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  <P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNITED
  STATES </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECURITIES
  AND EXCHANGE COMMISSION</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Washington,
  D.C. 20549 </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
  S-8 </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REGISTRATION
  STATEMENT </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>UNDER
  </I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>THE
  SECURITIES ACT OF 1933</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>RAFAEL
  HOLDINGS, INC.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Exact
  name of registrant as specified in its charter) </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 49%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 2%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 49%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>82-2296593</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
      of Incorporation)</B></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S.
      Employer Identification No.)</B></FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>520
  Broad Street</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Newark,
  New Jersey 07102</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(212) 658-1450</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Address
  of Principal Executive Offices, Including Zip Code </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>and
  Telephone Number) </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Rafael
  Holdings, Inc. 2018 Equity Incentive Plan</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Full
  Title of the Plan) </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>David
  Polinsky</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Chief
  Financial Officer </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Rafael
  Holdings, Inc.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>520
  Broad Street </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Newark,
  NJ 07102</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 658-1450</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Name,
  Address, including Zip Code, and Telephone Number, </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Including
  Area Code, of Agent for Service) </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Copies
  to:</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dov
  T. Schwell, Esq. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Schwell
  Wimpfheimer &amp; Associates LLP </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>37
  West 39<SUP>th</SUP> Street, Suite 505</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>New
  York, NY 10018 </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(646)
  328-0795</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Indicate
  by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a small reporting
  company. See definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;small reporting
  company&rdquo; in Rule 12b-2 of the Exchange Act.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="padding-left: 0.1in; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Large&nbsp;accelerated&nbsp;filer</B></FONT></TD>
      <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
      <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Accelerated&nbsp;filer</B></FONT></TD>
      <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
      </TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-accelerated filer</B></FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Smaller&nbsp;reporting&nbsp;company</B></FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD>
      </TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Emerging&nbsp;growth&nbsp;company</B></FONT></TD>
      <TD><FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      </TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>If
  an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
  complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities
  Act.&nbsp;&nbsp;</B>&#9744;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CALCULATION
  OF REGISTRATION FEE</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title
      of Securities to be Registered</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
      <FONT STYLE="font-size: 10pt"><B>to be</B></FONT><BR> <FONT STYLE="font-size: 10pt"><B>Registered<SUP>(1)</SUP></B></FONT></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposed<BR>
      Maximum<BR> Offering Price<BR> Per Share</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposed<BR>
      Maximum<BR> Aggregate<BR> Offering&nbsp;<BR>
  Price</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount
      of<BR> Registration&nbsp;<BR>
  Fee</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 52%; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class
      B Common Stock, par value $.01 per share&#9;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 1%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,064,048</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 1%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; padding-bottom: 1.5pt"><P STYLE="margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  8.44<SUP></SUP></P>
  
  
  </TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 1%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  8,980,565<SUP></SUP></FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt 0">1,119</P>
  
  
  </TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-indent: -12pt; padding-left: 12pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total&#9;</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,064,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: left; border-bottom: Black 4pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"><P STYLE="margin: 0pt 0">1,119</P>
  
  
  </TD><TD STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to Rule 416(a) under the Securities
      Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the number of shares being registered shall be adjusted to include
      such additional indeterminate number of shares as may be issuable pursuant to the anti-dilution provisions of the Rafael Holdings,
      Inc. 2018 Equity Incentive Plan (the &ldquo;Plan&rdquo;). In addition, pursuant to Rule 416(c) under the Securities Act, this
      registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit
      plans described herein.</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents shares of Class B Common Stock reserved
      for issuance pursuant to the Plan.</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for the purpose of calculating
      the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act, and based upon the average of the high
      and low reported prices of the shares of the Class B Common Stock of the Registrant (&ldquo;Class B Common Stock&rdquo;) on
      the NYSE American on May 21, 2018.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>
  
  <!-- Field: Page; Sequence: 2 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid">&nbsp;</DIV>
      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PART
  I </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION
  10(a) PROSPECTUS </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
  documents containing the information specified in Part I of Form S-8 will be sent or given to participants in the Rafael Holdings,
  Inc. 2018 Equity Incentive Plan (the &ldquo;Plan&rdquo;) as specified by Rule 428(b)(1) promulgated by the Securities and Exchange
  Commission (the &ldquo;Commission&rdquo;) under the Securities Act (&sect;230.428(b)(1)). Such documents need not be filed with
  the Commission, either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424
  (&sect;230.424). These documents and the documents incorporated by reference in the registration statement pursuant to Item&nbsp;3
  of Part II of this Form, taken together, constitute a prospectus that meets the requirements of Section&nbsp;10(a) of the Securities
  Act. See Rule 428(a)(1) (&sect;230.428(a)(1)).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>
  
  <!-- Field: Page; Sequence: 3 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid">&nbsp;</DIV>
      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PART
  II </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item&nbsp;3.
