secwatch.observer — SEC 8-K summary
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Issuer:     Rafael Holdings, Inc. (RFL)
CIK:        0001713863
Form:       8-K
Filed at:   2024-03-13T23:59:59+00:00
Accession:  0001213900-24-022185
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Rafael Holdings gains ~67% control of Cornerstone via debt conversion and $1.5M investment
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- Converted $29.2M line of credit and $2.1M loan into 32.2M common shares at $0.97/sh.
- Converted preferred stock into 6.1M common shares; invested $1.5M cash for 1.5M additional shares.
- Now indirectly owns or controls 67.03% of Cornerstone's total outstanding equity.
- RP Finance (37.5%-owned entity) received 3.66M shares for extending $21.9M debt maturity.
- Majority of Cornerstone debt holders agreed to convert notes or extend maturity; mutual releases executed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1713863/000121390024022185/0001213900-24-022185-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1713863/000121390024022185/ea0201667-8k_rafael.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-022185

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