SciSparc Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

Rhea-AI Summary

SciSparc Ltd. (Nasdaq: SPRC) announced on Nov. 29, 2022, that it has regained compliance with Nasdaq's Listing Rule 5550(a)(2), which mandates a minimum bid price of $1.00 per share. This decision follows a period where the company's ordinary shares maintained a closing bid price of at least $1.00 for ten consecutive business days. With this compliance achieved, the previous bid price deficiency matter is now resolved.

Positive

• Regained compliance with Nasdaq Listing Rule 5550(a)(2).
• Ordinary shares maintained a closing bid price of $1.00 or greater for ten consecutive business days.

Negative

• None.

Tel-Aviv, Nov. 29, 2022 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC), a specialty, clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system (the “Company” or “SciSparc”), reported the receipt of a formal notification from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with Listing Rule 5550(a)(2), which requires the Company's ordinary shares to maintain a minimum bid price of $1.00 per share.

The Nasdaq staff made this determination of compliance after the closing bid price of the Company's ordinary shares was at $1.00 per share or greater for the prior 10 consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.

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.

Investor Contact:
IR@scisparc.com
Tel: +972-3-6167055

FAQ

What compliance milestone did SciSparc Ltd. achieve on Nov. 29, 2022?

SciSparc Ltd. regained compliance with Nasdaq's Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share.

How long did SciSparc's shares maintain the minimum bid price to regain compliance?

The shares maintained the minimum bid price of $1.00 for ten consecutive business days.

What impact does regaining compliance with Nasdaq have on SciSparc Ltd.?

Regaining compliance resolves the prior bid price deficiency matter, allowing the company to stay listed on Nasdaq.