  Incorporation of Documents By Reference. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
  following documents filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) by the Registrant, pursuant
  to the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), are incorporated by reference in this Registration
  Statement:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Registration Statement
      on Form 10, filed with the Commission on October 31, 2017 (the &ldquo;Form 10&rdquo;);</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to the Form 10, filed with the
      Commission on December 26, 2017;</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-Effective Amendment No. 1 to the Form 10,
      filed with the Commission on February&nbsp;1, 2018;</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-Effective Amendment No. 2 to the Form 10,
      filed with the Commission on February 20, 2018;</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-Effective Amendment No. 3 to the Form 10,
      filed with the Commission on March 26, 2018;</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Registration Statement
      on Form 8-A, filed with the Commission on March 5, 2018 (the &ldquo;Form 8-A&rdquo;);</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Quarterly Report on Form
      10-Q for the quarter ended January 31, 2018, filed with the Commission on March 12, 2018;</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Current Report on Form
      8-K, filed with the Commission on May 1, 2018</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to the Form 8-A, filed with
      the Commission on March 27, 2018; and</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of the Class B common stock,
      par value $.01 per share (the &ldquo;Class B Common Stock&rdquo;), of the Registrant set forth under Item&nbsp;11 in the Post-Effective
      Amendment No. 3 to the Form 10, filed with the Commission on March&nbsp;26, 2018 including any amendment or report filed for
      the purpose of updating such information.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
  documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the
  filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities
  then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing
  of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be
  deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein
  or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein modifies
  or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
  to constitute a part of this Registration Statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item&nbsp;4.
  Description of Securities. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
  applicable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item&nbsp;5.
  Interests of Named Experts and Counsel. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
  legal matters with respect to the Class B Common Stock have been passed on by the law firm of Schwell Wimpfheimer and Associates
  LLP (the &ldquo;Firm&rdquo;). Certain partners of the Firm are the beneficial owner of an aggregate of 9,249 shares of Class B
  Common Stock, consisting of (a) 7,500 unvested restricted shares Class B Common Stock, (b) 1,749 shares of Class B Common Stock.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item&nbsp;6.
  Indemnification of Directors and Officers. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
  Registrant&rsquo;s Certificate of Incorporation provides that, no director shall be personally liable to the Corporation or any
  of its stockholders for monetary damages for any breach of fiduciary duty as a director, except for liability (i) for breach of
  the director&rsquo;s duty of loyalty to the Corporation or its stockholders, (ii)&nbsp;for acts or omissions not in good faith
  or which involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the GCL or (iv) for any
  transaction from which the director derived an improper personal benefit and that&nbsp;any alteration, amendment or repeal of
  this section by the stockholders of the Corporation shall not adversely affect any right or protection of a director of the Corporation
  existing at the time of such alteration, amendment or repeal with respect to acts or omissions occurring prior to such alteration,
  amendment or repeal.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
  Registrant&rsquo;s By-Laws provide that the Registrant shall indemnify any person who was or is a party or is threatened to be
  made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
  (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a director or officer of
  the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director
  or officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise,
  against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
  by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to
  be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no
  reasonable cause to believe his conduct was unlawful.&nbsp;&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 4 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid">&nbsp;</DIV>
      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
  By-laws further provide that the Corporation shall indemnify any person who was or is a party or is threatened to be made a party
  to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor
  by reason of the fact that he is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation
  serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint
  venture, trust, employee benefit plan or other enterprise against expenses (including attorneys' fees) actually and reasonably
  incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner
  he reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall
  be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation
  unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
  upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is
  fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item&nbsp;7.
  Exemption from Registration Claimed. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
  applicable.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item&nbsp;8.
