---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-009255"
form_type: "8-K"
ticker: null
cik: "0000922247"
company_name: "Cyclo Therapeutics, Inc."
filed_at: "2025-03-26T23:59:59+00:00"
generated_at: "2026-05-24T05:23:15.044850+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Cyclo Therapeutics completes merger with Rafael Holdings; delisting from Nasdaq

## Summary
- Cyclo shareholders received 0.3525 Rafael Class B shares per share, representing ~22% of combined company.
- CYTH and CYTHW trading suspended; company will deregister under Exchange Act Sections 12(b) and 12(g).
- TransportNPC Phase 3 trial fully enrolled; 48-week interim analysis for Niemann-Pick Type C1 expected mid-2025.
- Former Cyclo directors and officers ceased; Markus W. Sieger appointed to Rafael board.

## SEC filing metadata
- accession: 0001437749-25-009255
- form_type: 8-K
- cik: 0000922247
- company_name: Cyclo Therapeutics, Inc.
- filed_at: 2025-03-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.01, 3.01, 3.03, 5.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/922247/000143774925009255/0001437749-25-009255-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/922247/000143774925009255/ctdh20250324_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-009255
- JSON: https://secwatch.observer/filing/0001437749-25-009255.json
- Plain text: https://secwatch.observer/filing/0001437749-25-009255.txt

## Key facts
- Executive change
  Markus W. Sieger departed as director at Cyclo Therapeutics, Inc..
  - Action: ceased
  - Role: director
  source text: Markus W. Sieger, a former director of the Company, was appointed to the board of directors of Rafael.
  evidence_url: https://www.sec.gov/Archives/edgar/data/922247/000143774925009255/0001437749-25-009255-index.htm
- M&A Transactions
  Cyclo Therapeutics, Inc. underwent a change of control involving Rafael Holdings, Inc. (closed 2025-03-25).
  - Action: change of control
  - Counterparty: Rafael Holdings, Inc.
  - Closing: 2025-03-25
  source text: On March 25, 2025, Cyclo Therapeutics, Inc., a Nevada corporation (the "Company"), completed the previously announced strategic combination contemplated by that certain Agreement and Plan of Merger, dated as of August 21, 2024, as amended as of December 18, 2024 and February 4, 2025, by and among the Company, Rafael Holdings, Inc. ("Rafael"), Tandem Therapeutics, Inc., a wholly owned subsidiary of Rafael ("First Merger Sub"), and Tandem Therapeutics, LLC, a wholly owned subsidiary of Rafael ("Second Merger Sub", and together with First Merger Sub, "Merger Subs") (the "Merger Agreement"), pursuant to which: (i) First Merger Sub merged with and into the Company (the "First Merger"), causing First Merger Sub to cease to exist and the Company to become a wholly owned subsidiary of Rafael
  evidence_url: https://www.sec.gov/Archives/edgar/data/922247/000143774925009255/0001437749-25-009255-index.htm

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