Rafael Holdings to Acquire Cyclo Therapeutics in a $28.67 Million Deal

Cyclo Therapeutics, Inc. (CYTH) entered a merger agreement with Rafael Holdings, Inc. (RFL) on August 22, 2024, for a deal valued at about $28.67 million.

Details of the Merger:

Under the terms of the agreement, Rafael Holdings will give shares of its Class B common stock to Cyclo Therapeutics’ shareholders. The exchange will be based on a value of $0.95 per share for Cyclo Therapeutics, and the value of Rafael Holdings will be determined by its cash, marketable securities, and some other investments, minus certain debts. The share price represents a discount of 24.6% from the stock’s last closing.

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