decides is relevant.

Therefore, any return on your investment

in our capital stock must come from increases in the fair market value and trading price of the capital stock.

our stock price fluctuates, you could lose a significant part of your investment.

market price of Class A Common Stock could be subject to wide fluctuations in response to, among other things, the risk factors described

in this Annual Report, and other factors beyond our control, such as fluctuations in the valuation of companies perceived by investors

to be comparable to us.

Furthermore, the stock markets have experienced price and volume fluctuations that have affected and continue

to affect the market prices of equity securities of many companies.

These fluctuations often have been unrelated or disproportionate

to the operating performance of those companies.

and global markets have experienced volatility and disruption in recent years as

a result of macroeconomic uncertainty and geopolitical developments, including ongoing military conflicts such as the Russia-Ukraine

war and escalating tensions and hostilities in the Middle East.

Economic uncertainty in various global markets caused by economic challenges,

trade disputes, sanctions, tariffs, political instability and these conflicts, has led to market disruptions, including significant volatility

in commodity prices, credit and capital market instability and supply chain disruptions, as well as inflationary pressures.

Our business,

financial condition, and results of operations could be materially and adversely affected by further negative impacts on the global economy

and capital markets resulting from these global economic conditions, particularly if such conditions are prolonged or worsen.

in the capital markets may also adversely affect our ability to obtain additional financing on acceptable terms, or at all.

to date, our results of operations have not been materially impacted by these global economic and geopolitical conditions, it is impossible

to predict the extent to which our operations may be impacted in the short and long term.

In the past, many companies that have experienced

volatility in the market price of their stock have been subject to securities class action litigation.

We may be the target of this type

of litigation in the future.

Securities litigation against us could result in substantial costs and divert our management’s attention

from other business concerns, which could seriously harm our business.

are exercisable for Class A Common Stock, which would increase the number of shares eligible for future resale in the public market and

result in dilution to our shareholders.

to purchase an aggregate of up to 5,000,000 Public Warrants are exercisable in accordance with the terms of the Warrant Assumption Agreement

governing those securities.

The exercise price of the Warrants is $11.50 per share, subject to adjustment.

However, there is no guarantee

that the Warrants will ever be in the money prior to their expiration, and, as such, the Warrants may expire worthless.

Warrants may never be in the money, and they may expire worthless and the terms of the Warrants may be amended in a manner adverse to

a holder if holders of at least 50% of the then outstanding Warrants approve of such amendment .

As a result, the exercise

price of the Warrants could be increased, the exercise period could be shortened and the number of shares of Class A Common Stock purchasable

upon exercise of a Warrant could be decreased, all without your approval.

Warrants may never be in the money, and they may expire worthless, and the terms of the Warrants may be amended in a manner adverse to

a holder if holders of at least 50% of the then outstanding Warrants approve of such amendment.

As a result, the exercise price of the

Warrants could be increased, the exercise period could be shortened and the number of shares of Class A Common Stock purchasable upon

exercise of a Warrant could be decreased, all without your approval.

Warrants were issued in registered form under a warrant agreement between the Transfer Agent, as warrant agent, and Holdco.

Agreement provides that the terms of the Warrants may be amended without the consent of any holder for the purpose of curing any ambiguity

or to correct any defective provision or mistake, adjusting the provisions relating to cash dividends on Common Stock as contemplated

by and in accordance with the Warrant Agreement, adding or changing any provisions with respect to matters or questions arising under

the Warrant Agreement as the parties to the Warrant Agreement may deem necessary or desirable and that the parties deem to not adversely

affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 50% of the outstanding

Warrants is required to make any change that adversely affects the interests of the registered holders of Warrants.

Although Holdco’s

ability to amend the terms of the Warrants with the consent of at least 50% of the then outstanding Warrants is unlimited, examples of

such amendments could be amendments to, among other things, increase the exercise price of the Warrants, shorten the exercise period

or decrease the number of shares of Common Stock purchasable upon exercise of a Warrant.

are exercisable in accordance with the terms of the Warrant Agreement.

The exercise price of these warrants is $11.50 per share.

To the extent such Warrants are exercised,

additional shares of Class A Common Stock will be issued, which will result in dilution to the holders of Common Stock and increase the

number of shares eligible for resale in the public market.

Sales of substantial numbers of such shares in the public market or the fact

that such warrants may be exercised could adversely affect the market price of Class A Common Stock.

However, there is no guarantee that

the Warrants will ever be in the money prior to their expiration, and as such, the Warrants may expire worthless.

We may redeem your unexpired Warrants prior

to their exercise at a time that is disadvantageous to you, thereby making your Warrants worthless.

We have the ability to redeem outstanding Warrants

at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, provided that the closing price

of the shares of Class A Common Stock equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations,

reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading-day period ending on the third trading day

prior to the date on which we give proper notice of such redemption to the Warrant holders and provided certain other conditions are

We will not redeem the Warrants unless an effective registration statement under the Securities Act covering the shares

issuable upon exercise of the Warrants is effective and a current prospectus relating to those shares is available throughout the 30-day

redemption period, except if we elect to require the Warrants to be exercised on a cashless basis and such cashless exercise is exempt

from registration under the Securities Act.

