Rafael Holdings, Inc. (RFL) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: March 16, 2026

Risk Assessment Details

Potential Dilution: 379.1% of current shares
Recent Dilution: 6363.61% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
790K
Potential Supply
3M
Additional shares possible
Splits
None
Past 2 years

Summary

RFL currently has 787K outstanding shares. with significant dilution risk as 2.98M authorized shares could dilute existing holders by 379.1%. The company has significantly diluted shareholders by 6363.61% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 16, 2026

10-Q filing | 0.8M shares outstanding

790K 3M
Dec 12, 2025

10-Q filing | 0.8M shares outstanding

790K 3M
Jun 11, 2025

10-Q filing | 0.8M shares outstanding

790K 3M
Jun 04, 2025

8-K filing: Rafael Holdings, Inc. completed a backstop private placement and rights offering, issuing a total of 19,531,250 shares of Class B common stock for approximately $25 million in gross proceeds. ($25.01M proceeds)

51M 0
Apr 28, 2025

S-3/A filing: This is an S-3/A filing. The filing discusses post-effective amendments to the registration statement, including the inclusion of prospectuses, reflection of facts or events arising after the effective date, and material information regarding the plan of distribution. It also states that each post-effective amendment shall be deemed a new registration statement relating to the securities offered.

790K 3M
Apr 18, 2025

S-3 filing: Rafael Holdings, Inc. may offer to sell shares of Class B common stock in one or more offerings, with the aggregate initial offering price not exceeding $25,000,000.

790K 3M
Mar 14, 2025

10-Q filing | 0.8M shares outstanding

790K 3M
Dec 23, 2024

8-K filing: Rafael Holdings, Inc. converted $2,500,000 of Cyclo Therapeutics, Inc.'s outstanding balance of a convertible promissory note into 3,968,254 shares of Cyclo's common stock at a conversion price of $0.63 per share. ($2.5M proceeds)

790K 3M
Dec 11, 2024

10-Q filing | 0.8M shares outstanding

790K 3M
Nov 07, 2024

10-K filing | 0.8M shares outstanding

790K 3M
Jun 14, 2024

10-Q filing | 0.8M shares outstanding

790K 3M
Mar 14, 2024

10-Q filing | 0.8M shares outstanding

790K 3M
Dec 14, 2023

10-Q filing | 0.8M shares outstanding

790K 3M
Oct 30, 2023

10-K filing | 0.8M shares outstanding

790K 3M
Jun 13, 2023

10-Q filing | 0.8M shares outstanding

790K 3M
Mar 14, 2023

10-Q filing | 0.8M shares outstanding

790K 3M
Dec 13, 2022

10-Q filing | 0.8M shares outstanding

790K 3M
Oct 31, 2022

10-K filing | 0.8M shares outstanding

790K 3M
Jul 01, 2022

8-K filing: Rafael Holdings, Inc. entered into a Stock Purchase Agreement with I9 Plus, LLC for the sale of 3,225,806 shares of the Company's Class B common stock at $1.86 per share, for an aggregate purchase price of $6 million. ($6.0M proceeds)

790K 3M
Jun 14, 2022

10-Q filing | 0.8M shares outstanding

790K 3M
Mar 17, 2022

10-Q filing | 0.8M shares outstanding

790K 3M
Mar 02, 2022

S-3/A filing: This is an S-3/A filing to register additional securities. The registrant may delay the effective date of the registration statement.

790K 3M
Feb 15, 2022

S-3 filing: Rafael Holdings, Inc. is offering 2,833,425 shares of Class B common stock for resale by selling stockholders.

790K 3M
Dec 15, 2021

10-Q filing | 0.8M shares outstanding

790K 150K
Oct 18, 2021

10-K filing | 0.8M shares outstanding

790K 150K
Aug 24, 2021

8-K filing: Rafael Holdings, Inc. completed a private placement offering of Class B common stock, selling 2,833,425 shares to Institutional Investors at $35.00 per share and 112,561 shares to I9Plus, LLC at $44.42 per share, resulting in total gross proceeds of approximately $104.2 million. ($104.2M proceeds)

790K 150K
Jun 14, 2021

10-Q filing | 0.8M shares outstanding

790K 150K
Jun 07, 2021

S-3 filing: The selling stockholder may sell up to 48,859 shares of Class B common stock.

790K 150K
May 27, 2021

S-3 filing: Rafael Holdings, Inc. may from time to time offer to sell shares of Class B common stock in one or more offerings up to an aggregate initial offering price of $250,000,000.

790K 100K
Mar 17, 2021

10-Q filing | 0.8M shares outstanding

790K 100K
Feb 24, 2021

S-3 filing: Rafael Holdings, Inc. files an S-3 to register the resale of up to 101,844 shares of Class B common stock by a selling stockholder.

790K 100K
Feb 08, 2021

RW filing: The Registrant has determined at this time not to pursue the offering of securities pursuant to this Registration Statement and no securities have been sold under the Registration Statement.

790K 0
Jan 20, 2021

S-3 filing: This S-3 filing is for a potential offering of Class B common stock with an aggregate offering price of up to $6,950,000 pursuant to a Membership Interest Purchase Agreement.

790K 280K
Dec 15, 2020

10-Q filing | 0.8M shares outstanding

790K 0
Dec 11, 2020

8-K filing: Rafael Holdings, Inc. sold 567,437 shares of Class B common stock at $22.91 per share for $13 million and issued warrants to purchase 113,487 shares of Class B common stock with an exercise price of $22.91 per share. ($13.0M proceeds)

790K 0
Oct 29, 2020

10-K filing | 0.8M shares outstanding

790K 0
Jun 09, 2020

10-Q filing | 15.0M shares outstanding

15M 0
Mar 05, 2020

10-Q filing | 0.8M shares outstanding

790K 0
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