Rafael Holdings completes rights offering raising ~$24.9M net; backstop purchase by CEO for $21M

Rafael Holdings, Inc.

Rights offering: 3,130,480 shares subscribed at $1.28 for gross proceeds of $4.0M from non-backstop holders.
Backstop purchase: Howard Jonas and related parties to buy 16,400,770 shares at $1.28, aggregate $20.99M.
Net proceeds of ~$24.9M to fund regulatory approval efforts and potential launch of Trappsol Cyclo for NPC1.
Post-closing shares outstanding: ~50.9M Class B common and 787k Class A common (convertible 1:1).
Backstop shares issued in reliance on Section 4(a)(2) exemption; purchasers are accredited investors.

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