As of September 22, SPRC Has Roughly $7.5 Mill in Cash. The Market Cap is Less Than Half of That!!!!!
SciSparc Receives Final Approval to Commence its Phase IIb Clinical Trial for SCI-110 to treat Tourette Syndrome
Hello Everyone,
We have an exciting situation that we want you to research immediately for Friday's session.
This one is sitting under .70 right now and has a tiny float of just 3.46 Million according to Yahoo.
Pull up SPRC immediately.
SciSparc’s proprietary compounds capitalize on the biochemistry of receptors that specialize in modulating the central nervous system to create therapeutics that mitigate the adverse symptoms associated with CNS disorders.
Our primary platforms focus on the endocannabinoid system. The SciSparc pipeline composes both FDA – approved, and New Chemical Entities (NCEs) which we believe have strong potential to be indicated for targeted conditions, with no existing or sufficiently effective therapies.
Enhancing existing compounds with our proprietary technologies, we have developed novel therapies that demonstrate in clinical trials heightened bioavailability, significantly improved efficacy, lower dosage requirements, better safety profiles and a reduction in side effects.
CATALYSTS
- Proprietary Technology with cutting-edge drug combinations addressing large global unmet medical needs
- Two Phase 2 Assets addressing multi-billion markets and a Pending Phase 3* Clinical Trial
- Attractive valuation & well capitalized to execute 2022 objectives
- Key strategic partners, including leading universities, medical centers and KOLs
- Preparing to file Investigational New Drug (IND) application in pain
- Top-line pre-clinical SE study results in Status Epilepticus expected in the second half of 2022
SciSparc completes the sale of a 49% interest in its Subsidiary that owns Wellution for $3 million
Upon the closing which occurred on March 22, 2023, the purchase price was adjusted from $2.5 million and increased to approximately $3 million.
TEL AVIV, Israel, March 28, 2023 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, today announced the closing of the definitive agreements for the sale of approximately a 49% equity interest in its wholly owned subsidiary, SciSparc Nutraceuticals Inc. (the “Subsidiary”), which owns Wellution TM , a top-selling Amazon.com Marketplace brand, to Jeffs’ Brands Holdings Inc., a wholly-owned subsidiary of Jeffs' Brands Ltd. ("Jeffs' Brands")(Nasdaq: JFBR), a data-driven e-commerce company operating on Amazon, for $2.5 million in cash and additional deferred cash payments of approximately $489,330 accounting for price adjustments related to inventory and working capital, which will be paid in five equal monthly installments beginning in May 2023 (the “Price Adjustment”), pursuant to the stock purchase agreement dated February 23, 2023 by and between Jeffs’ Brands, Jeffs’ Brands Holdings Inc. and SciSparc. As collateral for the payment in full of the Price Adjustment, SciSparc will hold back such number of shares of common stock of its Subsidiary, equal to the outstanding due amount of the Price Adjustment.
In addition, in connection with the closing, SciSparc and Jeffs’ Brands, will undertake a mutual share exchange in the amount of $288,238 of ordinary shares from each of SciSparc and Jeffs’ Brands.
The number of shares in the share exchange was calculated based on the average closing price of the relevant company’s shares for 30 consecutive trading days ending on the third trading day immediately prior to the closing. Accordingly, SciSparc will acquire 247,415 ordinary shares of Jeffs’ Brands and Jeffs’ Brands will acquire 360,297 ordinary shares of SciSparc having an aggregate value of $288,238, which was adjusted from $300,000 according to the 4.99% ownership limit included in the definitive agreements (the “Exchange Shares”). Following the closing of the transaction which included an equity conversion of financing amounts previously provided to the Subsidiary by SciSparc, and upon satisfaction of the payment in full by Jeffs’ Brands of the Price Adjustment amount, SciSparc will hold approximately 51% of the Subsidiary.
As part of the definitive agreements, at the closing, Jeffs’ Brands and the Subsidiary entered into a consulting agreement by which Jeffs’ Brands will provide management services for Wellution for a monthly fee of $20,000; in addition, Jeffs’ Brands will receive a signing bonus of $51,000. The consulting agreement is for an undefined period and may be terminated by either party with 30-days’ advance notice.
Wellution™ sells dozens of hemp-based, top-ranked products, including hemp gummies, hemp oil capsules, hemp gel, hemp cream, detox pills, height pills, antibacterial creams, and anti-aging creams, among other beauty and hair treatment products that are all manufactured in the United States.
Wellution™ offers eight variations of natural hemp candy supplements under two parent Amazon Standard Identification Numbers (“ASIN”) on Amazon that are differentiated by their hemp oil potency. The leading parent ASIN, that was launched in 2019, has received over 26,500 reviews and is consistently ranked as the #1 best seller in the category. In total, the brand has approximately 40,000 product reviews, most of which are 4 and 5-star reviews.
Mr. Oz Adler, the Chief Executive Officer and the Chief Financial Officer of the Company, is the Chairman of the board of directors of Jeffs’ Brands. The Chairman of the Company, Mr. Amitay Weiss, and Mr. Moshe Revach are members of the board of directors of both SciSparc and Jeffs' Brands.
Neither the Subsidiary’s shares nor the Exchange Shares have been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any states' securities laws and may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.
READ THE FULL REPORT HERE: https://insiderfinancial.com/
Sincerely,
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WE HAVE BEEN COMPENSATED A FEE OF TWENTY THOUSAND USD FOR A ONE DAY SPRC PROFILE BY A THIRD PARTY, LFG EQUITIES CORP. WE HAVE PREVIOUSLY BEEN COMPENSATED A FEE OF TWENTY SEVEN THOUSAND FIVE HUNDRED USD BY A THIRD PARTY, AWARENESS CONSULTING NETWORK, LLC FOR A 1 DAY SPRC AWARENESS CAMPAIGN.
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Insider Financial
1337 Mass. AveBox 211
Arlington, MA 02476
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