SciSparc Signs Non-Binding LOI To Sell A 50% Interest In Its Subsidiary That Owns Wellution

Vuk Zdinjak

December 15, 2022 10:55am Comments

SciSparc Signs Non-Binding LOI To Sell A 50% Interest In Its Subsidiary That Owns Wellution

SciSparc Ltd. (NASDAQ: SPRC) has entered into a non-binding letter of intent for the sale of a 50% interest in its wholly owned subsidiary, SciSparc Nutraceuticals Inc., which owns Wellution, to Jeffs' Brands Ltd. (NASDAQ: JFBR), a data-driven e-commerce company operating on Amazon (NASDAQ: AMZN), 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.

Oz Adler, the CEO and the CFO of SciSparc, is the chairman of Jeffs’ Brands.

Amitay Weiss the chairman of SciSparc, is a director of Jeffs’ Brands.

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