If and when the Warrants become redeemable by us, we may exercise our redemption right

even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

of the outstanding warrants could force you to (i) exercise your Warrants and pay the exercise price therefor at a time when it may be

disadvantageous for you to do so, (ii) sell your Warrants at the then-current market price when you might otherwise wish to hold your

Warrants or (iii) accept the nominal redemption price which, at the time the outstanding Warrants are called for redemption, is likely

to be substantially less than the market value of your Warrants.

As of the date of this Annual Report, the Class A Common Stock has never

traded above $18.00 per share, therefore neither current nor recent share prices meet or exceed the threshold that would allow Holdco

to redeem the Warrants.

In addition, we have the ability to redeem the

outstanding Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.10 per warrant upon a

minimum of 30 days’ prior written notice of redemption provided that the closing price of the Class A Common Stock equals or exceeds

$10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for

any 20 trading days within a 30 trading-day period ending on the third trading day prior to proper notice of such redemption and provided

that certain other conditions are met, including that holders will be able to exercise their warrants on a cashless basis prior to redemption

for a number of shares of Class A Common Stock determined based on the redemption date and the fair market value of the Class A Common

The value received upon exercise of the Warrants (i) may be less than the value the holders would have received if they had exercised

their warrants at a later time where the underlying share price is higher and (ii) may not compensate the holders for the value of the

Warrants, including because the number of shares of Class A Common Stock received is capped at 0.361 shares per warrant (subject to adjustment)

irrespective of the remaining life of the Warrants.

In addition, such redemptions may occur at a time when the Warrants are “out-of-the-money,”

in which case holders thereof would lose any potential embedded value from a subsequent increase in the value of the Class A Common Stock

had such Warrants remained outstanding.

In the event that Holdco determines to redeem

the Warrants when the closing price of the shares of Class A Common Stock equals or exceeds $18.00 per share or $10.00 per share, pursuant

to Section 6.1 or Section 6.2 of the Warrant Agreement, respectively, Holdco will fix a date for the redemption.

Notice of redemption

will be mailed by first class mail, postage prepaid, by Holdco not less than thirty (30) days prior to the redemption date to the registered

holders of the Warrants to be redeemed at their last addresses as they appear on the registration books.

Any notice mailed in the manner

herein provided will be conclusively presumed to have been duly given whether or not the registered holder received such notice.

Warrant holders will only be able to exercise

their Warrants on a “cashless basis” under certain circumstances, and if they do so, they will receive fewer shares of Class

A Common Stock from such exercise than if such warrants were exercised for cash.

The Warrants generally may not be exercised on

a “cashless basis”, except as described below.

The Warrant Agreement provides that in the following

circumstances holders of Warrants who seek to exercise their Warrants will not be permitted to do for cash and will, instead, be required

to do so on a cashless basis in accordance with Section 3(a)(9) of the Securities Act:

(i) if the Class A Common Stock issuable

upon exercise of the Warrants are not registered under the Securities Act in accordance with the terms of the Warrant Agreement;

and (ii) if we have so elected and the Class A Common Stock are at the time of any exercise of a warrant not listed on a national securities

exchange such that they satisfy the definition of “covered securities” under Section 18(b)(1) of the Securities Act.

If you exercise your Warrants on a cashless basis under the circumstances described in clauses (i) and (ii) in the preceding sentence,

you would pay the warrant exercise price by surrendering the Warrants for that number of shares of Class A Common Stock equal to the

quotient obtained by dividing (x) the product of the number of shares of Class A Common Stock underlying the Warrants, multiplied by

the excess of the “fair market value” of the shares of Class A Common Stock (as defined in the next sentence) over the exercise

price of the Warrants by (y) the fair market value.

The “fair market value” is the average reported closing price of the

shares of Class A Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise

is received by the warrant agent or on which the notice of redemption is sent to the holders of Warrants, as applicable.

a holder of Warrants would receive fewer shares of Class A Common Stock from such exercise than if such Warrants were exercised for cash.

The Warrants may have an adverse effect

on the market price of the Class A Common Stock.

Upon the Closing, the Coliseum Warrants were assumed

and converted into Warrants of Holdco and entitle the holders to purchase shares of Class A Common Stock.

Such Warrants, when exercised,

will increase the number of issued and outstanding shares of Class A Common Stock and reduce the value of the Class A Common Stock.

The Warrant Agreement designates the courts

of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for

certain types of actions and proceedings that may be initiated by holders of the warrants, which could limit the ability of warrant holders

to obtain a favorable judicial forum for disputes with the post-Business Combination company.

The Warrant Agreement provides that, subject

to applicable law, (i) any action, proceeding or claim against us arising out of or relating in any way to the Warrant Agreement, including

under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court

for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the exclusive

forum for any such action, proceeding or claim.

We will waive any objection to such exclusive jurisdiction and that such courts represent

an inconvenient forum.

Notwithstanding the foregoing, these provisions

of the Warrant Agreement do not apply to suits brought to enforce any liability or duty created by the Exchange Act or any

other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

Any person or entity

purchasing or otherwise acquiring any interest in any of our warrants shall be deemed to have notice of and to have consented to the

forum provisions in the Warrant Agreement.

