Rafael holdings sells its building located at 520 broad street in newark, new jersey and associated 800-car public garage

Newark, n.j., aug. 23, 2022 (globe newswire) -- rafael holdings, inc., (nyse: rfl), an early-stage novel cancer and immune metabolism therapeutics company, today announced that it has closed on the sale of the building housing its headquarters to affiliates of the sinai equity group. the building located at 520 broad street in newark, new jersey and an associated 800-car public garage sold for a total purchase price of $49.4 million. rafael holdings expects net proceeds of approximately $33 million after paying down the $15 million mortgage and the payment of commissions, legal fees, taxes, and other costs. the company previously reported cash, cash equivalents and marketable securities of $59.4 million as of april 30, 2022, which does not include the $6m raised through the sale of common stock to an entity associated with members of the family of howard jonas, the chairman of the board, on july 7, 2022 or the proceeds from the sale of the building.
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