SciSparc Finalizes Agreement to Sell MitoCareX to N2OFF

SciSparc's Strategic Move with MitoCareX

SciSparc is making noteworthy strides in the pharmaceutical sector by selling its shares in MitoCareX for $700,000. In addition, they will be exchanging their remaining shares for common stock in N2OFF, which could provide further financial benefits to the company.

Details of the Sale

The agreement was recently formalized between SciSparc Ltd. and N2OFF, a publicly traded company in the United States. Currently, SciSparc holds a substantial ownership interest in MitoCareX, comprising 52.73% of the outstanding shares.

Terms of the Agreement

Under the Securities Purchase and Exchange Agreement, SciSparc and other sellers, which include notable figures like Dr. Alon Silberman, are set to transfer full ownership of MitoCareX to N2OFF. This strategic sale represents a significant development, positioning SciSparc to focus on other ventures.

Projected Outcomes and Benefits

As part of the deal, SciSparc and the participating sellers will each receive N2OFF common stock equating to 40% of the company’s diluted capital stock. Additionally, they stand to gain further stock based on performance milestones, which could translate to 25% of the fully diluted capital stock of N2OFF.

Financial Implications for SciSparc

Looking at the long-term financial landscape, this agreement allows SciSparc to receive a portion of N2OFF's financing proceeds, which may total as much as $1.6 million over the next five years. Also noteworthy is N2OFF's commitment to invest $1 million in MitoCareX after the closing of the sale.

Leadership Continuity

Dr. Silberman will continue to lead MitoCareX as CEO under a newly structured employment contract that includes a restricted stock grant of 5% of N2OFF's capital stock, with a vesting period of three years.

Importance of Board Relationships

Moving forward, Mr. Amitay Weiss, chairman of SciSparc's board, will also take on a similar role at N2OFF, fostering collaboration between both companies. Likewise, Ms. Liat Sidi's dual role on both boards illustrates a strategic alignment following the sale.

About SciSparc Ltd.

SciSparc Ltd. is recognized as a pioneering pharmaceutical company, particularly focused on cannabinoid research and product development. The company has made headlines with its innovative approaches to treating various neurological disorders through its drug development programs.

Core Projects

Currently, SciSparc is dedicated to research programs that explore THC and non-psychoactive CBD for treating conditions such as Tourette Syndrome, Alzheimer’s disease, and autism spectrum disorders. The company's commitment to delivering breakthrough therapies positions it well for future growth.

Conclusion

In conclusion, the strategic agreement for the sale of MitoCareX marks a pivotal moment for SciSparc Ltd. as it navigates new opportunities with N2OFF. As both companies work closely together, this partnership is poised to deliver significant advancements in drug discovery and development.

Frequently Asked Questions

What does the sale of MitoCareX entail?

SciSparc Ltd. is selling its shares in MitoCareX to N2OFF for $700,000 while exchanging additional shares for common stock in N2OFF.

Who benefits from this sale?

Both SciSparc and N2OFF stand to benefit, as this agreement allows SciSparc to focus on its core pharmaceutical projects while providing N2OFF with promising assets in cancer therapeutics.

What percentage of MitoCareX does SciSparc currently own?

SciSparc owns 52.73% of the issued shares of MitoCareX.

What is N2OFF's investment in MitoCareX?

N2OFF has committed to invest $1 million into MitoCareX following the closing of the transaction.

How will leadership change after the sale?

Dr. Alon Silberman will remain as CEO of MitoCareX under a newly structured agreement, ensuring continuity in leadership during this transition.

About The Author

Olivia Taylor here, a 26-year-old writer and financial advisor. After earning a degree in finance, I worked in the sector for years. I've always loved numbers and had a talent for simplifying difficult financial ideas so that anyone could understand. I wrote my first book because of this passion; it helps readers take charge of their financial futures by fusing real-life stories with useful financial advice.

Whether they are just beginning their careers, preparing for significant life events, or seeking to invest wisely, my goal with my writing is to enable people to make educated financial decisions. The foundation of my work is the conviction that security and freedom of the individual are largely determined by financial literacy. To further financial education, I run workshops and frequently write for financial blogs in addition to my books.

I like to travel, experience other cultures, and find inspiration in daily life when I'm not writing or examining market trends. My passion is utilizing sound financial practices to help people reach their financial objectives and lead the best lives possible.

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