secwatch.observer — SEC 8-K summary
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Issuer:     Rafael Holdings, Inc. (RFL)
CIK:        0001713863
Form:       8-K/A
Filed at:   2025-04-28T23:59:59+00:00
Accession:  0001213900-25-036180
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.65
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1713863/000121390025036180/0001213900-25-036180-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1713863/000121390025036180/ea0239462-8ka1_rafael.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-036180

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer