SciSparc Ltd. (NASDAQ:SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announces today that its previously announced reverse share split of its issued and outstanding ordinary shares, no par value at a ratio of 1-for-26, is expected to be implemented after market close today. The Company’s Ordinary Shares will begin trading on the Nasdaq Capital Market on a post-split basis at the market open on September 28, 2023, under the Company’s existing trading symbol “SPRC”.
The reverse stock split was approved by the Company’s shareholders at the Company’s Annual Meeting of Shareholders held on August 18, 2023 to be effected in the board of director’s discretion within approved parameters.
Following the implementation of the reverse split, the Company’s authorized share capital will not be adjusted under the Company’s articles of association, as currently in effect (the “Articles”), which as of the date hereof consists of 75,000,000 Ordinary Shares, no par value. The reverse split will adjust the number of issued and outstanding Ordinary Shares of the Company from approximately 13.5 million Ordinary Shares to approximately 521,090 Ordinary Shares, subject to any further adjustments based on the treatment of fractional shares.
No fractional Ordinary Shares will be issued as a result of the reverse split. In accordance with the Company’s Articles, all fractional shares shall be rounded up to the nearest whole ordinary share, such that only shareholders holding fractional consolidated shares of one half of one whole share or more shall be entitled to receive one consolidated share. In addition, a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding options or warrants entitling the holders to purchase Ordinary Shares.
