Rafael Holdings Completes Merger with Cyclo Therapeutics Following Shareholder Approvals

NEWARK, N.J. and GAINESVILLE, Fla., March 26, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL), and Cyclo Therapeutics, Inc. (NASDAQ: CYTH) today announced the closing of their business combination following approval by shareholders of both companies. Rafael Holdings issued shares of its Class B common stock to Cyclo Therapeutics’ shareholders representing approximately 22% of the combined company, based on the exchange ratio in the merger agreement between the parties determined to be 0.3525. Rafael also issued warrants to purchase shares of Rafael Class B common stock to certain holders of Cyclo warrants. Rafael Holdings has identified Trappsol^® Cyclo™ as its lead clinical asset and looks forward to the TransportNPC™ 48-week interim analysis. TransportNPC™ is a prospective, randomized, double-blind, placebo controlled, multi-center therapeutic study in Pediatric and Adult Patients with Niemann-Pick Disease Type C1.

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