Jeffs' Brands Reveals LOI For Acquisition Of Interest In Smart Repair Pro, SNI By Canadian Co.

Jeffs Brands

2.14 USD -1.38%

• Charts
• News
• Analysen

Kaufen / Verkaufen

(RTTNews) - Jeffs' Brands Ltd. (JFBR, JFBRW), Tuesday announced that it has entered into a new non-binding LOI with a Canadian public company for the proposed acquisition of Smart Repair Pro and its approximately 49.1% ownership interest in SciSparc Nutraceuticals Inc. The potential deal is valued at approximately $11.8 million.

The data-driven e-commerce company operating on the Amazon Marketplace said the acquisition will be in exchange for up to a 90 percent equity interest in the Canadian company. Upon closing of the Transaction, the Company's ownership interest in Smart Repair Pro and SNI will be held by the acquiror.

As an initial payment, Jeffs' Brands will transfer all outstanding shares of Smart Repair Pro and SNI held by the Company and Jeffs' Brands Holding Inc., to the acquiror in exchange for initially 75 percent shares. The Transaction is expected to close by May 30, 2025.

Jeffs' Brands had previously signed letter of intent with a U.S. public company, but it was terminated pursuant to its own terms.