Rafael Holdings Announces Strategic Merger with Cyclo Therapeutics

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.

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