Jeffs’ Brands enters agreement to sell key U.S. assets for $11.8M

Jeffs’ Brands (JFBR) announced that it has entered into a definitive agreement with Plantify Foods to sell its wholly-owned subsidiary, Smart Repair Pro, which operates Jeffs’ Brands’ stores on the Amazon U.S. Marketplace and owns Pure NJ Logistics LLC, and its approximately 49.1% ownership interest in SciSparc Nutraceuticals, which is currently held by its wholly-owned subsidiary, Jeffs’ Brands Holdings Inc. In exchange, Jeffs’ Brands is expected to receive up to a 90% equity interest in the Acquiror, calculated as of immediately following the closing and based on a valuation of CAD 17.125 million for Smart Repair Pro and the minority interest in SNI, and a valuation of CAD 4.85 million, taking into account the full potential consideration and contingent on the Acquiror having cash holdings of at least CAD 300,000 for the Acquiror.