Jeffs’ Brands Entered into a Definitive Agreement to Acquire a 49% interest in a company that Owns Wellution, a Top Seller Brand on Amazon for $2.5 million

The food supplements and cosmetics brand is profitable with millions of dollars in gross annual sales

Tel Aviv, Israel, Feb. 23, 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 has entered into a definitive agreement (the “Agreement”) with SciSparc Ltd. (“SciSparc”) (Nasdaq:SPRC), to purchase from it approximately 49% of the outstanding capital stock of SciSparc Nutraceuticals Inc. (the “Subsidiary”), a wholly-owned subsidiary of SciSparc that owns Wellution^TM, a top-selling Amazon.com Marketplace food supplements and cosmetics brand (the “Brand”), for $2.5 million in cash. The stock interest of Jeffs’ Brands in the Subsidiary is expected to be held by a wholly-owned Delaware subsidiary of Jeffs’ Brands. In addition, the Agreement also includes a mutual share exchange between SciSparc and the Company of restricted shares (the “Share”), in the total amount of $300,000. The number of shares in the share exchange will be calculated based on the average closing price of the relevant company’s shares for 30 consecutive trading days ending on the third trading day immediately prior to closing the transaction. The closing of the transaction is subject to certain customary conditions and is expected to be completed within seven business days. At closing, the Company and the Subsidiary will enter into a consulting agreement by which the Company will provide management services for the Brand for a monthly fee of $20,000. The agreement is for an undefined period of time, and may be terminated by either party with 30-days’ advance notice.

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