If any action, the subject matter of which is within the scope the forum provisions of the

Warrant Agreement, is filed in a court other than a court of the State of New York or the United States District Court for the Southern

District of New York (a “foreign action”) in the name of any holder of our warrants, such holder shall be deemed to have

consented to:

(x) the personal jurisdiction of the state and federal courts located in the State of New York in connection with any action

brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made

upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as

agent for such warrant holder.

This choice-of-forum provision may limit a warrant

holder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with Holdco, which may discourage such

lawsuits and result in increased costs to warrant holders to bring a lawsuit.

Alternatively, if a court were to find this provision of

our Warrant Agreement inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we

may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect

our business, financial condition and results of operations and result in a diversion of the time and resources of our management and

The Warrants are recognized and accounted

for as derivative liabilities in accordance with ASC 815 and are recorded at fair value upon issuance with changes in fair

value each period reported in earnings, which may have an adverse effect on the market price of the Class A Common Stock.

The guidance contained in FASB ASC Topic 815, “Derivatives

and Hedging” (“ASC 815”) provides that because the Warrants do not meet the criteria for equity treatment thereunder,

each Warrant must be recorded as a liability.

Accordingly, we classify each of the Warrants as a liability at its fair value as determined

by us based upon a valuation report obtained from an independent third party valuation firm.

At each reporting period (1) the accounting

treatment of the Warrants will be re-evaluated for proper accounting treatment as a liability or equity and (2) the fair value of the

liability of the Warrants is remeasured and the change in the fair value of the liability is recorded as other income (expense) in our

consolidated statements of operations.

Changes in the inputs and assumptions for the valuation model we use to determine the fair value

of such liability may have a material impact on the estimated fair value of the embedded derivative liability.

The share price of Class

A Common Stock represents the primary underlying variable that will impact the value of the derivative instruments.

Additional factors

that may impact the value of the derivative instruments include the volatility of our stock price, discount rates and stated interest

As a result, our consolidated financial position and results of operations will fluctuate quarterly, based on various factors,

such as the share price of the Class A Common Stock, many of which are outside of our control.

In addition, we may change the underlying

assumptions used in our valuation model, which could in result in significant fluctuations in our results of operations.

price is volatile, we expect that we will recognize non-cash gains or losses on our Warrants or any other similar derivative instruments

each reporting period and that the amount of such gains or losses could be material.

The impact of changes in fair value on earnings may

have an adverse effect on the market price of Class A Common Stock.

Massachusetts law and the Holdco A&R

Articles contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions

and could delay or discourage takeover attempts.

Chapter 156D, §8.06 of the Massachusetts

General Laws provides that the terms of the directors of a publicly traded Massachusetts corporation must be staggered over three years.

extent such Warrants are exercised, additional shares of Class A Common Stock will be issued, which will result in dilution to the holders

of Common Stock and increase the number of shares eligible for resale in the public market.

Sales of substantial numbers of such shares

in the public market or the fact that such warrants may be exercised could adversely affect the market price of Class A Common Stock.

However, there is no guarantee that the Warrants will ever be in the money prior to their expiration, and as such, the Warrants may expire

may redeem your unexpired Warrants prior to their exercise at a time that is disadvantageous to you, thereby making your Warrants worthless.

have the ability to redeem outstanding Warrants at any time after they become exercisable and prior to their expiration, at a price of

$0.01 per warrant, provided that the closing price of the shares of Class A Common Stock equals or exceeds $18.00 per share (as adjusted

for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30

trading-day period ending on the third trading day prior to the date on which we give proper notice of such redemption to the Warrant

holders and provided certain other conditions are met.

We will not redeem the Warrants unless an effective registration statement under

the Securities Act covering the shares issuable upon exercise of the Warrants is effective and a current prospectus relating

to those shares is available throughout the 30-day redemption period, except if we elect to require the Warrants to be exercised on a

cashless basis and such cashless exercise is exempt from registration under the Securities Act.

If and when the Warrants become

redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale

under all applicable state securities laws.

Redemption of the outstanding warrants could force you to (i) exercise your Warrants and

pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii) sell your Warrants at the then-current

market price when you might otherwise wish to hold your Warrants or (iii) accept the nominal redemption price which, at the time the

outstanding Warrants are called for redemption, is likely to be substantially less than the market value of your Warrants.

date of this Annual Report, the Class A Common Stock has never traded above $18.00 per share, therefore neither current nor recent share

prices meet or exceed the threshold that would allow Holdco to redeem the Warrants.

addition, we have the ability to redeem the outstanding Warrants at any time after they become exercisable and prior to their expiration,

at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that the closing price of

the Class A Common Stock equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise

or the exercise price of a warrant) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to proper

notice of such redemption and provided that certain other conditions are met, including that holders will be able to exercise their warrants

on a cashless basis prior to redemption for a number of shares of Class A Common Stock determined based on the redemption date and the

fair market value of the Class A Common Stock.

