Rosalind Advisors Group Takes 9.99% Stake in Spruce Biosciences

TL;DR

**Rosalind Advisors just bought 9.99% of SPRB, signaling a bullish outlook.**

AI Summary

Rosalind Advisors, Inc., along with Rosalind Master Fund L.P. and individuals Aharon Gil and Steven A.J. Salamon, reported a significant stake in Spruce Biosciences, Inc. (SPRB) as of January 24, 2024. This group now collectively holds 1,200,000 shares of SPRB's common stock, representing 9.99% of the company's outstanding shares. This matters to investors because a large institutional investor taking a substantial position can signal confidence in the company's future prospects, potentially attracting more investor interest and influencing stock price.

Why It Matters

A major institutional investor group acquiring nearly 10% of Spruce Biosciences suggests strong belief in the company's value, which could be a positive indicator for current and prospective shareholders.

Risk Assessment

Risk Level: low — This filing indicates a significant institutional investment, which generally reduces risk by showing external confidence in the company.

Analyst Insight

A smart investor would research Rosalind Advisors' investment thesis and consider if this institutional confidence aligns with their own analysis of Spruce Biosciences' prospects, potentially seeing this as a positive signal for the stock.

Key Numbers

• 1,200,000 — Shares Beneficially Owned (Total common shares of Spruce Biosciences held by the Rosalind Advisors group.)
• 9.99% — Percentage of Class (The percentage of Spruce Biosciences' common stock beneficially owned by the Rosalind Advisors group.)
• January 24, 2024 — Date of Event (The date on which the event requiring this Schedule 13G filing occurred.)

Key Players & Entities

• Rosalind Advisors, Inc. (company) — reporting person and group member
• Rosalind Master Fund L.P. (company) — group member
• Aharon Gil (person) — group member
• Steven A.J. Salamon (person) — group member
• Spruce Biosciences, Inc. (company) — subject company (issuer)
• 03 Life Sciences (company) — organization name associated with Spruce Biosciences

Forward-Looking Statements

• Spruce Biosciences (SPRB) stock may experience increased investor interest due to this significant institutional stake. (SPRB) — medium confidence, target: Q1 2024
• Rosalind Advisors may seek to engage with Spruce Biosciences management regarding strategic direction or operational improvements. (Rosalind Advisors, Inc.) — low confidence, target: Q2 2024

FAQ

Filing Documents

• rosalind_sprb_13g_01-29-2024.htm (SC 13G) — 87KB
• ex_a_sprb_13g_01-29-2024.htm (EX-99.A BD-DIR-RESOL) — 2KB
• 0001622627-24-000002.txt ( ) — 91KB

Ownership

Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: The information as of the date of the event which requires filing of this statement required by Items 4(a) – (c) is set forth in Rows 5 – 12 of the cover pages for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover page for each Reporting Person is based upon 41,000,000 shares of the Issuer's common stock outstanding as of December 31, 2023, in accordance with Issuer's Press release on January 04, 2024. Rosalind Master Fund L.P. may have been deemed to have the beneficial ownership of 2,322,000 shares of common stock representing the beneficial ownership of approximately 5.67% of the common stocks as mentioned above. Rosalind Advisors, Inc. is the investment advisor to RMF and may be deemed to be the beneficial owner of shares held by RMF. Steven Salamon is the portfolio manager of the Advisor and may be deemed to be the beneficial owner of shares held by RMF. Notwithstanding the foregoing, the Advisor and Mr. Salamon disclaim beneficial ownership of the shares. (b) Percent of class: Rosalind Advisors, Inc. – 5.67% Rosalind Master Fund L.P. – 5.67% Steven Salamon – 5.67% Gilad Aharon – 5.67% NYC#: 139632.2 CUSIP No. 85209E109 13G/A Page 8 of 9 Pages (c) Number of shares as to which the person has: (i) Shared power to vote or to direct the vote Rosalind Advisors, Inc. – 2,322,000 shares of Common Stock Rosalind Master Fund L.P. – 2,322,000 shares of Common Stock Steven Salamon – 2,322,000 shares of Common Stock Gilad Aharon - 2,322,000 shares of Common Stock (ii) Sole power to dispose or to direct the disposition of – 0 (iii) Shared power to dispose or to direct the disposition of Rosalind Advisors, Inc. – 2,322,000 shares of Common Stock Ros

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following . Instruction . Dissolution of a group requires a response to this item.

Ownership of More than Five Percent on Behalf of Another Person

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

– 9. Not Applicable

Item 7 – 9. Not Applicable NYC#: 139632.2 CUSIP No. 85209E109 13G/A Page 9 of 9 Pages

Certification

Item 10. Certification. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. 01/29/2024 Date Signature Steven Salamon/President Rosalind Advisors, Inc. Name/Title Exhibit A Joint Filing Agreement The undersigned hereby agree that this Statement on Schedule 13G with respect to the beneficial ownership of shares of Common Stock of Spruce Biosciences, Inc. is filed jointly, on behalf of each of them. Rosalind Advisors, Inc. By: _____________________________ Name: Steven Salamon Title: President Rosalind Master Fund L.P. By: _____________________________ Name: Mike McDonald Title: Director, Rosalind (Cayman) Ltd. (as General Partner to Rosalind Master Fund) By: _____________________________ Name: Steven Salamon NYC#: 139632.2

View Full Filing

View this SC 13G filing on SEC EDGAR