SciSparc Entered, As Lender, Into A Bridge Loan Agreement With Vehicle Importer Company In Israel; Target Company Received $1.4M Bridge Loan Further To The Previously-Announced Non-Binding Letter Of Intent For Company To Acquire The Target Company
Portfolio Pulse from Benzinga Newsdesk
SciSparc Ltd. (SPRC) has provided a $1.4M bridge loan to an unnamed vehicle importer company in Israel, with whom it has a non-binding letter of intent to acquire. The loan bears 7% interest annually, increasing to 9% if the acquisition isn't completed by the repayment date. The loan will be set off against a planned $4.25M financing upon acquisition completion. If the acquisition fails, the loan must be repaid within three months of termination or by July 15, 2024.
January 19, 2024 | 2:32 pm
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SciSparc Ltd. has entered into a bridge loan agreement with a vehicle importer in Israel, which is part of its strategy to acquire the company. The loan is for $1.4M with a 7% interest rate, potentially rising to 9%.
The bridge loan indicates progress in SciSparc's acquisition plans, which could be positive for investor sentiment. The interest terms suggest a strong commitment to completing the acquisition, and the potential increase in interest rate creates an incentive for timely completion. The news is directly related to SciSparc and is important for investors as it affects the company's financial commitments and growth strategy. The confidence in the analysis is high due to the clear terms outlined in the agreement.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100