Jeffs’ Brands Completes the Acquisition of a 49% interest in a Company that Owns Wellution, a Top Seller Brand on Amazon, for $3 million

Upon the closing which occurred on March 22, 2023, the purchase price was adjusted from $2.5 million and increased to approximately $3 million.

Tel Aviv, Israel, March 28, 2023 (GLOBE NEWSWIRE) —  Jeffs’ Brands Ltd (the “Company” or “Jeffs’ Brands”) (Nasdaq:JFBR), a data-driven e-commerce company operating on the Amazon marketplace, today announced that it completed the purchase (the “Closing”) of approximately 49% of the outstanding capital stock of SciSparc Nutraceuticals Inc. ( “SciSparc Nutraceuticals”), a wholly-owned subsidiary of SciSparc Ltd. (“SciSparc”) (Nasdaq:SPRC) that owns Wellution^TM, a top-selling Amazon.com Marketplace food supplements and cosmetics brand (the “Brand”), for $2.5 million in cash, pursuant to a stock purchase agreement entered into between the Company, Jeffs’ Brands Holdings Inc, a wholly-owned Delaware subsidiary of Jeffs’ Brands (the “Subsidiary”) and SciSparc on February 23, 2023 (the “Wellution Agreement”). Additional deferred cash payments of approximately $489,330 for price adjustments related to inventory and working capital, will be paid in five equal monthly installments, beginning in May 2023 (the “Price Adjustment”) pursuant to an addendum to the Wellution Agreement entered into between the Company, the Subsidiary and SciSparc on March 22, 2023. As collateral for the payment in full of the Price Adjustment, SciSparc will hold back such number of shares of common stock of SciSparc Nutraceuticals, equal to the outstanding due amount of the Price Adjustment (the “Holdback Shares”). The stock interest of Jeffs’ Brands in SciSparc Nutraceuticals will be held by the Subsidiary.

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