SciSparc .(SPRC)
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SciSparc Ltd. Announces Receipt of Nasdaq Minimum Bid Price Notification
GlobeNewswire News Room· 2024-07-16 15:55
TEL AVIV, Israel, July 16, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC), a specialty clinicalstage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system (the "Company" or "SciSparc"), today announced it has received a written notice (the "Notice") from Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing ...
SciSparc Ltd. Announces Receipt of Nasdaq Minimum Bid Price Notification
Newsfilter· 2024-07-16 15:55
TEL AVIV, Israel, July 16, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC), a specialty clinicalstage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system (the "Company" or "SciSparc"), today announced it has received a written notice (the "Notice") from Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing ...
SciSparc Announces U.S. Patent Application for Treating Metabolic Syndrome and Weight Loss
GlobeNewswire News Room· 2024-07-16 10:03
According to data collected by the Centers for Disease Control and Prevention from the period 2017-2020, the prevalence of obesity in the United States of adults aged 20 and over was 41.9%. SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc's focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following d ...
SciSparc Signs Non-Binding Letter of Intent for Spin Off of Advanced Clinical Stage Pharmaceutical Portfolio to Publicly Traded Company
GlobeNewswire News Room· 2024-07-08 12:30
According to the agreement, SciSparc's pharmaceuticals assets are valued at approximately $11.6 million Pursuant to the LOI, SciSparc will sell, assign, convey and transfer to Miza the Target Assets in consideration for 63,300,000 common shares of Miza and up to 48,000,000 Miza contingent rights based on pre-determined milestones. Following the closing of such transaction, SciSparc would hold a controlling interest in Miza, the exact percentage of which is contingent on agreeing definitive terms between the ...
SciSparc Signs Non-Binding Letter of Intent for Spin Off of Advanced Clinical Stage Pharmaceutical Portfolio to Publicly Traded Company
Newsfilter· 2024-07-08 12:30
According to the agreement, SciSparc's pharmaceuticals assets are valued at approximately $11.6 million TEL AVIV, Israel, July 08, 2024 (GLOBE NEWSWIRE) -- 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, announced today it signed a non-binding letter of intent (the "LOI") to spin off its advanced clinical stage pharmaceutical portfolio and its ...
SciSparc Secures Strategic Advantage with Grant of European Patent
Newsfilter· 2024-05-31 11:17
Forward-Looking Statements: SciSparc has been expanding its intellectual property portfolio, with significant patents recently granted in Canada and Europe, since the beginning of the year. This aggressive expansion emphasizes SciSparc's commitment to securing its innovative technologies globally and highlights the Company's dynamic approach to research and development. This addition marks another milestone in SciSparc's ongoing efforts to safeguard its core technologies. The Company's intellectual property ...
SciSparc Secures Strategic Advantage with Grant of European Patent
GlobeNewswire News Room· 2024-05-31 11:17
This grant not only reinforces SciSparc's position in a key market, but also enhances its competitive edge in the global pharmaceutical landscape. TEL AVIV, Israel, May 31, 2024 (GLOBE NEWSWIRE) -- 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, announced today that the European Patent Office granted the Company's patent application titled "Co ...
SciSparc .(SPRC) - 2023 Q4 - Annual Report
2024-05-02 20:02
Financial Performance - Total revenues for the year ended December 31, 2023, were approximately 418,932 thousand ILS, a decrease of 7.7% compared to 453,617 thousand ILS in 2022[25] - Gross profit for 2023 was 37,843 thousand ILS, down from 60,699 thousand ILS in 2022, reflecting a decline of 37.7%[25] - The company reported a total loss for the year of 17,375 thousand ILS, compared to a loss of 1,260 thousand ILS in the previous year, indicating a significant increase in losses[27] - Profit (loss) per share attributable to company shareholders was (0.21) ILS in 2023, compared to (0.02) ILS in 2022[25] - The company reported losses (before tax) of approximately ILS 17 million during the reporting period, compared to a profit of ILS 0.6 million in the corresponding period[91] - The adjusted loss (before tax) for 2023, after accounting for various factors, amounted to approximately ILS 8.6 million, compared to a profit of about ILS 11.8 million in the corresponding period last year[91] Assets and Liabilities - Vehicle inventory as of December 31, 2023, amounted to approximately 183,647 thousand ILS, representing about 60% of total assets[11] - Current liabilities increased to 216,043 thousand ILS in 2023 from 203,706 thousand ILS in 2022, reflecting a rise of 6.6%[22] - Total assets as of December 31, 2023, were 305,316 thousand ILS, slightly up from 303,082 thousand ILS in 2022[19] - The company’s retained loss increased to 68,635 thousand ILS in 2023 from 52,252 thousand ILS in 2022, reflecting a rise of 31.3%[22] - Total equity as of December 31, 2023, was 35,414 thousand ILS, an increase from 35,855 thousand ILS at the end of 2022[34] Cash Flow and Financing - Net cash generated by operating activities for 2023 was 3,142 thousand ILS, a recovery from a net cash used of 98,042 thousand ILS in 2022[34] - Financing expenses for 2023 were 16,831 thousand ILS, compared to 8,935 thousand ILS in 2022, indicating an increase of 88.5%[25] - The company issued equity amounting to 8,879 thousand ILS in 2023, compared to no issuance in 2022, reflecting a strategy to strengthen its capital base[34] - The Company