The value received upon exercise of the Warrants (i) may be less than the value the holders

would have received if they had exercised their warrants at a later time where the underlying share price is higher and (ii) may not

compensate the holders for the value of the Warrants, including because the number of shares of Class A Common Stock received is capped

at 0.361 shares per warrant (subject to adjustment) irrespective of the remaining life of the Warrants.

In addition, such redemptions

may occur at a time when the Warrants are “out-of-the-money,” in which case holders thereof would lose any potential embedded

value from a subsequent increase in the value of the Class A Common Stock had such Warrants remained outstanding.

the event that Holdco determines to redeem the Warrants when the closing price of the shares of Class A Common Stock equals or exceeds

$18.00 per share or $10.00 per share, pursuant to Section 6.1 or Section 6.2 of the Warrant Agreement, respectively, Holdco will fix

a date for the redemption.

Notice of redemption will be mailed by first class mail, postage prepaid, by Holdco not less than thirty (30)

days prior to the redemption date to the registered holders of the Warrants to be redeemed at their last addresses as they appear on

the registration books.

Any notice mailed in the manner herein provided will be conclusively presumed to have been duly given whether

or not the registered holder received such notice.

holders will only be able to exercise their Warrants on a “cashless basis” under certain circumstances, and if they do so,

they will receive fewer shares of Class A Common Stock from such exercise than if such warrants were exercised for cash.

Warrants generally may not be exercised on a “cashless basis”, except as described below.

Warrant Agreement provides that in the following circumstances holders of Warrants who seek to exercise their Warrants will not be permitted

to do for cash and will, instead, be required to do so on a cashless basis in accordance with Section 3(a)(9) of the Securities

(i) if the Class A Common Stock issuable upon exercise of the Warrants are not registered under the Securities Act in

accordance with the terms of the Warrant Agreement;

and (ii) if we have so elected and the Class A Common Stock are at the time of any

exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of “covered securities”

under Section 18(b)(1) of the Securities Act.

If you exercise your Warrants on a cashless basis under the circumstances described

in clauses (i) and (ii) in the preceding sentence, you would pay the warrant exercise price by surrendering the Warrants for that number

of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A Common

Stock underlying the Warrants, multiplied by the excess of the “fair market value” of the shares of Class A Common Stock

(as defined in the next sentence) over the exercise price of the Warrants by (y) the fair market value.

The “fair market value”

is the average reported closing price of the shares of Class A Common Stock for the 10 trading days ending on the third trading day prior

to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption is sent to the holders

of Warrants, as applicable.

As a result, a holder of Warrants would receive fewer shares of Class A Common Stock from such exercise than

if such Warrants were exercised for cash.

Warrants may have an adverse effect on the market price of the Class A Common Stock.

the Closing, the Coliseum Warrants were assumed and converted into Warrants of Holdco and entitle the holders to purchase shares of Class

A Common Stock.

Such Warrants, when exercised, will increase the number of issued and outstanding shares of Class A Common Stock and

reduce the value of the Class A Common Stock.

Warrant Agreement designates the courts of the State of New York or the United States District Court for the Southern District of New

York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of the warrants, which

could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with the post-Business Combination company.

Warrant Agreement provides that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating

in any way to the Warrant Agreement, including under the Securities Act, will be brought and enforced in the courts of the State

of New York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction,

which jurisdiction shall be the exclusive forum for any such action, proceeding or claim.

We will waive any objection to such exclusive

jurisdiction and that such courts represent an inconvenient forum.

Notwithstanding

the foregoing, these provisions of the Warrant Agreement do not apply to suits brought to enforce any liability or duty created by the Exchange

Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

person or entity purchasing or otherwise acquiring any interest in any of our warrants shall be deemed to have notice of and to have

consented to the forum provisions in the Warrant Agreement.

If any action, the subject matter of which is within the scope the forum

provisions of the Warrant Agreement, is filed in a court other than a court of the State of New York or the United States District Court

for the Southern District of New York (a “foreign action”) in the name of any holder of our warrants, such holder shall be

deemed to have consented to:

(x) the personal jurisdiction of the state and federal courts located in the State of New York in connection

with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service

of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign

action as agent for such warrant holder.

choice-of-forum provision may limit a warrant holder’s ability to bring a claim in a judicial forum that it finds favorable for

disputes with Holdco, which may discourage such lawsuits and result in increased costs to warrant holders to bring a lawsuit.

Alternatively,

if a court were to find this provision of our Warrant Agreement inapplicable or unenforceable with respect to one or more of the specified

types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could

materially and adversely affect our business, financial condition and results of operations and result in a diversion of the time and

resources of our management and the Board.

Warrants are recognized and accounted for as derivative liabilities in accordance with ASC 815 and are recorded at fair value

upon issuance with changes in fair value each period reported in earnings, which may have an adverse effect on the market price of the

Class A Common Stock.

guidance contained in FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”) provides that because the

Warrants do not meet the criteria for equity treatment thereunder, each Warrant must be recorded as a liability.

Accordingly, we classify

each of the Warrants as a liability at its fair value as determined by us based upon a valuation report obtained from an independent

third party valuation firm.

