SciSparc Enters Into Non-Binding Letter of Intent to Sell a 50% interest in its Subsidiary that Owns an Amazon Top Seller Brand

TEL AVIV, Israel, Dec. 14, 2022 (GLOBE NEWSWIRE) — SciSparc Ltd. (Nasdaq:SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, today announced that it has entered into a non-binding letter of intent (“LOI”) for the sale of a 50% interest in its wholly owned subsidiary, SciSparc Nutraceuticals Inc. (the Subsidiary”), which owns Wellution^TM , a top- selling Amazon.com Marketplace brand, to Jeffs’ Brands Ltd. (“Jeffs’ Brands”)( Nasdaq:JFBR), a data-driven e-commerce company operating on Amazon, for $3 million in cash or a combination of cash and ordinary shares of Jeffs’ Brands, as agreed by the parties.

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