Coliseum Acquisition Corp.: Shareholders Urged to Vote on Business Combination and Extension

Coliseum Acquisition Corp. (NASDAQ: MITA) has reminded its shareholders to vote in connection with the proposed business combination with Rain Enhancement Technologies, Inc. (RET) and the extension of the deadline to complete the transaction. The extraordinary general meeting of Coliseum shareholders is scheduled for December 23, 2024, where shareholders will vote on the business combination and the extension.

The proposed business combination involves Coliseum acquiring RET, an emerging company developing rainfall generation technology. The strategic acquisition aligns with Coliseum's mission to provide reliable access to water, a critical resource. However, the parties are working to satisfy the conditions for the merger, and there is no assurance that the business combination will be consummated within the required time frame.

Coliseum has mailed a proxy statement to shareholders of record as of November 26, 2024, seeking approval for an extension of the time that Coliseum has to complete the business combination. The extension meeting is also scheduled for December 23, 2024. Coliseum urges shareholders to vote FOR all items submitted for shareholder approval at both meetings.

Shareholders who wish to redeem their shares in connection with the business combination or the extension must instruct Coliseum's transfer agent to do so by December 19, 2024, at 5:00 p.m. ET. Coliseum cannot guarantee whether it will hold the business combination meeting or the extension meeting on December 23, 2024. If the business combination is consummated, shares submitted for redemption in connection with the business combination meeting will be redeemed. However, shares submitted solely for the extension meeting will not be redeemed in connection with the business combination.

Coliseum's proactive approach in seeking shareholder approval and providing transparency through a proxy statement demonstrates a commitment to keeping stakeholders informed. The deposit of $100,000 into the trust account by Berto LLC, an affiliate of Harry L. You, indicates financial support for the extension, which may help alleviate shareholder concerns.

The proposed extension aligns with Coliseum's strategic goal of completing its business combination with RET. This extension allows more time to satisfy the conditions for the merger, potentially leading to a successful combination. If completed, the merger could provide RET with access to public markets, enhancing its growth prospects. However, the extension also increases the risk of the merger not materializing, which could negatively impact Coliseum's valuation. As of December 16, 2024, the redemption price per public share was approximately $11.39, reflecting the market's uncertainty about the merger's outcome.

In conclusion, Coliseum Acquisition Corp. shareholders should carefully consider the proposed business combination and extension. The strategic acquisition of RET aligns with Coliseum's mission, and the extension provides more time to complete the transaction successfully. However, shareholders should also be aware of the risks and uncertainties associated with the merger. By voting and participating in the redemption process, shareholders can help shape the future of Coliseum Acquisition Corp. and its potential long-term value.