At each reporting period (1) the accounting treatment of the Warrants will be re-evaluated for proper accounting

treatment as a liability or equity and (2) the fair value of the liability of the Warrants is remeasured and the change in the fair value

of the liability is recorded as other income (expense) in our consolidated statements of operations.

Changes in the inputs and assumptions

for the valuation model we use to determine the fair value of such liability may have a material impact on the estimated fair value of

the embedded derivative liability.

The share price of Class A Common Stock represents the primary underlying variable that will impact

the value of the derivative instruments.

Additional factors that may impact the value of the derivative instruments include the volatility

of our stock price, discount rates and stated interest rates.

As a result, our consolidated financial position and results of operations

will fluctuate quarterly, based on various factors, such as the share price of the Class A Common Stock, many of which are outside of

In addition, we may change the underlying assumptions used in our valuation model, which could result in significant fluctuations

in our results of operations.

If our stock price is volatile, we expect that we will recognize non-cash gains or losses on our Warrants

or any other similar derivative instruments each reporting period and that the amount of such gains or losses could be material.

impact of changes in fair value on earnings may have an adverse effect on the market price of Class A Common Stock.

Massachusetts

law and the Holdco A&R Articles contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders

to take certain actions and could delay or discourage takeover attempts.

156D, §8.06 of the Massachusetts General Laws provides that the terms of the directors of a publicly traded Massachusetts corporation

must be staggered over three years.

This could make it difficult to replace a majority of the board in any one year.

A public corporation may opt out of the staggered board

requirement by a vote of its board of directors or a two-thirds vote of each class of stock outstanding.

Chapter 110F of the Massachusetts General Laws

generally provides that, if a person acquires 5% or more of the stock of a Massachusetts corporation without the approval of the board

of directors of that corporation, such person may not engage in certain transactions with the corporation for a period of three years

following the time that person becomes a 5% shareholder, with certain exceptions.

A Massachusetts corporation may elect in its articles

of organization or bylaws not to be governed by Chapter 110F.

Under the Massachusetts control share acquisitions

statute (Chapter 110D of the Massachusetts General Laws), a person who acquires beneficial ownership of shares of stock of a corporation

in a threshold amount equal to one-fifth or more but less than one-third, one-third or more but less than a majority, or a majority or

more of the voting stock of the corporation, referred to as a control share acquisition, must obtain the approval of a majority of shares

entitled to vote generally in the election of directors (excluding (1) any shares owned by any person acquiring or proposing to acquire

beneficial ownership of shares in a control share acquisition, (2) any shares owned by any officer of the corporation and (3) any shares

owned by any employee of the corporation who is also a director of the corporation) for the purpose of acquiring voting rights for the

shares that such person acquires in crossing the foregoing thresholds.

The Massachusetts control share acquisitions

statute permits the corporation, to the extent authorized by its articles of organization or bylaws, to redeem all shares acquired by

an acquiring person in a control share acquisition for fair value (which is to be determined in accordance with procedures adopted by

the corporation) if (1) no control share acquisition statement is delivered by the acquiring person or (2) a control share acquisition

statement has been delivered and voting rights were not authorized for such shares by the shareholders in accordance with the applicable

provision of the control share acquisitions statute.

If the voting rights for shares acquired in a

control share acquisition are authorized by a majority of shareholders, and the acquirer has acquired beneficial ownership of a majority

or more of all voting power in the election of directors, then each stockholder of record, other than the acquirer, who has not voted

in favor of authorizing voting rights for the control may demand payment for his or her stock and an appraisal in accordance with M.G.L.

A public corporation

may opt out of the staggered board requirement by a vote of its board of directors or a two-thirds vote of each class of stock outstanding.

110F of the Massachusetts General Laws generally provides that, if a person acquires 5% or more of the stock of a Massachusetts corporation

without the approval of the board of directors of that corporation, such person may not engage in certain transactions with the corporation

for a period of three years following the time that person becomes a 5% shareholder, with certain exceptions.

A Massachusetts corporation

may elect in its articles of organization or bylaws not to be governed by Chapter 110F.

the Massachusetts control share acquisitions statute (Chapter 110D of the Massachusetts General Laws), a person who acquires beneficial

ownership of shares of stock of a corporation in a threshold amount equal to one-fifth or more but less than one-third, one-third or

more but less than a majority, or a majority or more of the voting stock of the corporation, referred to as a control share acquisition,

must obtain the approval of a majority of shares entitled to vote generally in the election of directors (excluding (1) any shares owned

by any person acquiring or proposing to acquire beneficial ownership of shares in a control share acquisition, (2) any shares owned by

any officer of the corporation and (3) any shares owned by any employee of the corporation who is also a director of the corporation)

for the purpose of acquiring voting rights for the shares that such person acquires in crossing the foregoing thresholds.

