Rafael Holdings Revises Subscription Rights Following Prior $25M Rights Offering To Support Development And Potential Launch Of Trappsol Cyclo

Rafael Holdings, Inc. (NYSE:RFL, NYSE:RFL) today announced revised subscription rights in connection with its previously announced rights offering.

Holders of record as of May 9, 2025 (the "Record Date") will be eligible to participate in the rights offering. To be considered a Holder of record on the Record Date, prospective Holders must complete open market purchases by May 8, 2025.

Under the proposed rights offering, Rafael Holdings intends to distribute one (1) non-transferable subscription right for each share of Class B Common Stock or Class A Common Stock or share of Class B Common Stock purchasable on exercise of Public Warrants, in each case, held as of the Record Date. Each subscription right will entitle the Holder to purchase 0.603 of a share of Class B Common Stock at a subscription price of $1.28 per share. Subscription rights may only be exercised in whole numbers, and fractional shares will not be issued. The number of shares that may be purchased by each holder of subscription rights will be rounded down to the nearest whole number.