Rafael Holdings to merge with Cyclo Therapeutics; deal values Cyclo at $0.95/share

Rafael Holdings, Inc.

Rafael issues Class B common stock to Cyclo holders based on exchange ratio valuing Cyclo at $0.95/share and Rafael at net cash value.
Merger expected to close in Q4 2024, subject to shareholder approvals and SEC effectiveness of Form S-4.
Rafael will fund Cyclo's TransportNPC Phase 3 trial to 48-week interim analysis; enrollment complete, results expected mid-2025.
Cyclo directors enter 6-month lock-up; Howard Jonas agrees to vote in favor of share issuance.
Rafael also provides $3M convertible note to Cyclo under amended note purchase agreement.

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