SciSparc Signs LOI to Sell 50% Interest in Subsidiary

SciSparc Ltd. SPRC announced that it has entered into a non-binding letter of intent ("LOI") for the sale of a 50% interest in its wholly owned subsidiary, SciSparc Nutraceuticals Inc. (the Subsidiary”), which owns WellutionTM , a top- selling Amazon.com Marketplace brand, to Jeffs' Brands Ltd. ("Jeffs' Brands")JFBR, a data-driven e-commerce company operating on Amazon, for $3 million in cash or a combination of cash and ordinary shares of Jeffs’ Brands, as agreed by the parties.

The sale is subject to the negotiation and the execution of a binding definitive agreement. There can be no assurances that the sale will proceed, nor can there be any assurance as to the final definitive terms thereof, including form of consideration.

Recently, the Company entered into a non-binder letter of intent with Jeffs’ Brands to establish a joint venture together for the development of a new food supplements product line and the online marketing of such supplements.

Mr. Oz Adler, the Chief Executive Officer and the Chief Financial Officer of the Company, is the Chairman of Jeffs’ Brands and the Chairman of the Company is a director of Jeffs’ Brands.

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