N2OFF (NITO) said Wednesday that it signed a definitive deal to acquire the biotech company MitoCareX Bio from owners Alon Silberman, Ciro Leonardo Pierri and SciSparc (SPRC)
Under the terms, N2OFF will purchase 4,961 MitoCareX shares from SciSparc for $700,000 and exchange additional shares with the all sellers for stock totaling 40% of its outstanding share capital.
N2OFF said the sellers will also be entitled to 30% of its financing proceeds, up to a maximum of $1.6 million, over five years and milestone-based issuances of up to 25% of its common shares.
MitoCareX will become a subsidiary of N2OFF after closing of the transaction, which remains subject to approval by N2OFF shareholders, the company said.
N2OFF shares were down more than 15% in recent trading Wednesday.
Price: 0.52, Change: -0.05, Percent Change: -9.41
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