  Exhibits. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
      <TD NOWRAP STYLE="width: 9%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
      <TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; width: 90%; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></P></TD></TR>
  <TR>
      <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></P></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1713863/000121390018003455/f1012g2018a3ex10-1_rafael.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rafael Holdings, Inc.&rsquo;s 2018 Equity Incentive Plan (incorporated by reference to the Registrant&rsquo;s Post-Effective Amendment No. 3 to its Registration Statement filed on Form 10, filed with the Commission on March&nbsp;26, 2018).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
      <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;5.1</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="fs82018ex5-1_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Opinion of Schwell Wimpfheimer and Associates LLP.</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
      <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
      23.1</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="fs82018ex5-1_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
      <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*23.2</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="fs82018ex23-2_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Zwick &amp; Banyai, PLLC, Independent Registered Public Accounting Firm.</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
      <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;24.1</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included in the Signature Pages to this Registration Statement).</FONT></A></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item&nbsp;9.
  Undertakings.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned Registrant hereby undertakes:</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 66px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To file, during any period in which offers or
      sales are being made, a post-effective amendment to this Registration Statement:</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 99px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any prospectus required by Section&nbsp;10(a)(3)
      of the Securities Act of 1933;</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 99px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To reflect in the prospectus any facts or events
      arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which,
      individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement.
      Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of
      securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
      maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant
      to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum
      aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration
      Statement; and</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 99px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any material information with respect
      to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information
      in the Registration Statement.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>provided
  </U>, <U>however</U> , that paragraphs (a)(1)(i) and (a)(1)(ii) will not apply if the information required to be included in a
  post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Securities Exchange
  Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act of 1934 that are incorporated
  by reference in the Registration Statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt"></P>
  
  <!-- Field: Page; Sequence: 5 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid">&nbsp;</DIV>
      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 66px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining any liability
      under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
      to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona
      fide offering thereof.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 66px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To remove from registration by means of a post-effective
      amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned Registrant hereby undertakes
      that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&rsquo;s annual
      report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act of 1934 (and, where applicable, each filing
      of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934) that
      is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to
      the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
      offering thereof.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar as indemnification for liabilities arising
      under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
      to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
      Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
      In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
      incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit
      or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
      the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
      a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
      in the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"></P>
  
  <!-- Field: Page; Sequence: 6 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid">&nbsp;</DIV>
      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURES
  </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
  to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe
  that it meets all of the requirements for filing on Form S-8 and has duly caused this Form S-8 Registration Statement to be signed
  on its behalf by the undersigned, thereunto duly authorized, in the City of Newark, State of New Jersey, on May&nbsp;22, 2018.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RAFAEL HOLDINGS, INC.</FONT></TD></TR>
  <TR>
      <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
      <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
      <FONT STYLE="font-size: 10pt">David Polinsky</FONT></FONT></TD></TR>
  <TR>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: top; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Polinsky</FONT></TD></TR>
  <TR>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: top; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial
      Officer </FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
  undersigned directors and officers hereby constitute and appoint David Polinsky, with full power to act and with full power of
  substitution and resubstitution, our true and lawful attorney-in-fact with full power to execute in our name in the capacities
  indicated any and all amendments (including post-effective amendments) to this Registration Statement and to sign any and all
  additional registration statements relating to the same offering of securities as this Form S-8 that are filed pursuant to the
  requirements of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection
