10:16 AM EST, 02/26/2025 (MT Newswires) -- 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 ( NITO ) will purchase 4,961 MitoCareX shares from SciSparc ( SPRC ) for $700,000 and exchange additional shares with the all sellers for stock totaling 40% of its outstanding share capital.

N2OFF ( NITO ) 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 ( NITO ) after closing of the transaction, which remains subject to approval by N2OFF ( NITO ) shareholders, the company said.

N2OFF ( NITO ) shares were down more than 15% in recent trading Wednesday.

Price: 0.52, Change: -0.05, Percent Change: -9.41