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SciSparc | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC ·  Sep 26, 2024 08:22

Summary by Moomoo AI

SciSparc Ltd. has signed a non-binding letter of intent to divest its 52.73% ownership stake in MitoCareX Bio Ltd. to a US-listed company. The transaction will occur in two phases: first, a $700,000 cash payment for 27% ownership, followed by share-based compensation for the remaining 73% stake, valuing MitoCareX at $5 million.The deal includes potential milestone-based payments that could increase the total consideration from $5 million to $7 million. The proposed valuation represents a 47% increase from SciSparc's initial $3.4 million investment in MitoCareX, which focuses on developing cancer therapeutics targeting mitochondrial SLC25 protein family.The transaction's final terms remain subject to definitive agreements. Notable governance overlaps exist, with SciSparc's board chairman Amitay Weiss and director Liat Sidi also serving on the purchaser's board.
SciSparc Ltd. has signed a non-binding letter of intent to divest its 52.73% ownership stake in MitoCareX Bio Ltd. to a US-listed company. The transaction will occur in two phases: first, a $700,000 cash payment for 27% ownership, followed by share-based compensation for the remaining 73% stake, valuing MitoCareX at $5 million.The deal includes potential milestone-based payments that could increase the total consideration from $5 million to $7 million. The proposed valuation represents a 47% increase from SciSparc's initial $3.4 million investment in MitoCareX, which focuses on developing cancer therapeutics targeting mitochondrial SLC25 protein family.The transaction's final terms remain subject to definitive agreements. Notable governance overlaps exist, with SciSparc's board chairman Amitay Weiss and director Liat Sidi also serving on the purchaser's board.
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