  therewith, with the Securities and Exchange Commission and hereby ratify and confirm that all such attorneys-in fact, or either
  of them, or their substitutes shall lawfully do or cause to be done by virtue thereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
  to the requirements of the Securities Act of 1933, as amended, this Form S-8 Registration Statement has been signed by the following
  persons in the capacities indicated as of May 22, 2018.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 45%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
      <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="width: 54%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Titles</B>&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;/s/
      <FONT STYLE="font-size: 10pt">Howard S. Jonas</FONT></FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer
      and Chairman of the Board of Directors</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Howard S. Jonas</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive
      Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;/s/
      <FONT STYLE="font-size: 10pt">David Polinsky&nbsp;</FONT></FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer
      </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Polinsky&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial
      Officer and Principal Accounting Officer)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
      <FONT STYLE="font-size: 10pt">Stephen Greenberg</FONT></FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen Greenberg</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;/s/
      <FONT STYLE="font-size: 10pt">Boris C. Pasche&nbsp;</FONT></FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boris C. Pasche&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;/s/
      <FONT STYLE="font-size: 10pt">Michael J. Weiss</FONT></FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael J. Weiss</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT
  INDEX </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
      <TD NOWRAP STYLE="width: 9%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit&nbsp;No.</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
      <TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; width: 90%; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></P></TD></TR>
  <TR>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1713863/000121390018003455/f1012g2018a3ex10-1_rafael.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rafael Holdings, Inc.&rsquo;s 2018 Equity Incentive Plan (incorporated by reference to the Registrant&rsquo;s Post-Effective Amendment No. 3 to its Registration Statement filed on Form 10, filed with the Commission on March&nbsp;26, 2018).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
      5.1</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="fs82018ex5-1_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Opinion of Schwell Wimpfheimer and Associates LLP.</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;23.1</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="fs82018ex5-1_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
      23.2</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="fs82018ex23-2_rafaelhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of &nbsp;Zwick &amp; Banyai, PLLC, Independent Registered Public Accounting Firm.</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD NOWRAP STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included in the Signature Pages to this Registration Statement).</FONT></A></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
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      <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith</FONT></TD></TR>
  </TABLE>
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metadata_filer: {"company-data": {"conformed-name": "Rafael Holdings, Inc.", "cik": "0001713863", "assigned-sic": "6500", "irs-number": "822296593", "state-of-incorporation": "DE", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-225115", "film-number": "18853103"}, "business-address": {"street1": "520 BROAD STREET", "city": "NEWARK", "state": "NJ", "zip": "07120", "phone": "973-438-1000"}, "mail-address": {"street1": "520 BROAD STREET", "city": "NEWARK", "state": "NJ", "zip": "07120"}}
text: Registration No. 333-
  UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  FORM
  S-8
  REGISTRATION
  STATEMENT
  UNDER
  THE
  SECURITIES ACT OF 1933
  RAFAEL
  HOLDINGS, INC.
  (Exact
  name of registrant as specified in its charter)
  Delaware
  82-2296593
  (State
      of Incorporation)
  (I.R.S.
      Employer Identification No.)
  520
  Broad Street
  Newark,
  New Jersey 07102
  (212) 658-1450
  (Address
  of Principal Executive Offices, Including Zip Code
  and
  Telephone Number)
  Rafael
  Holdings, Inc. 2018 Equity Incentive Plan
  (Full
  Title of the Plan)
  David
  Polinsky
  Chief
  Financial Officer
  Rafael
  Holdings, Inc.
  520
  Broad Street
  Newark,
  NJ 07102
  (212) 658-1450
  (Name,
  Address, including Zip Code, and Telephone Number,
  Including
  Area Code, of Agent for Service)
  Copies
  to:
  Dov
  T. Schwell, Esq.
  Schwell
  Wimpfheimer & Associates LLP
  37
  West 39
  th
  Street, Suite 505
  New
  York, NY 10018
  (646)
  328-0795
  Indicate
  by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a small reporting
  company. See definitions of "large accelerated filer," "accelerated filer" and "small reporting
  company" in Rule 12b-2 of the Exchange Act.
  Large accelerated filer
  ☐
  Accelerated filer
  ☐
  Non-accelerated filer
  ☐
  Smaller reporting company
  þ
  Emerging growth company
  þ
  If
  an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
  complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities
  Act.
  ☐
  CALCULATION
  OF REGISTRATION FEE
  Title
      of Securities to be Registered
  Amount
  to be
  Registered
  (1)
  Proposed
  Maximum
  Offering Price
  Per Share
  Proposed
  Maximum
  Aggregate
  Offering
  Price
  Amount
      of
  Registration
  Fee
  Class
      B Common Stock, par value $.01 per share
  1,064,048
  (2)
  $
  8.44
  (3)
  $
  8,980,565
  (3)
  $
  1,119
  Total
  1,064,048
  $
  1,119
  (1)
  Pursuant to Rule 416(a) under the Securities
      Act of 1933, as amended (the "Securities Act"), the number of shares being registered shall be adjusted to include
      such additional indeterminate number of shares as may be issuable pursuant to the anti-dilution provisions of the Rafael Holdings,
      Inc. 2018 Equity Incentive Plan (the "Plan"). In addition, pursuant to Rule 416(c) under the Securities Act, this
      registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit
      plans described herein.
  (2)
  Represents shares of Class B Common Stock reserved
      for issuance pursuant to the Plan.
  (3)
  Estimated solely for the purpose of calculating
      the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act, and based upon the average of the high
      and low reported prices of the shares of the Class B Common Stock of the Registrant ("Class B Common Stock") on
      the NYSE American on May 21, 2018.
