SciSparc Ltd. Closes $1.3 Million Underwritten Public Offering

About this update from Scisparc Ltd.

[{"type":"text","content":"TEL AVIV, Israel, Aug. 14, 2023 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc” or the “Company”) today announced the closing of a firm commitment underwritten public offering with gross proceeds to the Company of approximately $1.3 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The base offering consisted of 6,500,000 ordinary shares (or pre-funded warrants in lieu of ordinary shares) at a price to the public of $0.20 per share (or $0.199 per pre-funded warrant). The Company intends to use the net proceeds from this offering primarily for working capital. In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase up to an additional 975,000 ordinary shares to cover over-allotments, if any. If this option is exercised in full, the total gross proceeds of the offering including over-allotments are expected to be approximately $1.5 million before deducting underwriting discounts, commissions and offering expenses. Aegis Capital Corp. acted as the sole book-running manager for the Offering. This offering is being made pursuant to an effective shelf registration statement on Form F-3 (No. 333- 269839) declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2023. A final prospectus supplement and accompanying shelf prospectus describing the terms of the proposed offering have been filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying shelf prospectus may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC and that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdict...

More updates from Scisparc Ltd.