SciSparc stock has witnessed a meteoric rise in pre-market trading as the pharmaceutical company regained Nasdaq listing compliance.
SciSparc (NASDAQ: SPRC) has officially announced that the Nasdaq Exchange has dismissed a complaint previously lodged against the company regarding the price of its shares. Nasdaq has confirmed that SPRC shares have consistently traded above the crucial threshold of $1 per share over the past ten business days.
This development comes after SciSparc found itself in danger of being delisted due to its shares languishing below the $1 mark, the minimum bid price required to maintain a listing on the Nasdaq Exchange. It is worth noting that the company executed a reverse stock split to bolster the price of its shares.
SciSparc Stock Private Placement
In addition, SciSparc has taken the opportunity to draw attention to its recently concluded private placement. The company sold 1,930,108 (1.93 million) units in this placement and generated gross proceeds of $5.026 million. Each unit comes with two pre-funded warrants, which can be exercised immediately and have an exercise price of $0.001. These warrants are valid for five years.
The trading activity for today showed an exchange of 777,000 shares of SciSparc stock, beating the daily average trading volume of approximately 389,000 shares. Shares of SciSparc Ltd. (NASDAQ: SPRC) have surged by 181% as of Tuesday morning.