N2OFF Shareholders Approve Acquisition of MitoCareX Bio

MT Newswires Live09-26

N2OFF (NITO) shareholders approved the acquisition of MitoCareX Bio, a biotechnology company developing treatments for difficult-to-treat cancers.

In February, N2OFF agreed to acquire MitoCareX from SciSparc (SPRC) and other sellers for $700,000 in cash and up to 65% of its fully diluted common stock through share exchanges and milestone-based issuances.

The transaction is expected to close in H1 October, N2OFF said Thursday in a statement. Upon closing, MitoCareX will become a wholly owned subsidiary of N2OFF.

As part of the deal, N2OFF plans to support MitoCareX's operations for two years following the closing, including an initial cash investment of $1 million.

Amitay Weiss is board chairman of both N2OFF and SciSparc. Liat Sidi is a board member of both companies.

N2OFF shares jumped 35% in after-hours trading, and SciSparc fell 6.6%.

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