SPRC - SciSparc Ltd. Announces $20 Million Standby Equity Purchase Agreement | Benzinga
TEL AVIV, Israel, Jan. 24, 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, today announced that it has entered into a standby equity purchase agreement (the "SEPA") with YA II PN, Ltd. ("YA"), a fund managed by Yorkville Advisors Global, LP. Under the terms of SEPA, YA is committed to purchase up to $20 million of the Company's ordinary shares over the next thirty-six-month period, subject to a beneficial ownership cap of 4.99% of the share capital of the Company. The purchase price of the ordinary shares will be at a 3% discount of the weighted average price of the Company's ordinary shares during the three consecutive trading day period commencing on the trading day of the delivery of an advance notice by the Company.
The Company will have the right in its sole discretion to sell shares to YA from time to time upon the issuance of an advance notice, which has no right to require the Company to sell any shares, following the effectiveness ...