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SciSparc Ltd. (NASDAQ:SPRC) traded higher after the company announced it had signed a definitive agreement to acquire a controlling stake in Miza III Ventures Inc. (TSXV:MIZA), a publicly traded firm on Canada's TSX Venture Exchange
The Tel Aviv-based pharmaceutical company develops treatments for central nervous system and rare disorders. It finalized its deal with Miza III on Oct. 9
The transaction values SciSparc's drug assets and its majority interest in SciSparc Nutraceuticals Inc. at about $11.6 million, while Miza is valued at roughly $3.3 million, including its $1 million cash position.
Under the agreement, SciSparc will receive 63.3 million common shares of Miza and up to 48 million contingent rights tied to milestone achievements.
The company will hold between 75% and 84% of Miza following the completion of the transaction. Miza will then rebrand as NeuroThera Labs Inc. and operate in both pharmaceutical and nutritional supplement markets.
Also Read: SciSparc Stock Surges As It Launches Initiative To Advance Drug Discovery With Quantum Algorithms
SciSparc or a third party will provide up to CAD 1 million (about $716,000) in capital through a two-year, 7% convertible note, allowing conversion into as many as four million Miza shares at CAD 0.25 per share. Miza will also issue four million warrants exercisable at the same price for a period of five years.
The deal supports SciSparc's plan to broaden its presence in life sciences and increase shareholder value. The transaction, approved conditionally by the TSX Venture Exchange, is expected to close on or around October 22.
Earlier this year, SciSparc shifted focus after it called off merger discussions with AutoMax Motors, a move that redirected its strategy toward biotechnology and therapeutics.
Price Action: SciSparc stock is trading at around $3.82 per share, a 10.72% increase, at the last check on Wednesday.
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