SCHEDULE 13D/A: I9 Plus Adjusts Stake in Rafael Holdings, Acquires Shares via Rights Offering

I9 Plus, LLC, a significant shareholder in Rafael Holdings, Inc., has updated its beneficial ownership, reporting recent share sales under a 10b5-1 plan and a substantial purchase through a rights offering.

Summary

• I9 Plus, LLC filed Amendment No. 1 to its Schedule 13D regarding its beneficial ownership in Rafael Holdings, Inc. Class B Common Stock.
• The amendment details recent transactions, including sales and a purchase of shares.
• Between August 5 and August 9, 2022, I9 Plus sold a total of 112,561 shares (33,100 + 14,787 + 64,674) of Class B Common Stock under a Rule 10b5-1 plan adopted on July 19, 2022.
• On June 5, 2025, I9 Plus purchased 390,625 shares of Class B Common Stock through a Standby Purchase Agreement, entered into on May 6, 2025, in connection with a rights offering undertaken by Rafael Holdings, Inc.
• As of June 9, 2025, I9 Plus beneficially owns 3,616,431 shares of Rafael Holdings, Inc.'s Class B Common Stock.
• This beneficial ownership represents approximately 7% of the issued and outstanding Class B Common Stock as of June 9, 2025.

Sentiment

Score: 6

Explanation: The filing indicates a significant shareholder, I9 Plus, LLC, increased its stake in Rafael Holdings, Inc. through participation in a rights offering, suggesting continued support or confidence. However, it also discloses prior sales under a 10b5-1 plan. Overall, the recent purchase is a positive signal of commitment.

Positives

• I9 Plus, LLC increased its stake in Rafael Holdings, Inc. by purchasing 390,625 shares through a rights offering, indicating continued confidence and support for the company.
• The purchase was made pursuant to a Standby Purchase Agreement, suggesting a commitment to support the company's capital raising efforts.

Negatives

• I9 Plus, LLC sold a total of 112,561 shares of Class B Common Stock in August 2022 under a Rule 10b5-1 plan, which represents a reduction in exposure at that time, although subsequently offset by the recent purchase.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The rights offering and I9 Plus's participation could lead to dilution for non-participating shareholders but also provides capital to the company. The increased stake by a significant holder might be seen positively by the market.

Key Dates

Keywords

Rafael Holdings, I9 Plus, Schedule 13D, Class B Common Stock, Beneficial Ownership, Rights Offering, Standby Purchase Agreement, 10b5-1 Plan, Share Purchase, Share Sale, SEC Filing