  PART
  I
  SECTION
  10(a) PROSPECTUS
  The
  documents containing the information specified in Part I of Form S-8 will be sent or given to participants in the Rafael Holdings,
  Inc. 2018 Equity Incentive Plan (the "Plan") as specified by Rule 428(b)(1) promulgated by the Securities and Exchange
  Commission (the "Commission") under the Securities Act (§230.428(b)(1)). Such documents need not be filed with
  the Commission, either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424
  (§230.424). These documents and the documents incorporated by reference in the registration statement pursuant to Item 3
  of Part II of this Form, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
  Act. See Rule 428(a)(1) (§230.428(a)(1)).
  PART
  II
  INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT
  Item 3.
  Incorporation of Documents By Reference.
  The
  following documents filed with the Securities and Exchange Commission (the "Commission") by the Registrant, pursuant
  to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference in this Registration
  Statement:
  (a)
  The Registrant's Registration Statement
      on Form 10, filed with the Commission on October 31, 2017 (the "Form 10");
  (b)
  Amendment No. 1 to the Form 10, filed with the
      Commission on December 26, 2017;
  (c)
  Post-Effective Amendment No. 1 to the Form 10,
      filed with the Commission on February 1, 2018;
  (d)
  Post-Effective Amendment No. 2 to the Form 10,
      filed with the Commission on February 20, 2018;
  (e)
  Post-Effective Amendment No. 3 to the Form 10,
      filed with the Commission on March 26, 2018;
  (f)
  The Registrant's Registration Statement
      on Form 8-A, filed with the Commission on March 5, 2018 (the "Form 8-A");
  (g)
  The Registrant's Quarterly Report on Form
      10-Q for the quarter ended January 31, 2018, filed with the Commission on March 12, 2018;
  (h)
  The Registrant's Current Report on Form
      8-K, filed with the Commission on May 1, 2018
  (i)
  Amendment No. 1 to the Form 8-A, filed with
      the Commission on March 27, 2018; and
  (j)
  The description of the Class B common stock,
      par value $.01 per share (the "Class B Common Stock"), of the Registrant set forth under Item 11 in the Post-Effective
      Amendment No. 3 to the Form 10, filed with the Commission on March 26, 2018 including any amendment or report filed for
      the purpose of updating such information.
  All
  documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the
  filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities
  then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing
  of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be
  deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein
  or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein modifies
  or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
  to constitute a part of this Registration Statement.
  Item 4.
  Description of Securities.
  Not
  applicable.
  Item 5.
  Interests of Named Experts and Counsel.
  Certain
  legal matters with respect to the Class B Common Stock have been passed on by the law firm of Schwell Wimpfheimer and Associates
  LLP (the "Firm"). Certain partners of the Firm are the beneficial owner of an aggregate of 9,249 shares of Class B
  Common Stock, consisting of (a) 7,500 unvested restricted shares Class B Common Stock, (b) 1,749 shares of Class B Common Stock.
  Item 6.
  Indemnification of Directors and Officers.
  The
  Registrant's Certificate of Incorporation provides that, no director shall be personally liable to the Corporation or any
  of its stockholders for monetary damages for any breach of fiduciary duty as a director, except for liability (i) for breach of
  the director's duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith
  or which involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the GCL or (iv) for any
  transaction from which the director derived an improper personal benefit and that any alteration, amendment or repeal of
  this section by the stockholders of the Corporation shall not adversely affect any right or protection of a director of the Corporation
  existing at the time of such alteration, amendment or repeal with respect to acts or omissions occurring prior to such alteration,
  amendment or repeal.
  The
  Registrant's By-Laws provide that the Registrant shall indemnify any person who was or is a party or is threatened to be
  made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
  (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a director or officer of
  the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director
  or officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise,
  against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
  by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to
  be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no
  reasonable cause to believe his conduct was unlawful.
  The
  By-laws further provide that the Corporation shall indemnify any person who was or is a party or is threatened to be made a party
  to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor
  by reason of the fact that he is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation
  serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint
  venture, trust, employee benefit plan or other enterprise against expenses (including attorneys' fees) actually and reasonably
  incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner
  he reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall
  be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation
  unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
  upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is
  fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.
  Item 7.
  Exemption from Registration Claimed.
  Not
  applicable.
  Item 8.
  Exhibits.
  Exhibit No.
