Why SciSparc Shares Are Down 60%

SciSparc Ltd SPRC shares are trading lower by 59.8% to $0.20 Thursday morning after the company announced a proposed underwritten public offering of roughly $1.3 million.

The offering includes 6.5 million ordinary shares at $0.20 per share. Net proceeds will be used for working capital.

A 45-day option grants Aegis Capital Corp. to buy additional shares up to 15% of the offering. If exercised, total gross proceeds, including over-allotments, could reach around $1.5 million.

The offering is set to conclude on August 14, subject to customary conditions.

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According to data from Benzinga Pro, SPRC has a 52-week high of $1.59 and a 52-week low of $0.19.