SPRC - SciSparc Provides Updates Regarding the Non-Binding Letter of Intent to Acquire Leading Vehicle Importer Company in Israel | Benzinga
TEL AVIV, Israel, Dec. 07, 2023 (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 updates regarding the negotiation following the signing of a non-binding letter of intent ("LOI") with a leading vehicle importer company in Israel (the "Target Company"), on November 22, 2023. According to the new negotiated terms, the Company will 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 (the "Acquisition"). Following the Acquisition, it is contemplated that SciSparc shareholders will hold approximately 50.01% of the share capital of the post-closing combined company (the "Combined Company"), compared to 20%, as reflected in the previous announcement.
The proposed Acquisition follows the Company's announcement in June 2022, in which the board of directors resolved to review potential strategic transactions to maximize shareholder value.
The Target Company is a leading vehicle importer in Israel. Its revenues for the first half of 2023 amounted to over $52 million1.
As a result of the Acquisition, all outstanding shares of ...