Rafael And Cyclo Therapeutics Have Agreed To Combine To Focus Trappsol Cyclo For Niemann-pick Disease Type C1

On consummation of the merger, Rafael will issue Class B shares to Cyclo Therapeutics' shareholders, based on an exchange ratio valuing Cyclo Therapeutics shares at $.95 per share and Rafael Holdings at its cash value combined with the value of its marketable securities and certain other investments less certain current liabilities