Rafael Holdings, Inc. (NYSE:RFL), a micro-cap pharmaceutical company with a market capitalization of $45.7 million, announced successful outcomes from its Annual Meeting of Stockholders held on January 9, 2025, per a recent 8-K filing with the Securities and Exchange Commission.
According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 3.36x, holding more cash than debt on its balance sheet. The meeting saw the election of all five Board of Director nominees, the ratification of the company's independent auditor, and the approval of an amendment to the company's 2021 Equity Incentive Plan.
The elected Board members are Susan Y. Bernstein, Stephen M. Greenberg, Howard S. Jonas, Mark N. Stein, and Michael J. Weiss. Bernstein and Stein received the highest percentage of favorable votes, with approximately 89% of shareholders voting in their favor. Jonas also received strong support with 87.48% of the vote. Greenberg and Weiss were elected with 86.35% and 85.93% of the votes, respectively.
Additionally, shareholders ratified the appointment of CohnReznick LLP as the company's independent registered public accounting firm for the fiscal year ending July 31, 2025, with an overwhelming majority of 99.93% votes in favor.
Another key decision was the approval of an amendment to Rafael Holdings' 2021 Equity Incentive Plan, which increases the number of shares of Class B common stock available for grant by 750,000. This amendment was supported by 85.25% of the voting shareholders.
The company, based in Newark, New Jersey, operates within the pharmaceutical preparations industry under the organization name 03 Life Sciences. Rafael Holdings focuses on developing treatments in the oncology field. While the company has seen significant revenue growth of 151.6% in the last twelve months, InvestingPro analysis indicates challenges ahead with an overall weak financial health score of 1.75 out of 5.
In other recent news, Rafael Holdings, Inc., a Newark, New Jersey-based pharmaceutical firm, has made a significant financial move by converting debt into equity with Cyclo Therapeutics, Inc. The company exercised its rights under a Convertible Promissory Note to turn $2.5 million of outstanding debt into equity, acquiring 3,968,254 shares of Cyclo’s common stock. This strategic decision has boosted Rafael Holdings’ beneficial ownership in Cyclo Therapeutics to 39.5% of the company's issued and outstanding common stock.
The conversion was executed at a price of $0.63 per share, in accordance with the terms of the Convertible Promissory Note issued by Cyclo Therapeutics. This financial maneuver is part of Rafael Holdings’ broader investment strategy and indicates a deepening of the company's involvement with Cyclo Therapeutics.
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