---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-111976"
form_type: "8-K"
ticker: "RFL"
cik: "0001713863"
company_name: "Rafael Holdings, Inc."
filed_at: "2024-12-23T23:59:59+00:00"
generated_at: "2026-05-28T23:42:04.404489+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Rafael Holdings converts $2.5M note into 39.5% stake in Cyclo Therapeutics

## Summary
- Converted $2,500,000 of outstanding convertible note principal into 3,968,254 shares of Cyclo common stock.
- Conversion price set at $0.63, the December 20, 2024 closing price of Cyclo's stock on Nasdaq.
- Rafael now beneficially owns 39.5% of Cyclo Therapeutics' issued and outstanding common shares.

## SEC filing metadata
- accession: 0001213900-24-111976
- form_type: 8-K
- ticker: RFL
- cik: 0001713863
- company_name: Rafael Holdings, Inc.
- filed_at: 2024-12-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1713863/000121390024111976/0001213900-24-111976-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1713863/000121390024111976/ea0225818-8k_rafael.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-111976
- JSON: https://secwatch.observer/filing/0001213900-24-111976.json
- Plain text: https://secwatch.observer/filing/0001213900-24-111976.txt

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