Rafael Holdings, Inc. (NYSE: RFL), and Cyclo Therapeutics, Inc. (NASDAQ: CYTH) announce the closing of their business combination following approval by shareholders of both companies. Rafael Holdings issued shares of its Class B common stock to Cyclo Therapeutics’ shareholders representing approximately 22% of the combined company, based on the exchange ratio in the merger agreement between the parties determined to be 0.3525. Rafael also issued warrants to purchase shares of Rafael Class B common stock to certain holders of Cyclo warrants. Rafael Holdings has identified Trappsol® Cyclo™ as its lead clinical asset and looks forward to the TransportNPC™ 48-week interim analysis.
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Source: https://www.globenewswire.com/news-release/2025/03/26/3049461/0/en/Rafael-Holdings-Completes-Merger-with-Cyclo-Therapeutics-Following-Shareholder-Approvals.html