Cyclo Therapeutics, Inc.: debt financing — Cyclo Therapeutics extends merger deadline to March 31, 2025 and issues $2M convertible note to Rafael

Cyclo Therapeutics, Inc.

Merger Agreement End Date extended from Feb 15 to March 31, 2025 via Amendment No. 2 with Rafael Holdings.
Company issued $2M convertible promissory note to Rafael (5% interest, matures March 31, 2025) for working capital.
Prior notes' maturity dates also extended to March 31, 2025.
Rafael Holdings owns ~39.5% of Cyclo common stock.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Cyclo Therapeutics, Inc. incurred convertible notes of $2,000,000.00 with Rafael at 5% per annum maturing March 31, 2025.

Instrument: convertible notes
Principal: $2,000,000.00
Counterparty: Rafael
Rate: 5% per annum
Maturity: March 31, 2025
Event: incurrence

Exact text from the filing

Eighth Amended and Restated Note Purchase Agreement (the “Agreement”) with Rafael pursuant to which the Company issued and sold a convertible promissory note in the principal amount of $2,000,000.00 (the “Note”) to Rafael.

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Source: SEC EDGAR

accession 0001437749-25-002723

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