Rafael acquires Cyclo; Cyclo's 2024 net loss $23.3M, accumulated deficit $107.2M

Rafael Holdings, Inc.

Cyclo's 2024 net loss $23.3M ($0.81/share), revenue $0.9M, accumulated deficit $107.2M.
Cash and equivalents $0.5M at Dec 31, 2024; negative working capital $16.8M.
Rafael loaned $21M to Cyclo via convertible notes; all debt forgiven upon merger close.
Exchange ratio finalized at 0.3535 Rafael shares per Cyclo share, valuing Cyclo at $0.95.
Merger closed March 25, 2025; Cyclo now operates as Cyclo Therapeutics, LLC.

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