Cyclo Therapeutics Announces Closing of Strategic Investment Through a $2.1 Million Private Placement from Rafael Holdings, Inc. (NYSE:RFL)

May 02, 2023

Cyclo+Therapeutics%2C+Inc. (Nasdaq: CYTH) (“Cyclo Therapeutics” or the “Company”), a clinical stage biotechnology company dedicated to developing life-changing medicines through science and innovation for patients and families living with diseases, today announced that it has closed a private placement of its securities with Rafael Holdings, Inc. (NYSE:RFL, Financial) (“Rafael”) for the purchase of 2,514,970 shares of common stock and warrants to purchase an additional 2,514,970 shares of common stock. The purchase price for one share of common stock and a warrant to purchase one share of common stock was $0.835. The warrants have an exercise price of $0.71 and have a term of seven years. The gross proceeds of the private placement were $2.1 million. In connection with the private placement, the Company agreed to nominate William Conkling, Rafael’s Chief Executive Officer, to the Board of Directors of Cyclo Therapeutics.

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