Why SciSparc Stock Is Lighting Up

SciSparc Ltd. SPRC shares are trading higher Wednesday after the company announced that it has entered into a standby equity purchase agreement with YA II PN, Ltd., a fund managed by Yorkville Advisors Global, LP.

The Details:

Under the terms of the agreement, YA is committed to purchase up to $20 million of SciSparc’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 shares during the three consecutive trading day period commencing on the trading day of the delivery of an advance notice by SciSparc.

SciSparc will have the right in its sole discretion to sell shares to YA from time to time upon the issuance of an advance notice, and the company intends to use the proceeds from the potential offering for working capital and other general corporate purposes.

SciSparc Ltd. is a clinical-stage pharmaceutical company focused on creating a portfolio of technologies and assets based on cannabinoid pharmaceuticals.

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SPRC Price Action: According to Benzinga Pro, SciSparc shares are up 61.3% at $5.58 at the time of publication.

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