Update
$SciSparc (SPRC.US)$ SciSparc Provides Updates on Status of Spin-off of its Advanced Clinical Stage Pharmaceutical Portfolio to a Publicly Traded Company
2 MINUTES AGO, 7:40 AM EST
VIA GLOBENEWSWIRE
According to the LOI, SciSparc's pharmaceuticals assets are valued at approximately US$11.6 million
TEL AVIV, Israel, Dec. 16, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (NASDAQ:SPRC) ("Company" or "SciSparc"), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced today that it had signed an amendment to its non-binding letter of intent (the "LOI") to spin off by reverse merger its advanced clinical stage pharmaceutical portfolio and its equity stake in SciSparc Nutraceuticals Inc. (collectively, the "Target Assets") to Miza III Ventures Inc. ("Miza") (TSXV:MIZA), a publicly traded company on the Toronto Stock Exchange Venture in Canada, as previously announced on July 8, 2024.
Pursuant to the amendment to the LOI, the Company and Miza shall negotiate in good faith and use reasonable commercial efforts to enter into a definitive agreement by no later than March 31, 2025, which was extended from July 31, 2024, provided that such date may be extended by mutual written agreement of the parties, and to close the proposed transaction by no later than April 30, 2025, which was extended from October 31, 2024.
The LOI references a proposed asset and share purchase agreement (the "Agreement") to be determined and negotiated between the Company and Miza, that will be based on an approximate US$ 3.3 million (C$ 4.5 million) total enterprise value of Miza, including its US$ 1.0 million cash position, and an approximate US$ 11.6 million (C$ 15.8 million) value of SciSparc's assets.
Pursuant to the LOI, SciSparc would sell, assign, convey and transfer to Miza the Target Assets in consideration for 63,300,000 common shares of Miza and up to 48,000,000 Miza contingent rights based on pre-determined milestones. Following the closing of such transaction, SciSparc would hold a controlling interest in Miza, the exact percentage of which is contingent on agreeing definitive terms between the parties. The resulting entity, of which SciSparc would hold an equity stake ranging from a minimum of approximately 75% to a maximum of 84.53%, would be active in both the pharmaceutical and supplement sectors.
Such Agreement, if it were to be finalized and completed, would align with SciSparc's strategy of creating value for its shareholders and follows the announcement of the proposed plan of merger agreement and transaction relating to AutoMax Motors Ltd., as previously announced by SciSparc on April 11, 2024.
2 MINUTES AGO, 7:40 AM EST
VIA GLOBENEWSWIRE
According to the LOI, SciSparc's pharmaceuticals assets are valued at approximately US$11.6 million
TEL AVIV, Israel, Dec. 16, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (NASDAQ:SPRC) ("Company" or "SciSparc"), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced today that it had signed an amendment to its non-binding letter of intent (the "LOI") to spin off by reverse merger its advanced clinical stage pharmaceutical portfolio and its equity stake in SciSparc Nutraceuticals Inc. (collectively, the "Target Assets") to Miza III Ventures Inc. ("Miza") (TSXV:MIZA), a publicly traded company on the Toronto Stock Exchange Venture in Canada, as previously announced on July 8, 2024.
Pursuant to the amendment to the LOI, the Company and Miza shall negotiate in good faith and use reasonable commercial efforts to enter into a definitive agreement by no later than March 31, 2025, which was extended from July 31, 2024, provided that such date may be extended by mutual written agreement of the parties, and to close the proposed transaction by no later than April 30, 2025, which was extended from October 31, 2024.
The LOI references a proposed asset and share purchase agreement (the "Agreement") to be determined and negotiated between the Company and Miza, that will be based on an approximate US$ 3.3 million (C$ 4.5 million) total enterprise value of Miza, including its US$ 1.0 million cash position, and an approximate US$ 11.6 million (C$ 15.8 million) value of SciSparc's assets.
Pursuant to the LOI, SciSparc would sell, assign, convey and transfer to Miza the Target Assets in consideration for 63,300,000 common shares of Miza and up to 48,000,000 Miza contingent rights based on pre-determined milestones. Following the closing of such transaction, SciSparc would hold a controlling interest in Miza, the exact percentage of which is contingent on agreeing definitive terms between the parties. The resulting entity, of which SciSparc would hold an equity stake ranging from a minimum of approximately 75% to a maximum of 84.53%, would be active in both the pharmaceutical and supplement sectors.
Such Agreement, if it were to be finalized and completed, would align with SciSparc's strategy of creating value for its shareholders and follows the announcement of the proposed plan of merger agreement and transaction relating to AutoMax Motors Ltd., as previously announced by SciSparc on April 11, 2024.
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Paintr1 : So is this good or bad news?? The price reflects bad news. What the hell is this company doing. They are facing delisting next month