Jeffs’ Brands provides update on potential acquisition of U.S. subsidiary

Jeffs’ Brands (JFBR) announced an update regarding the potential acquisition of its wholly- owned subsidiary, Smart Repair Pro, which operates Jeffs’ Brands’ stores on the U.S. Amazon Marketplace. The Company’s previous letter of intent with a U.S. public company was terminated pursuant to its own terms and the Company 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 in exchange for 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 and the minority interest in SNI and CAD 4.85 million taking into account the full potential consideration and contingent on cash holdings of at least CAD 300,000 for the Acquiror. Following the completion of the Transaction, the Company’s ownership interest in Smart Repair Pro and SNI will be held by the Acquiror.