Loan & DebtNov 3, 2026, 04:57 PM
SciSparc Ltd. Secures Up To $10M Via Convertible Notes
AI Summary
SciSparc Ltd. has entered into a Securities Purchase Agreement with an institutional investor to issue convertible promissory notes totaling up to $10,000,000. An initial note of $3,000,000 principal was issued for $2,550,000, along with warrants to purchase ordinary shares. The company plans to use the proceeds for working capital and general corporate purposes. The notes carry a 4% annual interest rate, which can increase to 14% in case of default, and are convertible into ordinary shares under certain conditions.
Key Highlights
- SciSparc Ltd. entered into a Securities Purchase Agreement to issue convertible promissory notes.
- The company can issue up to $10,000,000 in aggregate principal amount of convertible notes.
- An initial $3,000,000 principal amount note was issued for $2,550,000 on November 3, 2026.
- The company issued accompanying warrants to purchase ordinary shares with each note.
- The initial warrant is exercisable for up to 11,457,269 ordinary shares at $0.5237.
- Notes bear 4% annual interest, increasing to 14% upon an Event of Default.
- The company intends to use net proceeds for working capital and general corporate purposes.
Price Impact
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