Rafael Holdings Reports Conversion of Convertible Promissory Note into Cyclo Therapeutics Common Stock

On December 23, 2024, Rafael Holdings, Inc. announced a significant development regarding the conversion of a Convertible Promissory Note (the “Note”) into Cyclo Therapeutics, Inc. common stock. The Note was originally made by Cyclo in favor of Rafael Holdings with an issue date of August 21, 2024, and had an original principal amount of $3,000,000.

In this conversion, Rafael Holdings converted $2,500,000 of the outstanding balance of the Note into 3,968,254 shares of common stock of Cyclo. The conversion price was set at $0.63 per share, reflecting the closing price of Cyclo’s common stock on The Nasdaq Capital Market on December 20, 2024, the trading day preceding the conversion date. Following this transaction, Rafael Holdings now beneficially owns 39.5% of the issued and outstanding shares of Cyclo’s common stock.

William Conkling, the Chief Executive Officer of Rafael Holdings, signed off on this development on behalf of the company on December 23, 2024. This strategic move showcases Rafael Holdings’ continued involvement and investment in Cyclo Therapeutics, demonstrating a strengthened position and commitment within the respective market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Rafael’s 8K filing here.

Rafael Company Profile

Rafael Holdings, Inc primarily engages in holding interests in clinical and early-stage pharmaceutical companies, and commercial real estate assets in the United States and Israel. It operates in two segments, Healthcare and Real Estate. The company engages in the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells.