---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-071659"
form_type: "8-K"
ticker: "RFL"
cik: "0001713863"
company_name: "Rafael Holdings, Inc."
filed_at: "2024-08-22T23:59:59+00:00"
generated_at: "2026-05-31T08:05:52.474650+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-24-071659
- form_type: 8-K
- ticker: RFL
- cik: 0001713863
- company_name: Rafael Holdings, Inc.
- filed_at: 2024-08-22T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1713863/000121390024071659/0001213900-24-071659-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1713863/000121390024071659/ea0212085-8k425_rafael.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-071659
- JSON: https://secwatch.observer/filing/0001213900-24-071659.json
- Plain text: https://secwatch.observer/filing/0001213900-24-071659.txt

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