SciSparc Announces $10M Private Offering

SciSparc Ltd. SPRC 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 3.55 million units and pre-funded units at a purchase price of $2.82 per unit, priced at-the-market under Nasdaq rules. Each unit and pre-funded unit consist of one ordinary share and two non-tradable warrants each exercisable for one ordinary share for $2.57. 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.

About SciSparc

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.

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