10:22 AM EDT, 03/26/2025 (MT Newswires) -- Rafael Holdings ( RFL ) and Cyclo Therapeutics ( CYTH ) said Wednesday they have completed their merger following shareholders' approval from both companies.

Rafael ( RFL ) issued Class B shares, representing 22% of the combined business, to the shareholders of Cyclo Therapeutics ( CYTH ), based on the exchange ratio determined at 0.3525, the companies said.

Rafael ( RFL ) also issued warrants to buy Rafael Class B shares to some holders of Cyclo Therapeutics ( CYTH ) warrants, they added.