SciSparc Announces Pricing of $10 Million Private Placement Priced At-the-Market
27 May 2022 - 11:15PM
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 that it entered into a securities purchase
agreement with a single healthcare-focused institutional investor
for aggregate gross proceeds of approximately $10 million, before
deducting fees to the placement agent and other offering expenses
payable by the Company.
In connection with the offering, the Company
will issue 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
consist 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 will be issued in the offering.
The offering is expected to close on or about
June 1, 2022, subject to the satisfaction of customary closing
conditions.
Aegis Capital Corp. is acting as the
Exclusive Placement Agent in connection with the
offering.
The securities described above are being 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.
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 closing of the
private placement investment. Historic results of scientific
research and clinical and preclinical trials do not guarantee that
the conclusions of future research or trials will suggest identical
or even similar conclusions. 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
SEC on April 28, 2022, and in subsequent filings with the U.S.
Securities and Exchange Commission. 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
SciSparc (NASDAQ:SPRC)
Historical Stock Chart
From Apr 2024 to May 2024
SciSparc (NASDAQ:SPRC)
Historical Stock Chart
From May 2023 to May 2024