SciSparc Ltd. (NASDAQ:SPRC) (the “Company” or “SciSparc”), a specialty, clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, today announced its board of directors authorized the Company to take actions to implement a $1 million buyback program for the Company’s ordinary shares, no par value (the “Ordinary Shares”).
The Company expects to formally approve the buyback in conjunction with the approval of its financial statements for the 6 months ended June 30, 2022, together with a financial advisor’s opinion to be obtained.
The Company is required to file a motion seeking a court approval in Israel for the buyback program, and the effectiveness of the buyback plan, if formally approved, will be contingent upon such court’s approval.
