Who signed the NYSE American certification related to Rafael Holdings (RFL) warrants?

The notification is signed on behalf of NYSE American LLC by Tyler Mastronardi , identified as an Analyst, Market Watch .

Rafael Holdings (NYSE: RFL) warrants delisted from NYSE American under Form 25

Q: What did Rafael Holdings, Inc. (RFL) disclose in this Form 25?

The filing states that NYSE American LLC is removing Rafael Holdings, Inc. warrants to purchase shares of Class B common stock from listing and registration under Section 12(b) of the Securities Exchange Act of 1934.

Q: Which Rafael Holdings (RFL) securities are affected by this NYSE American delisting?

The action applies to warrants to purchase shares of Class B common stock . The document refers only to this class of securities, not to all Rafael Holdings securities.

Q: Who initiated the removal of Rafael Holdings (RFL) warrants from NYSE American?

NYSE American LLC filed the Form 25 and certifies that it has reasonable grounds to believe it meets all requirements for removing this warrant class from listing and registration.

Q: Under which SEC rules were Rafael Holdings (RFL) warrants removed from listing?

The filing references 17 CFR 240.12d2-2(a) , and states that the exchange complied with 17 CFR 240.12d2-2(b) for striking the class from listing and registration.

Q: Did Rafael Holdings (RFL) have to comply with any requirements for this warrant delisting?

Yes. The document notes that, under 17 CFR 240.12d2-2(c) , the issuer has complied with the exchange’s rules and SEC requirements for the voluntary withdrawal of this warrant class from listing and registration.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

25-NSE

Rhea-AI Filing Summary

Rafael Holdings, Inc. has had its warrants to purchase shares of its Class B common stock removed from listing and registration on the NYSE American. NYSE American LLC filed a Form 25 notification under Section 12(b) of the Securities Exchange Act of 1934 to strike this class of securities from the exchange.

The exchange states that it has complied with its own rules and with SEC Rule 12d2-2 for withdrawing this warrant class from listing and registration. This action applies specifically to the warrants, not to all Rafael Holdings securities, and means these warrants will no longer trade on the NYSE American platform.

12/11/2025 - 09:55 AM

UNITED STATES

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

001-38411

Issuer:	Rafael Holdings, Inc.
Exchange:	NYSE AMERICAN LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	520 Broad Street
	Newark	NEW JERSEY	07102
Telephone number:				609-409-7050

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

Warrants to Purchase Shares of Class B Common Stock

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, NYSE AMERICAN LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2025-12-11	By	Tyler Mastronardi		Analyst, Market Watch
Date		Name		Title

¹	Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Rafael Holdings, Inc. (RFL) disclose in this Form 25?

The filing states that NYSE American LLC is removing Rafael Holdings, Inc. warrants to purchase shares of Class B common stock from listing and registration under Section 12(b) of the Securities Exchange Act of 1934.

Which Rafael Holdings (RFL) securities are affected by this NYSE American delisting?

The action applies to warrants to purchase shares of Class B common stock. The document refers only to this class of securities, not to all Rafael Holdings securities.

Who initiated the removal of Rafael Holdings (RFL) warrants from NYSE American?

NYSE American LLC filed the Form 25 and certifies that it has reasonable grounds to believe it meets all requirements for removing this warrant class from listing and registration.

Under which SEC rules were Rafael Holdings (RFL) warrants removed from listing?

The filing references 17 CFR 240.12d2-2(a), and states that the exchange complied with 17 CFR 240.12d2-2(b) for striking the class from listing and registration.

Did Rafael Holdings (RFL) have to comply with any requirements for this warrant delisting?

Yes. The document notes that, under 17 CFR 240.12d2-2(c), the issuer has complied with the exchange’s rules and SEC requirements for the voluntary withdrawal of this warrant class from listing and registration.