SciSparc Board of Directors to Promote Buyback Program of up to $1 Million
July 06 2022 - 8:30AM
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 announced its board of directors authorized the
Company to take actions to implement a $1 million buyback program
for the Company’s ordinary shares, no par value (the “Ordinary
Shares”).
The Company expects to formally approve the buyback
in conjunction with the approval of its financial statements for
the 6 months ended June 30, 2022, together with a financial
advisor’s opinion to be obtained.
The Company is required to file a motion seeking a
court approval in Israel for the buyback program, and the
effectiveness of the buyback plan, if formally approved, will be
contingent upon such court’s approval.
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.
Forward-Looking Statements:This press release
contains forward-looking statements within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995 and other Federal securities laws. For example, SciSparc is
using forward-looking statements when it discusses the contemplated
buyback program as there is no assurance that any of the
conditions required by law for the effectiveness of the program
will be satisfied and accordingly whether the buyback program will
be initiated or its timing. Because such statements deal with
future events and are based on SciSparc’s current expectations,
they are subject to various risks and uncertainties and actual
results, performance or achievements of SciSparc could differ
materially from those described in or implied by the statements in
this press release. The forward- looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed under the heading “Risk
Factors” in SciSparc’s Annual Report on Form 20-F filed with the
U.S. Securities and Exchange Commission (the “SEC”) on April 28,
2022, and in subsequent filings with the SEC. Except as otherwise
required by law, SciSparc disclaims any intention or obligation to
update or revise any forward-looking statements, which speak only
as of the date they were made, whether as a result of new
information, future events or circumstances or otherwise.
Investor Contact:
IR@scisparc.com Tel: +972-3-6167055
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