Massachusetts control share acquisitions statute permits the corporation, to the extent authorized by its articles of organization or

bylaws, to redeem all shares acquired by an acquiring person in a control share acquisition for fair value (which is to be determined

in accordance with procedures adopted by the corporation) if (1) no control share acquisition statement is delivered by the acquiring

person or (2) a control share acquisition statement has been delivered and voting rights were not authorized for such shares by the shareholders

in accordance with the applicable provision of the control share acquisitions statute.

the voting rights for shares acquired in a control share acquisition are authorized by a majority of shareholders, and the acquirer has

acquired beneficial ownership of a majority or more of all voting power in the election of directors, then each stockholder of record,

other than the acquirer, who has not voted in favor of authorizing voting rights for the control may demand payment for his or her stock

and an appraisal in accordance with M.G.L.

chapter 156D.

The Massachusetts control share acquisition statute

permits a Massachusetts corporation to elect not to be governed by the statute’s provisions by including a provision in the corporation’s

articles of organization or bylaws pursuant to which the corporation opts out of the statute.

Chapter 110C of the Massachusetts General Laws

(1) subjects an offeror to certain disclosure and filing requirements before such offeror can proceed with a takeover bid, defined to

include any acquisition of or offer to acquire stock by which, after acquisition, the offeror would own more than 10% of the issued and

outstanding equity securities of a target company and (2) provides that, if a person (together with its associates and affiliates) beneficially

owns more than 5% of the stock of a Massachusetts corporation, such person may not make a takeover bid if during the preceding year such

person acquired any of the subject stock with the undisclosed intent of gaining control of the corporation.

The statute contains certain

exceptions to these prohibitions, including if the board of directors approves the takeover bid, recommends it to the corporation’s

shareholders and the terms of the takeover are furnished to shareholders.

The validity of Chapter 110C has been called into questioned

by a 1982 US Supreme Court decision that invalidated a similar law in the state of Illinois.

The Holdco A&R Articles include an election

not to be governed by the control share acquisition statute, Chapter 110D, or the business combination statute, Chapter 110F of the Massachusetts

General Laws.

The provisions of the Holdco A&R Articles

requiring exclusive forum in the courts of the Commonwealth of Massachusetts and the federal district courts of the United States for

certain types of lawsuits may have the effect of discouraging lawsuits against our directors and officers.

The Holdco A&R Articles provides that, to

the fullest extent permitted by law, and unless Holdco consents in writing to the selection of an alternative forum, the courts of the

Commonwealth of Massachusetts (or, in the event that the courts of Massachusetts does not have jurisdiction, the federal district court

for the District of Massachusetts or other state courts of the Commonwealth of Massachusetts) will be the sole and exclusive forum for

(i) any derivative action, suit or proceeding brought on Holdco’s behalf, (ii) any action, suit or proceeding asserting a claim

of breach of a fiduciary duty owed by any director, officer or stockholder of Holdco to Holdco or Holdco’s stockholders, (iii)

any action, suit or proceeding arising pursuant to any provision of the MBCA or the Holdco A&R Articles or Holdco A&R Bylaws

(as each may be amended from time to time), (iv) any action, suit or proceeding as to which the MBCA confers jurisdiction on the courts

of the Commonwealth of Massachusetts, or (v) any action, suit or proceeding asserting a claim against Holdco or any current or former

director, officer or stockholder governed by the internal affairs doctrine.

Section 22 of the Securities Act creates

concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities

Act or the rules and regulations thereunder.

Accordingly, both state and federal courts have jurisdiction to entertain such Securities

To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by

different courts, among other considerations, the Holdco A&R Articles provide that, unless Holdco consents in writing to the selection

of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States of America will be

the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act;

however, there

is uncertainty as to whether a court would enforce such provision, and investors cannot waive compliance with federal securities laws

and the rules and regulations thereunder.

Notwithstanding the foregoing, the Holdco A&R Articles provide that the exclusive forum

provision will not apply to suits brought to enforce any cause of action arising under the Securities Act, any duty or liability

created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

Section 27 of the Exchange

Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange

Act or the rules and regulations thereunder.

Holdco A&R Articles also provide that, without

prejudice to any other rights or remedies that we may have, each of our shareholders acknowledges that damages alone would not be an

adequate remedy for any breach of the selection of the courts of the Commonwealth of Massachusetts as exclusive forum and that accordingly

we shall be entitled, without proof of special damages, to the remedies of injunction, specific performance or other equitable relief

for any threatened or actual breach of the selection of the courts of the Commonwealth of Massachusetts as exclusive forum.

These choice of forum provisions may increase

a shareholder’s cost and limit the shareholder’s ability to bring a claim in a judicial forum that it finds favorable for

disputes with us or our directors, executive officers or other employees, which may have the effect of discouraging lawsuits against

Holdco’s directors and officers.

Any person or entity purchasing or otherwise acquiring any of our shares or other securities,

whether by transfer, sale, operation of law or otherwise, shall be deemed to have notice of and have irrevocably agreed and consented

to these provisions.

The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation

has been challenged in legal proceedings, and it is possible that, in connection with any applicable action brought against Holdco, a

court could find the choice of forum provisions contained in the Holdco A&R Articles to be inapplicable or unenforceable in such

If a court were to find this provision in the Holdco A&R Articles to be inapplicable or unenforceable in an action, we may

incur additional costs associated with resolving the dispute in other jurisdictions, which could have adverse effect on our business

and financial performance.

