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SciSparc | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Jan 22 00:00
Summary by Moomoo AI
SciSparc Ltd., a clinical-stage pharmaceutical company specializing in central nervous system disorders and rare diseases, has advanced its acquisition process of a leading vehicle importer in Israel by providing a bridge loan of $1.4 million. The loan agreement, signed on January 16, 2024, is part of the ongoing negotiations following a non-binding letter of intent announced on November 22, 2023, and additional terms disclosed on December 7, 2023. SciSparc intends to acquire 100% of the target company and create a new wholly-owned Israeli subsidiary to merge with the target. Post-acquisition, SciSparc shareholders are expected to own approximately 50.01% of the combined entity. The bridge loan, bearing an annual interest rate of 7% (or 9% if the acquisition is not completed by the repayment date), is set to...Show More
SciSparc Ltd., a clinical-stage pharmaceutical company specializing in central nervous system disorders and rare diseases, has advanced its acquisition process of a leading vehicle importer in Israel by providing a bridge loan of $1.4 million. The loan agreement, signed on January 16, 2024, is part of the ongoing negotiations following a non-binding letter of intent announced on November 22, 2023, and additional terms disclosed on December 7, 2023. SciSparc intends to acquire 100% of the target company and create a new wholly-owned Israeli subsidiary to merge with the target. Post-acquisition, SciSparc shareholders are expected to own approximately 50.01% of the combined entity. The bridge loan, bearing an annual interest rate of 7% (or 9% if the acquisition is not completed by the repayment date), is set to be repaid by the earlier of the acquisition closing, three months after any termination of the definitive agreement, or by July 15, 2024. The repayment will be offset against a planned $4.25 million financing provided by SciSparc upon closing. The announcement was made in a press release issued on January 19, 2024, and filed with the SEC as part of a Form 6-K report.

This announcement is a separate document:

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