SciSparc Ltd. Closes Previously Announced $8.15 Million Private Placement

March 5, 2021 8:30 AM EST

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TEL AVIV, Israel, March 5, 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 closed its previously announced private placement in which the Company sold an aggregate of 1,152,628 Units to certain institutional and accredited investors as follows: (a) 916,316 units at an offering price of $7.07 per unit, consisting of 1 American Depositary Share ("ADS"), a Series A Warrant to purchase an equal number of Units purchased and a Series B Warrant to purchase half the number of Units and (b) 236,312 pre-funded units at a price of $7.069 per unit, consisting of 1 pre-funded warrant to purchase one ADS, a Series A Warrant to purchase an equal number of Units purchased and a Series B Warrant to purchase half the number of Units. The Series A Warrants have an exercise price of $7.07, subject to adjustments therein. The Series B Warrants have an exercise price equal to $10.60, subject to adjustments therein. The Series A Warrants and the Series B Warrants are exercisable six months from the date of issuance and have a term of exercise equal to five years from the initial exercise date. The Pre-Funded Warrants have an exercise price of $0.001 per full ADS. The Pre-Funded Warrants will be exercisable at any time after the date of issuance upon payment of the exercise price. The aggregate gross proceeds from the offering were approximately $8.15 million, before deducting fees to the placement agent and other offering expenses payable by the Company.

 

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Aegis Capital Corp. acted as Exclusive Placement Agent in the United States in connection with the offering.

The securities were sold in a private placement, have not been registered under the Securities Act of 1933, as amended, 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, 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.

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

Cision View original content:http://www.prnewswire.com/news-releases/scisparc-ltd-closes-previously-announced-8-15-million-private-placement-301241503.html

SOURCE SciSparc Ltd.



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