Holdco is an “emerging growth company”

and a “smaller reporting company” within the meaning of the Securities Act, and if we take advantage of the reduced

reporting requirements applicable to smaller reporting companies and emerging growth companies could make the Class A Common Stock less

attractive to investors.

Holdco is an “emerging growth company”

within the meaning of the Securities Act as modified by the JOBS Act, and we may take advantage of certain exemptions

from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but

not limited to not being required to comply with the auditor internal controls attestation requirements of Section 404 of the Sarbanes-Oxley

Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from

the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments

not previously approved.

As a result, our shareholders may not have access to certain information they may deem important.

predict whether investors will find our securities less attractive because we will rely on these exemptions.

If some investors find our

securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be lower than they

otherwise would be, there may be a less active trading market for our securities and the trading prices of our securities may be more

Further, Section 102(b)(1) of the JOBS Act exempts emerging

growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those

that have not had a Securities Act registration statement declared effective or do not have a class of securities registered

under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides

that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth

companies but any such an election to opt out is irrevocable.

Holdco expects not to opt out of such extended transition period which means

that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth

company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison

of our consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth

company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting

standards used.

We will remain an emerging growth company until

the earlier of:

(1) the last day of the fiscal year (a) following the fifth anniversary of the effectiveness of our registration statement

on Form S-4 in connection with the Business Combination, (b) in which we have total annual gross revenue of at least $1.235 billion,

or (c) in which we are deemed to be a large accelerated filer, which means the market value of our common equity that is held by non-affiliates

exceeds $700 million as of the end of the prior fiscal year’s second fiscal quarter;

and (2) the date on which we have issued more

than $1.00 billion in non-convertible debt securities during the prior three-year period.

Additionally, Holdco is a “smaller reporting

company” as defined in Item 10(f)(1) of Regulation S-K.

Smaller reporting companies may take advantage of certain reduced

disclosure obligations, including, among other things, providing only two years of audited financial statements.

Our status as a smaller

reporting company is determined annually.

We will continue to qualify as a smaller reporting company through the following fiscal year

as long as (i) the market value of Common Stock held by non-affiliates (measured as of the end of the second quarter of the then current

fiscal year) does not exceed $250 million or (ii) our annual revenues for the most recently completed fiscal year do not exceed $100

million and the market value of Common Stock held by non-affiliates (measured as of the end of the second quarter of the then current

fiscal year) does not exceed $700 million.

If we exceed these thresholds, we will cease to be a smaller reporting company as of the first

day of the following fiscal year.

We cannot predict if investors will find the

Class A Common Stock less attractive if Holdco chooses to rely on any of the exemptions afforded to emerging growth companies and smaller

reporting companies.

If some investors find the Class A Common Stock less attractive because Holdco relies on any of these exemptions,

there may be a less active trading market for the Class A Common Stock and the market price of the Class A Common Stock may be more volatile

and may decline.

Massachusetts control share acquisition statute permits a Massachusetts corporation to elect not to be governed by the statute’s

provisions by including a provision in the corporation’s articles of organization or bylaws pursuant to which the corporation opts

out of the statute.

110C of the Massachusetts General Laws (1) subjects an offeror to certain disclosure and filing requirements before such offeror can

proceed with a takeover bid, defined to include any acquisition of or offer to acquire stock by which, after acquisition, the offeror

would own more than 10% of the issued and outstanding equity securities of a target company and (2) provides that, if a person (together

with its associates and affiliates) beneficially owns more than 5% of the stock of a Massachusetts corporation, such person may not make

a takeover bid if during the preceding year such person acquired any of the subject stock with the undisclosed intent of gaining control

of the corporation.

The statute contains certain exceptions to these prohibitions, including if the board of directors approves the takeover

bid, recommends it to the corporation’s shareholders and the terms of the takeover are furnished to shareholders.

of Chapter 110C has been called into questioned by a 1982 US Supreme Court decision that invalidated a similar law in the state of Illinois.

Holdco A&R Articles include an election not to be governed by the control share acquisition statute, Chapter 110D, or the business

combination statute, Chapter 110F of the Massachusetts General Laws.

provisions of the Holdco A&R Articles requiring exclusive forum in the courts of the Commonwealth of Massachusetts and the federal

district courts of the United States for certain types of lawsuits may have the effect of discouraging lawsuits against our directors

and officers.

Holdco A&R Articles provides that, to the fullest extent permitted by law, and unless Holdco consents in writing to the selection

of an alternative forum, the courts of the Commonwealth of Massachusetts (or, in the event that the courts of Massachusetts does not

have jurisdiction, the federal district court for the District of Massachusetts or other state courts of the Commonwealth of Massachusetts)

will be the sole and exclusive forum for (i) any derivative action, suit or proceeding brought on Holdco’s behalf, (ii) any action,

suit or proceeding asserting a claim of breach of a fiduciary duty owed by any director, officer or stockholder of Holdco to Holdco or

Holdco’s stockholders, (iii) any action, suit or proceeding arising pursuant to any provision of the MBCA or the Holdco A&R

Articles or Holdco A&R Bylaws (as each may be amended from time to time), (iv) any action, suit or proceeding as to which the MBCA

confers jurisdiction on the courts of the Commonwealth of Massachusetts, or (v) any action, suit or proceeding asserting a claim against

Holdco or any current or former director, officer or stockholder governed by the internal affairs doctrine.

