The SPRC has completed the final agreements for its acquisition of Wellution, an Amazon.com Marketplace account, American food supplements and cosmetics brand and trademark. The company has incorporated a new Delaware subsidiary, SciSparc Nutraceuticals Inc., in connection with the acquisition. The definitive agreement for the acquisition of the brand was entered with Merhavit M.R. M Holding and Management Ltd.
Wellution sells dozens of hemp-based products, including hemp gel, hemp cream, detox pills, antibacterial creams, and anti-aging creams, among other beauty and hair treatment products, all of which are all manufactured in the United States.
The amount by which the brand's EBITDA exceeds $1.12 million during the 12 month period following the closing of the acquisition will be paid in 12 months by SciSparc, which paid a base cash payment of $4.59 million and an additional deferred cash payment of $4.59 million.
The company issued a certificate to M.R. M $15 million worth of warrants will be issued to buy ordinary shares of SciSparc at an exercise price of $7.00 per share and an exercise period of five years from the closing of the acquisition. The warrants will be exercisable upon the achievement of a milestone of $100 million of sales of the brand in the aggregate or if the price of SciSparc's ordinary shares closes at $10.00 or above.
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