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Tag: SPRC Stock Price

  • SciSparc (SPRC) Stock Soaring Following An Equity Move

    SciSparc (SPRC) Stock Soaring Following An Equity Move

    SciSparc Ltd. (NASDAQ: SPRC) has witnessed a remarkable surge on the stock charts, with a notable increase of 60.40% to reach $5.55, as of the latest check during the current trading session. The upswing in SciSParc’s stock value is attributed to a significant strategic equity initiative.

    SciSparc (SPRC) revealed in a formal statement that it has entered into a standby equity purchase agreement (SEPA) with YA II PN, Ltd. (“YA”), a fund managed by Yorkville Advisors Global, LP. As per the conditions mentioned in the SEPA, YA has agreed to purchase up to $20 million worth of common shares of SciSparc throughout the following 36 months.

    This pledge is still subject to a 4.99% beneficial ownership cap on SciSparc’s share capital. Beginning on the trading day that the Company delivers an advance notice, the acquisition price for the ordinary shares is determined at a 3% discount from the weighted average price of SPRC’s ordinary shares for a period of three consecutive trading days.

    SciSparc retains the sole discretion to sell shares to YA intermittently upon issuance of an advance notice. It is noteworthy that YA does not possess the right to mandate the Company to sell any shares. The intended purpose for the proceeds resulting from this potential offering of ordinary shares pursuant to the SEPA is to bolster working capital and address various general corporate needs.

    In a parallel strategic move, SciSparc recently assumed the role of lender in a bridge loan agreement with a prominent Israeli vehicle importing company acting as the borrower (referred to as the “Target Company”). Under the terms of the agreement, the Target Company received a bridge loan amounting to $1.4 million.

    This transaction followed a previously-announced non-binding letter of intent (LOI), signaling SciSparc’s intent to acquire the Target Company. As disclosed on December 7, 2023, SciSparc is set to acquire 100% ownership of the Target Company and subsequently establish a new wholly-owned Israeli subsidiary. This subsidiary will then merge with and into the Target Company.

    Post-acquisition closing, it is anticipated that shareholders of SciSparc will hold approximately 50.01% of the share capital in the resulting combined company. This strategic acquisition is poised to bring substantial value and opportunities for SciSparc as it continues to make strategic inroads in the market.

  • How SciSparc (SPRC) Stock Continued The Rally After-Hours

    How SciSparc (SPRC) Stock Continued The Rally After-Hours

    SciSparc Ltd. (NASDAQ: SPRC) continued its ascent in the post-market trading session on Friday, witnessing a notable surge. The valuation of SciSparc stock experienced a robust 5.86% upswing, reaching $10.65 during the extended trading hours. This momentum seamlessly extended from the regular trading session, where SPRC stock exhibited an impressive surge of 35.22%, ultimately concluding at $10.06. The surge in SPRC stock was catalyzed by the commencement of a clinical trial.

    SciSparc (SPRC) has commenced a clinical trial featuring its exclusive therapeutic solution, SCI-210. Groundbreaking research is presently in progress at Soroka Medical Center in Israel, concentrating on alleviating symptoms linked to Autism Spectrum Disorder (ASD) in youngsters.

    The 20-week experiment aims to enlist 60 participants aged 5 to 18. Scientific evaluations will methodically assess the effectiveness of SCI-210 compared to conventional CBD therapy in handling ASD symptoms. The trial adheres strictly to the highest standard of clinical research, utilizing a randomized, double-blind, placebo-controlled framework.

    This pioneering intervention not only aims to improve autism symptoms but also tackles the prevalent side effects connected to cannabis-derived treatments, including CBD. Through collaborative efforts with Soroka Medical Center and the National Autism Research Center, SciSparc is pioneering new avenues in ASD treatment. The commitment is rooted in scientific advancements, with a primary objective of enhancing the quality of life for children with ASD and their families.

    The spectrum of ASD poses diverse challenges, impacting social interaction and communication skills. SciSparc’s ambitious initiative aims to illuminate a more promising and interconnected future for individuals within the autism spectrum.

    Additionally, in a strategic move last week, SciSparc formalized a non-binding letter of intent for a merger with a prominent vehicle importing company in Israel (referred to as the “Target Company”). The merger is anticipated to materialize through a reverse triangular merger structure. According to the agreement, SciSparc will establish a new wholly-owned Israeli subsidiary, which will subsequently merge with and into the Target Company, resulting in the Target Company as the surviving entity.

  • SciSparc (SPRC) Stock: Why Is It On The Rise?

    SciSparc (SPRC) Stock: Why Is It On The Rise?

    The shares of SciSparc Ltd. (NASDAQ: SPRC) are currently experiencing a noteworthy surge in value, exhibiting an impressive upward movement of over 35%, with the stock currently trading at $5.00, according to the latest market data.

    Furthermore, there is a marked increase in trading activity for SciSparc stock, as evidenced by the trading volume exceeding 11 million shares at the time of composing this report, a substantial deviation from the typical average of 0.11 million shares.

    The catalyst behind this surge in SPRC stock can be attributed to the recent grant of a patent in Europe, which has significantly boosted its performance in the present market environment.

    SciSparc (SPRC) has just obtained a European patent titled “Combinations of Cannabinoids and N-Acylethanolamines” as part of their mission to improve the safety of cannabinoid treatments while maintaining their therapeutic benefits.

    This patent, in alignment with similar grants in the United States, Japan, and Australia, reinforces SciSparc’s pioneering role in cannabinoid technology innovation.

    The patent focuses on novel formulations and methods for enhancing the therapeutic effects of specific cannabinoids from the cannabis plant. It encompasses pharmaceutical compositions comprising cannabinoids and N-acylethanolamines, offering versatile applications across various medical conditions amenable to cannabinoid-based treatments.

    SPRC’s asset portfolio continues to expand, encompassing intellectual property and revenue-generating assets. This emphasis on robust patent protection stems from SPRC’s profound belief in the vast therapeutic potential of cannabinoid-based medicines.

    Notably, SPRC has also initiated a pivotal clinical trial for SCI-210, a unique blend of cannabidiol (CBD) and SciSparc’s proprietary Palmitoylethanolamide (PEA), designed to address symptoms of Autism Spectrum Disorder (ASD). The trial, conducted in collaboration with Israel’s National Autism Research Center, exemplifies SPRC’s commitment to scientific rigor and patient safety. This randomized, double-blind, placebo-controlled study spanning 20 weeks involves 60 children aged 5-18, marking a significant stride in ASD research and treatment.

    The recent patent grant and pioneering clinical trial underscore SciSparc (SPRC) dedication to advancing cannabinoid-based therapies with a strong focus on safety and efficacy, positioning the company as a leader in this innovative field.