Rain Enhancement Technologies and dMY Technology Group today announced that they have entered into a business combination agreement at a pro forma valuation of $200 million.
Rainwater Tech “aims to develop, manufacture and commercialize ionization rainfall generation technology. This weather modification technology seeks to provide the world with reliable access to water, and transform business, society and the planet for the better,” according to a press release announcing the deal.
If approved, upon closing Rainwater Tech will trade on the NYSE under new ticker symbol RANY.
After paying transaction expenses and the cash consideration, the balance of the approximately $241 million in cash held in dMY VI’s trust account (assuming no redemptions), will be used for funding development, innovation and commercial scale.
TCF Law Group is acting as legal counsel to Rainwater Tech.
Cleary Gottlieb Steen & Hamilton is legal counsel to dMY VI. Read more.
