Scisparc Announces the Full Exercise of Pre-Funded Warrants

Rhea-AI Summary

SciSparc Ltd. (Nasdaq: SPRC) announced the full exercise of 3,211,100 pre-funded warrants, part of a $10 million private placement from June 2022. These warrants were exercised at a nominal price of $0.001 each, resulting in the issuance of 3,211,100 ordinary shares. SciSparc, a clinical-stage pharmaceutical company, focuses on cannabinoid-based therapies for central nervous system disorders, including drug development programs for Tourette Syndrome, Alzheimer's disease, pain, and autism spectrum disorder.

Positive

• Successful exercise of 3,211,100 pre-funded warrants increases liquidity.
• Continued development of cannabinoid-based therapies could enhance market position.

Negative

• None.

The pre-funded warrants were issued as part of the $10 million private placement from June 2022

TEL AVIV, Israel, Aug. 19, 2022 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, today announced the full exercise of 3,211,100 pre-funded warrants that were issued as part of a private placement financing for gross proceeds of $10 million, which closed on June 1, 2022.

The full exercise of the 3,211,100 pre-funded warrants, which were exercised at a nominal exercise price of $0.001 per share, has resulted in the issuance of 3,211,100 ordinary shares.

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 is the significance of the warrant exercise for SciSparc Ltd. (SPRC)?

The exercise of 3,211,100 pre-funded warrants increases liquidity for SciSparc, providing additional financial resources.

How much did SciSparc raise from the private placement?

SciSparc raised a total of $10 million from the private placement in June 2022.

What is the exercise price for the warrants exercised by SciSparc?

The pre-funded warrants were exercised at a nominal price of $0.001 per share.

What therapies is SciSparc developing?

SciSparc is developing therapies for Tourette Syndrome, Alzheimer's disease, pain, and autism spectrum disorder.

How many ordinary shares were issued as a result of the warrant exercise?

A total of 3,211,100 ordinary shares were issued following the exercise of the warrants.