SciSparc Ltd. (NASDAQ:SPRC) shares are blasting higher Tuesday. The company recently announced the closing of a $5 million private placement and regained compliance with the Nasdaq minimum bid price rule.

The Details:

Last Friday, SciSparc announced the closing of its previously announced private placement with an institutional investor with gross cash proceeds to the company of approximately $5.026 million.

In connection with the private placement, SciSparc issued 1,930,108 units consisting of two pre-funded warrants which are immediately exercisable and have a term of five years from the date of issuance.

SciSparc announced on Monday that it has received formal notification from the Nasdaq that company has regained compliance with minimum bid price listing rule and that Nasdaq considers the prior bid price deficiency matter now closed.

SciSparc Ltd. is an Israel-based company developing cannabis-derived pharmaceuticals. The stock could be experiencing additional volatility due to the ongoing conflict in the area.

Shares of SPRC are climbing on very heavy trading volume. According to data from Benzinga Pro, more than 16 million shares have already been traded in the session, far exceeding the stock's 100-day average of 379 thousand shares.

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SPRC Price Action: According to Benzinga Pro, shares are up 111 % at $5.94 at the time of publication.

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