SciSparc Ltd. Announces Closing of $10 Million Private Placement Priced At-the-Market
June 01 2022 - 4:07PM
SciSparc Ltd. (NASDAQ: SPRC) (the "Company" or "SciSparc"), a
specialty clinical-stage pharmaceutical company focusing on the
development of therapies to treat disorders of the central nervous
system, today closed its previously announced private placement
pursuant to a securities purchase agreement with a single
healthcare-focused institutional investor for gross proceeds of
approximately $10 million, before deducting fees to the placement
agent and other expenses payable by the Company.
In connection with the private placement, the Company issued
3,546,100 units and pre-funded units at a purchase price of $2.82
per unit (or $0.001 less per pre-funded unit), priced at-the-market
under Nasdaq rules. Each unit and pre-funded unit consists of one
ordinary share (or ordinary share equivalent) and two non-tradable
warrants each exercisable for one ordinary share for $2.57 (for a
total of 7,092,200 shares underlying the warrants). The warrants
have a term of five years from the issuance date. No actual units
were issued.
Aegis Capital Corp. acted as the Exclusive Placement
Agent for the Private Placement.
The securities described above were sold in a private placement
and have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration with the Securities and Exchange Commission (the
“SEC”) or an applicable exemption from such registration
requirements. The securities were offered only to an accredited
investor. Pursuant to a registration rights agreement with the
investor, the Company has agreed to file one or more registration
statements with the SEC covering the resale of the ordinary shares
and the ordinary shares issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About SciSparc Ltd. (NASDAQ: SPRC):
SciSparc Ltd. is a specialty clinical-stage pharmaceutical
company led by an experienced team of senior executives and
scientists. SciSparc’s focus is on creating and enhancing a
portfolio of technologies and assets based on cannabinoid
pharmaceuticals. With this focus, the Company is currently engaged
in the following drug development programs based on THC and/or
non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of
Tourette syndrome, for the treatment of Alzheimer's disease and
agitation; SCI-160 for the treatment of pain; and SCI-210 for the
treatment of autism spectrum disorder and status epilepticus.
Investor Contact:
IR@scisparc.com
Tel: +972-3-6167055
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