SPRC - SciSparc Advances the Acquisition Process of a Leading Vehicle Importer Company in Israel with the provision of a Bridge Loan of $1.4 million | Benzinga
TEL AVIV, Israel, Jan. 19, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (NASDAQ:SPRC) ("Company" or "SciSparc"), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced today that it entered, as lender, into a bridge loan agreement (the "Agreement) with a leading vehicle importer company in Israel, as borrower (the "Target Company"), pursuant to which the Target Company received a bridge loan (the "Bridge Loan") in the amount of $1.4 million, further to the previously-announced non-binding letter of intent (the "LOI") for the Company to acquire the Target Company (the "Acquisition").
With this Bridge Loan, SciSparc continues to proceed towards the Acquisition, pursuant to the LOI and the additional negotiated terms between the Company and the Target Company, announced on November 22 and December 7, 2023, respectively. As previously announced on December 7, 2023, the Company intends to acquire 100% of the Target Company and will establish a new wholly-owned Israeli subsidiary, which would in turn merge with and into the Target Company. Following the Acquisition closing (the"Closing"), it is contemplated that shareholders of the Company will hold approximately 50.01% of the share capital of the resulting combined company.
The Agreement, signed on January 16, 2024, states ...