SEC FORM 3 SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Sieger Markus
(Last) (First) (Middle)
C/O RAFAEL HOLDINGS, INC.
520 BROAD STREET
(Street)
NEWARK NJ 07102
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
03/25/2025 		3. Issuer Name and Ticker or Trading Symbol
Rafael Holdings, Inc. [ RFL ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class B Common Stock, par value $.01 per share 155,182(1) D
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) 08/27/2021 08/27/2031 Class B Common Stock 2,362(1) $21.16 D
Stock Option (right to buy) 03/07/2023 03/07/2033 Class B Common Stock 1,181(1) $3.63 D
Stock Option (right to buy) 06/03/2024 06/03/2034 Class B Common Stock 5,485(1) $3.63 D
Class B Common Stock Warrant (Right to Buy) 04/23/2018 04/23/2025 Class B Common Stock 352(1) $70.93 D
Class B Common Stock Warrant (Right to Buy) 12/21/2018 12/21/2025 Class B Common Stock 352(1) $184.41 D
Class B Common Stock Warrant (Right to Buy) 08/27/2020 08/27/2027 Class B Common Stock 2,644(1) $42.56 D
Class B Common Stock Warrant (Right to Buy) 10/20/2023 10/20/2027 Class B Common Stock 23,217(1) $2.7 D
Explanation of Responses:
1. The shares, options and warrants set forth in this Form 3 were all received in exchange for shares, options and warrants, respectively, of Cyclo Therapeutics, Inc. ("Cyclo") common stock and upon conversion of options and warrants to purchase shares of Cyclo common stock in connection with the business combination between the Issuer and Cyclo on March 25, 2025.
/s/ Markus Sieger 04/02/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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