SciSparc Ltd. Announces $8.15 Million Private Placement
SciSparc Ltd. (OTCQB: SPRCY) has announced a private placement of 1,152,628 Units at $7.07 each, projected to raise approximately $8.15 million before expenses. Each Unit includes an American Depositary Share and two types of Warrants, with differing exercise prices. The offering is set to close on or around March 4, 2021, pending customary conditions. Aegis Capital Corp. is the exclusive placement agent. The securities are not registered under U.S. law, and the company plans to file a resale registration statement with the SEC.
- Planned private placement expected to raise approximately $8.15 million.
- Inclusion of various warrants may attract different investor interests.
- Securities not registered under U.S. law, potentially limiting future marketability.
- Dependence on external funding may indicate cash flow issues.
TEL AVIV, Israel, March 1, 2021 /PRNewswire/ -- SciSparc Ltd. (formerly known as Therapix Biosciences Ltd.) (OTCQB: SPRCY), a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, today announced that it has agreed to sell 1,152,628 Units to certain institutional and accredited investors in a private placement at an offering price of
Aegis Capital Corp. acted as Exclusive Placement Agent in the United States in connection with the offering.
The securities are being sold in a private placement, have not been registered under the Securities Act of 1933, as am ended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Company has agreed to file a resale registration statement with the Securities and Exchange Commission (the "SEC"), for purposes of registering the resale of the securities issued or issuable in connection with the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the securities under the resale registration statement will only be by means of a prospectus.
About SciSparc Ltd. (OTCQB: SPRCY):
SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our 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 (formerly THX-110) for the treatment of Tourette syndrome and for the treatment of obstructive sleep apnea; SCI-160 (formerly THX-160) for the treatment of pain; and SCI-210 (formerly THX-210) for the treatment of autism spectrum disorder and epilepsy.
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses the closing of the offering. Because such statements deal with future events and are based on SciSparc's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of SciSparc could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in SciSparc's Annual Report on Form 20-F filed with the SEC on June 15, 2020, and in subsequent filings with the U.S. Securities and Exchange Commission. Except as otherwise required by law, SciSparc disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
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Investor Contact:
IR@scisparc.com
Tel: +972-3-6167055
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SOURCE SciSparc Ltd.
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