22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any

duty or liability created by the Securities Act or the rules and regulations thereunder.

Accordingly, both state and federal

courts have jurisdiction to entertain such Securities Act claims.

To prevent having to litigate claims in multiple jurisdictions

and the threat of inconsistent or contrary rulings by different courts, among other considerations, the Holdco A&R Articles provide

that, unless Holdco consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal

district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of

action arising under the Securities Act;

however, there is uncertainty as to whether a court would enforce such provision, and investors

cannot waive compliance with federal securities laws and the rules and regulations thereunder.

Notwithstanding the foregoing, the Holdco

A&R Articles provide that the exclusive forum provision will not apply to suits brought to enforce any cause of action arising under

the Securities Act, any duty or liability created by the Exchange Act or any other claim for which the federal courts

have exclusive jurisdiction.

Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to

enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder.

A&R Articles also provide that, without prejudice to any other rights or remedies that we may have, each of our shareholders acknowledges

that damages alone would not be an adequate remedy for any breach of the selection of the courts of the Commonwealth of Massachusetts

as exclusive forum and that accordingly we shall be entitled, without proof of special damages, to the remedies of injunction, specific

performance or other equitable relief for any threatened or actual breach of the selection of the courts of the Commonwealth of Massachusetts

as exclusive forum.

choice of forum provisions may increase a shareholder’s cost and limit the shareholder’s ability to bring a claim in a judicial

forum that it finds favorable for disputes with us or our directors, executive officers or other employees, which may have the effect

of discouraging lawsuits against Holdco’s directors and officers.

Any person or entity purchasing or otherwise acquiring any of

our shares or other securities, whether by transfer, sale, operation of law or otherwise, shall be deemed to have notice of and have

irrevocably agreed and consented to these provisions.

The enforceability of similar choice of forum provisions in other companies’

certificates of incorporation has been challenged in legal proceedings, and it is possible that, in connection with any applicable action

brought against Holdco, a court could find the choice of forum provisions contained in the Holdco A&R Articles to be inapplicable

or unenforceable in such action.

If a court were to find this provision in the Holdco A&R Articles to be inapplicable or unenforceable

in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could have adverse effect

on our business and financial performance.

is an “emerging growth company” and a “smaller reporting company” within the meaning of the Securities Act,

and if we take advantage of the reduced reporting requirements applicable to smaller reporting companies and emerging growth companies

could make the Class A Common Stock less attractive to investors.

is an “emerging growth company” within the meaning of the Securities Act as modified by the JOBS Act, and

we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are

not emerging growth companies including, but not limited to not being required to comply with the auditor internal controls attestation

requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic

reports and proxy statements and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and

shareholder approval of any golden parachute payments not previously approved.

As a result, our shareholders may not have access to certain

information they may deem important.

We cannot predict whether investors will find our securities less attractive because we will rely

on these exemptions.

If some investors find our securities less attractive as a result of our reliance on these exemptions, the trading

prices of our securities may be lower than they otherwise would be, there may be a less active trading market for our securities and

the trading prices of our securities may be more volatile.

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial

accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared

effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised

financial accounting standards.

The JOBS Act provides that a company can elect to opt out of the extended transition period

and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable.

expects not to opt out of such extended transition period which means that when a standard is issued or revised and it has different

application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time

private companies adopt the new or revised standard.

This may make comparison of our consolidated financial statements with another public

company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition

period difficult or impossible because of the potential differences in accounting standards used.

will remain an emerging growth company until the earlier of:

(1) the last day of the fiscal year (a) following the fifth anniversary

of the effectiveness of our registration statement on Form S-4 in connection with the Business Combination, (b) in which we have total

annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market

value of our common equity that is held by non-affiliates exceeds $700 million as of the end of the prior fiscal year’s second

fiscal quarter;

and (2) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior

three-year period.

Additionally,

Holdco is a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K.

Smaller reporting companies

may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial

Our status as a smaller reporting company is determined annually.

We will continue to qualify as a smaller reporting company

through the following fiscal year as long as (i) the market value of Common Stock held by non-affiliates (measured as of the end of the

second quarter of the then current fiscal year) does not exceed $250 million or (ii) our annual revenues for the most recently completed

fiscal year do not exceed $100 million and the market value of Common Stock held by non-affiliates (measured as of the end of the second

quarter of the then current fiscal year) does not exceed $700 million.

If we exceed these thresholds, we will cease to be a smaller reporting

company as of the first day of the following fiscal year.

cannot predict if investors will find the Class A Common Stock less attractive if Holdco chooses to rely on any of the exemptions afforded

to emerging growth companies and smaller reporting companies.

If some investors find the Class A Common Stock less attractive because

Holdco relies on any of these exemptions, there may be a less active trading market for the Class A Common Stock and the market price

of the Class A Common Stock may be more volatile and may decline.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors