Newark-based Rafael Holdings Inc. and IDT Corp. announced jointly the completion of the spinoff of Rafael Holdings from IDT, following the distribution Monday of RFL common stock to IDT stockholders.
Rafael Holdings holds commercial real estate assets in two clinical stage oncology pharmaceutical companies. IDT provides communications and payment services to businesses and individuals.
Under terms of the deal, Rafael Class B common stock will begin trading normally on the NYSE American exchange under the symbol “RFL”.
“The spinoff of Rafael Holdings significantly enhances our ability to invest in our real estate portfolio, realize the potential of our pharmaceutical investments and seek out additional growth opportunities – all supported by our strong balance sheet and experienced management team,” said Howard Jones, Rafael’s chairman and CEO.
“With the spinoff of Rafael Holdings complete, IDT is wholly-focused on communications and payment services. We will be maximizing the long-term cash flows from our international long-distance wholesale and retail businesses while investing in a portfolio of exciting, technology-driven growth opportunities. We wish our colleagues at Rafael Holdings great success as an independent company,”said Shmuel Jonas, IDT CEO.
Holders of IDT Class A and B common stock as of March 13 were issued one share of Rafael Class A and B common stock, respectively, for every two shares of IDT stock they held. Approximately 788,000 shares of Rafael Class A and 11.6 million shares of Class B stock were distributed to IDT stockholders.
