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Rafael Holdings, Inc. (NYSE:RFL), a small-cap company with a market capitalization of $80 million, reported Monday the election of N. Scott Fine as an ex-officio (non-voting) director and vice chairman of the company. According to InvestingPro analysis, the company appears to be trading above its Fair Value. The announcement was made in a press release statement based on a recent SEC filing.
Scott Fine, age 69, has served as Chief Executive Officer of Cyclo Therapeutics, LLC, a wholly-owned subsidiary of Rafael Holdings since March 2025, and will resign from that position effective July 31, 2025. In connection with his new role at Rafael Holdings, the company and Mr. Fine are entering into a General Release Agreement. The agreement includes a severance payment of $852,168 to be paid in thirty-six semi-monthly installments and continued vesting of all his outstanding and unvested equity in Rafael Holdings and Cyclo Therapeutics for as long as he remains a service provider to the company. InvestingPro data shows the company maintains strong liquidity with a current ratio of 3.85, though it reported negative EBITDA of $16.17 million in the last twelve months.
Fine has held executive and board positions at several companies, including serving as Vice Chairman and Lead Director of Central European Distribution Corporation from 1996 to 2014, and as a board member for Pacific Drilling, Forward Industries (NASDAQ:FORD), and Kenon Holdings, Inc., where he is currently chair of the Compensation Committee and a member of the Audit Committee.
Rafael Holdings also announced that its Board of Directors adopted the company’s Fourth Amended and Restated By-Laws, effective July 14, 2025. The amendments add ex-officio (non-voting) directors to the board and authorize the officer position of vice chairman. Changes were made to Article III (Sections 1, 2, 3, 4, 5, 6, 8, and 11), Article IV (Section 1), and Article IX of the bylaws.
Rafael Holdings’ Class B common stock is listed on the New York Stock Exchange under the symbol RFL. Its warrants to purchase Class B common stock trade on NYSE American under the symbol RFL-WT.
All information is based on a press release statement and the company’s SEC filing.
In other recent news, Rafael Holdings, Inc. announced the continuation of its 96-week pivotal phase 3 study of TrappsolCyclo for treating Niemann-Pick Disease Type C1 (NPC1) following a review by an independent Data Monitoring Committee. The study, which has enrolled 94 patients across 13 countries, aims to evaluate the safety and efficacy of hydroxypropyl-beta-cyclodextrin as a potential treatment for this rare genetic disease. Rafael Holdings also strengthened its financial position with the closing of a $25 million rights offering, which the company states will support its strategic objectives. Additionally, CEO Howard S. Jonas made a significant insider purchase, acquiring approximately 13 million shares of Rafael Holdings at an average cost of $1.28 per share, totaling about $16.7 million. This marks the first insider purchase at the company in over two years, potentially indicating management’s confidence in its prospects. The acquisition has increased Jonas’s ownership stake and is seen by market participants as a positive indicator of the company’s potential. These developments reflect significant recent activities at Rafael Holdings.
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