IDT Corp. completed the spin-off of Rafael Holdings Inc., following the distribution of Rafael common stock to IDT stockholders.
Rafael class B common stock will start "regular way" trading March 27 on the NYSE American exchange with the ticker symbol RFL. Holders of IDT class A and class B common stock as of March 13 were issued one share of Rafael class A and class B common stock, respectively, for every two shares of IDT stock they held.
Cash will be paid for fractional shares. Also, 787,163 shares of Rafael class A and 11,639,901 shares of class B common stock were distributed to IDT stockholders at 11:59 p.m. ET March 26.
Rafael Holdings holds commercial real estate assets and interests in two clinical stage, oncology focused pharmaceutical companies. IDT, through its IDT Telecom division, provides communications and payment services to individuals and businesses through its flagship Boss Revolution and net2phone brands.