Rafael Holdings (RFL) and Cyclo Therapeutics (CYTH) said Wednesday they have completed their merger following shareholders' approval from both companies.
Rafael issued Class B shares, representing 22% of the combined business, to the shareholders of Cyclo Therapeutics, based on the exchange ratio determined at 0.3525, the companies said.
Rafael also issued warrants to buy Rafael Class B shares to some holders of Cyclo Therapeutics warrants, they added.
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