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Rafael Holdings (RFL) has provided an update.
Rafael Holdings, Inc. has entered into a Merger Agreement with Cyclo Therapeutics, Inc., with the former’s wholly-owned subsidiaries facilitating the merger, resulting in Cyclo becoming a wholly-owned subsidiary of Rafael. Stockholder approvals are required from both companies for the issuance of Rafael’s Class B Common Stock in the merger, which values Cyclo shares at $.95 each. The merger also includes provisions for the automatic vesting and conversion of Cyclo’s compensatory options and warrants into Rafael Class B stock or cash payments. The transaction is structured to qualify as a tax-free reorganization and is anticipated to close in the fourth quarter of 2024, subject to customary closing conditions and stockholder approvals.
Learn more about RFL stock on TipRanks’ Stock Analysis page.