UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
On December 23, 2024, Rafael Holdings, Inc. (the “Company”), in accordance with the terms of the Convertible Promissory Note (the “Note”) made by Cyclo Therapeutics, Inc. (“Cyclo”) in favor of the Company, with an issue date of August 21, 2024, in the original principal amount of $3,000,000, converted $2,500,000 of the outstanding balance of the Note into 3,968,254 shares of common stock of Cyclo (the “Conversion”).
The conversion price was equal to $0.63, which was the closing price of Cyclo’s common stock on The Nasdaq Capital Market on December 20, 2024, the trading date immediately preceding the date of the Conversion. Following the Conversion the Company beneficially owns 39.5% of the issued and outstanding shares of Cyclo’s common stock.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RAFAEL HOLDINGS, INC. | |||
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By: |
/s/ William Conkling | ||
| Name: | William Conkling | ||
| Title: | Chief Executive Officer | ||
Dated: December 23, 2024
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