---
schema_version: "secwatch.filing_event.v1"
accession: "0001013762-25-002413"
form_type: "8-K"
ticker: "RFL"
cik: "0001713863"
company_name: "Rafael Holdings, Inc."
filed_at: "2025-03-26T23:59:59+00:00"
generated_at: "2026-05-24T05:03:11.445950+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Rafael Holdings completes merger with Cyclo Therapeutics after shareholder approvals

## Summary
- Cyclo shareholders received 0.3525 shares of Rafael Class B common stock per share; Rafael issued approximately 7,132,228 shares.
- Cyclo's Phase 3 TransportNPC trial for Niemann-Pick Type C1 is fully enrolled; 48-week interim analysis expected mid-2025.
- Markus W. Sieger, former Cyclo Chairman, appointed to Rafael board as independent director.
- Certain Cyclo warrants converted into Rafael warrants; new warrants to be publicly traded on NYSE American around March 31, 2025.
- Cyclo common stock (CYTH) suspended from Nasdaq as of March 25, 2025.

## SEC filing metadata
- accession: 0001013762-25-002413
- form_type: 8-K
- ticker: RFL
- cik: 0001713863
- company_name: Rafael Holdings, Inc.
- filed_at: 2025-03-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1713863/000101376225002413/0001013762-25-002413-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1713863/000101376225002413/ea0235617-8k_rafael.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001013762-25-002413
- JSON: https://secwatch.observer/filing/0001013762-25-002413.json
- Plain text: https://secwatch.observer/filing/0001013762-25-002413.txt

## Key facts
- Executive change
  Markus W. Sieger was appointed as Director at Rafael Holdings, Inc..
  - Action: appointed
  - Role: Director
  source text: On March 25, 2025, effective as of the Effective Time, Markus W. Sieger, former Chairman of the Board of Cyclo, was appointed as a member of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1713863/000101376225002413/0001013762-25-002413-index.htm
- M&A Transactions
  Rafael Holdings, Inc. completed an acquisition involving Cyclo Therapeutics, Inc. (closed 2025-03-25).
  - Action: acquisition
  - Counterparty: Cyclo Therapeutics, Inc.
  - Closing: 2025-03-25
  source text: On March 25, 2025, Rafael Holdings, Inc., a Delaware corporation (“Rafael”), completed the previously announced business combination transaction with Cyclo Therapeutics, Inc., a Nevada corporation (“Cyclo”) contemplated by that certain Agreement and Plan of Merger, dated as of August 21, 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/1713863/000101376225002413/0001013762-25-002413-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.