SciSparc Ltd. (Nasdaq: SPRC) has reported significant progress in its proposed merger with AutoMax Motors, Israel's exclusive importer of JAC electric vehicles. The merger agreement, initially announced in April 2024, involves SciSparc acquiring 100% of AutoMax's share capital through a reverse merger. The closing of the merger is subject to customary conditions, including shareholder approvals from both companies and Israeli court approval. Special shareholder meetings are scheduled for August 25, 2025 (SciSparc) and August 28, 2025 (AutoMax) to vote on the merger approval. The merger aims to transform SciSparc from a clinical-stage pharmaceutical company into a pharmaceutical company with exclusive rights to import JAC electric vehicles in Israel. This transition is expected to unlock or enhance shareholder value, contingent on the successful completion of the merger and the approval of the transaction by shareholders and the Israeli court.

SciSparc Secures Critical SEC Approval for Electric Vehicle Merger with AutoMax Motors

SciSparc Ltd. has advanced in its proposed merger with AutoMax Motors, Israel's exclusive importer of JAC electric vehicles. The deal, announced in April 2024, involves SciSparc acquiring 100% of AutoMax's share capital via a reverse merger. Shareholder approvals and Israeli court clearance are required for the transaction, with voting dates set for August 25, 2025 (SciSparc) and August 28, 2025 (AutoMax). The merger aims to shift SciSparc from a clinical-stage pharmaceutical company to an EV importer in Israel, potentially enhancing shareholder value.