received a state-guaranteed loan of NIS 16 million in January 2024 and is entitled to compensation of approximately NIS 2.07 million for October 2023, with an additional NIS 5.9 million for November-December 2023 pending approval[113] - The Company is negotiating a merger with a NASDAQ-traded company and signed an agreement for a bridging loan of USD 1.4 million, expected to enhance liquidity and equity[114] Inventory and Management - The company invested 3,416 thousand ILS in intangible assets during 2023, up from 923 thousand ILS in 2022, indicating a focus on long-term growth[34] - The company’s inventory increased by 6,551 thousand ILS in 2023, compared to a significant decrease of 97,082 thousand ILS in 2022, indicating a shift in inventory management[37] - The Company implemented inventory management policies, reducing vehicle inventory in Q2 2023 and increasing it in Q3 and Q4 2023 in anticipation of higher demand[103] - The company anticipates an increase in inventory turnover rate due to changes in vehicle demand, particularly for intermediate and small vehicle categories[93] Operational Challenges - The company experienced a decrease in cash and cash equivalents, ending 2023 with 1,552 thousand ILS, down from 2,234 thousand ILS at the beginning of the year[34] - The company reported an increase in trade receivables by 8,733 thousand ILS in 2023, compared to an increase of 9,253 thousand ILS in 2022, suggesting challenges in cash collection[37] - The Company is facing significant delays in delivery dates and increased logistics costs due to disruptions in sailing routes caused by geopolitical tensions[111] - The Group experienced a significant decrease in sales turnover during the fourth quarter of 2023 compared to the same period last year, attributed to branch closures during October and November[107] - The Company has taken measures to reduce current and fixed expenses, including cuts in advertising and personnel-related costs[106] Workforce and Organizational Changes - The Company reduced its workforce by approximately 10% during October and November 2023, with about 30% of employees placed on layoff, all of whom have since returned to work[107] - The Company assessed that the impact of not operating certain branches is immaterial, with most branches operating normally as of November 2023[105] Market and Economic Conditions - The Israeli growth rate in 2023 was 2%, with a decrease in GDP per capita of 0.1% compared to 2022[77] - The inflation rate in Israel for 2023 was approximately 3%, following a 5% increase in the consumer price index from March 2022 to March 2023[69][72] - Moody's downgraded Israel's credit rating to A2 from A1, indicating increased political risks and potential impacts on budgetary stability[118] Mergers and Acquisitions - The merger with Global Automax Ltd. resulted in the company owning 100% of Global Automax shares, enhancing its market position in vehicle import and marketing[56] - The consideration transferred in business combinations includes the fair value of assets and liabilities, with contingent consideration recognized at acquisition date fair value[140] - Non-controlling interests are presented separately within the Group's equity, including their share of net assets and any losses exceeding their equity[143] Accounting Policies - Cash and cash equivalents include highly liquid investments and short-term deposits with maturities not exceeding three months[157] - Inventory is measured at the lower of cost and net realizable value, with specific cost determination for vehicle inventory and average cost for accessories[158] - Income from sales of new vehicles is recognized upon transfer of control, typically at delivery, while income from used vehicles is recognized similarly[162] - Deferred taxes are calculated on temporary differences and reviewed for expected usage at each reporting date[168] - The Group recognizes leased property as a right-of-use asset against a lease liability, with specific depreciation periods for different asset types[172] - Fixed assets are measured at cost, including directly attributable expenses, and significant components are treated separately for depreciation purposes[177] - Profit or loss from the disposal of fixed assets is recognized by comparing net proceeds to book value, recorded in profit and loss[181] - The estimated useful life for leasehold improvements is 8.5-10 years, while computers have a useful life of 15-33 years, mainly at 33%[184] - Office equipment is depreciated over a useful life of 6-33 years, primarily at 25%[184] - Vehicles are depreciated with a useful life of 15-20 years, mainly at 15%[184] - Intangible assets are amortized over their economic useful life, with impairment reviewed whenever indicators exist[189] - Goodwill is measured by the excess of acquisition cost over the fair value of identifiable assets and liabilities at the time of acquisition[190] - Goodwill is allocated to cash-generating units and reviewed annually for impairment[192] - The capitalization of license costs begins in the development phase and stops when the license is achieved[197] - The useful life of a license shall not exceed the term of its contractual rights, and may be shorter based on expected usage[199] - Depreciation of intangible assets is systematically allocated over their useful life, deducted of their residual value[200]
SciSparc .(SPRC) - 2023 Q4 - Annual Report
2024-04-01 21:03
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission ...
SciSparc .(SPRC) - Prospectus
2024-02-27 21:15
As filed with the Securities and Exchange Commission on February 27, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SCISPARC LTD. (Exact name of registrant as specified in its charter) | State of Israel | 2834 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classification Code Number) ...