  Description
  4.1
  Rafael Holdings, Inc.'s 2018 Equity Incentive Plan (incorporated by reference to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement filed on Form 10, filed with the Commission on March 26, 2018).
  * 5.1
  Legal Opinion of Schwell Wimpfheimer and Associates LLP.
  *
      23.1
  Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).
  *23.2
  Consent of Zwick & Banyai, PLLC, Independent Registered Public Accounting Firm.
  24.1
  Power of Attorney (included in the Signature Pages to this Registration Statement).
  *
  Filed herewith
  Item 9.
  Undertakings.
  (a)
  The undersigned Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or
      sales are being made, a post-effective amendment to this Registration Statement:
  (i)
  To include any prospectus required by Section 10(a)(3)
      of the Securities Act of 1933;
  (ii)
  To reflect in the prospectus any facts or events
      arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which,
      individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement.
      Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of
      securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
      maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant
      to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum
      aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration
      Statement; and
  (iii)
  To include any material information with respect
      to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information
      in the Registration Statement.
  provided
  ,
  however
  , that paragraphs (a)(1)(i) and (a)(1)(ii) will not apply if the information required to be included in a
  post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Securities Exchange
  Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act of 1934 that are incorporated
  by reference in the Registration Statement.
  (2)
  That, for the purpose of determining any liability
      under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
      to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona
      fide offering thereof.
  (3)
  To remove from registration by means of a post-effective
      amendment any of the securities being registered which remain unsold at the termination of the offering.
  (b)
  The undersigned Registrant hereby undertakes
      that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual
      report pursuant to Section 13(a) or Section 15(d) of the Exchange Act of 1934 (and, where applicable, each filing
      of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that
      is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to
      the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
      offering thereof.
  (c)
  Insofar as indemnification for liabilities arising
      under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
      to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
      Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
      In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
      incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit
      or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
      the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
      a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
      in the Securities Act and will be governed by the final adjudication of such issue.
  SIGNATURES
  Pursuant
  to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe
  that it meets all of the requirements for filing on Form S-8 and has duly caused this Form S-8 Registration Statement to be signed
  on its behalf by the undersigned, thereunto duly authorized, in the City of Newark, State of New Jersey, on May 22, 2018.
  RAFAEL HOLDINGS, INC.
  By:
  /s/
  David Polinsky
  David Polinsky
  Chief Financial
      Officer
  The
  undersigned directors and officers hereby constitute and appoint David Polinsky, with full power to act and with full power of
  substitution and resubstitution, our true and lawful attorney-in-fact with full power to execute in our name in the capacities
  indicated any and all amendments (including post-effective amendments) to this Registration Statement and to sign any and all
  additional registration statements relating to the same offering of securities as this Form S-8 that are filed pursuant to the
  requirements of the Securities Act of 1933, and to file the same, with all exhibits thereto and other documents in connection
  therewith, with the Securities and Exchange Commission and hereby ratify and confirm that all such attorneys-in fact, or either
  of them, or their substitutes shall lawfully do or cause to be done by virtue thereof.
  Pursuant
  to the requirements of the Securities Act of 1933, as amended, this Form S-8 Registration Statement has been signed by the following
  persons in the capacities indicated as of May 22, 2018.
  Signature
  Titles
  /s/
  Howard S. Jonas
  Chief Executive Officer
      and Chairman of the Board of Directors
  Howard S. Jonas
  (Principal Executive
      Officer)
  /s/
  David Polinsky
  Chief Financial Officer
  David Polinsky
  (Principal Financial
      Officer and Principal Accounting Officer)
  /s/
  Stephen Greenberg
  Director
  Stephen Greenberg
  /s/
  Boris C. Pasche
  Director
  Boris C. Pasche
  /s/
  Michael J. Weiss
  Director
  Michael J. Weiss
  EXHIBIT
  INDEX
  Exhibit No.
  Description
  4.1
  Rafael Holdings, Inc.'s 2018 Equity Incentive Plan (incorporated by reference to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement filed on Form 10, filed with the Commission on March 26, 2018).
  *
      5.1
  Legal Opinion of Schwell Wimpfheimer and Associates LLP.
  * 23.1
  Consent of Schwell Wimpfheimer and Associates LLP (included in Exhibit 5.1 hereto).
  *
      23.2
  Consent of  Zwick & Banyai, PLLC, Independent Registered Public Accounting Firm.
  24.1
  Power of Attorney (included in the Signature Pages to this Registration Statement).
  *
  Filed herewith