SciSparc Shareholders Approve Proposed Merger With Israel-Based AutoMax Motors

(RTTNews) - SciSparc Ltd. (SPRC), Thursday announced that its shareholders have approved the proposed merger with AutoMax Motors Ltd., a parallel vehicle importer in Israel.

Under the merger agreement, entered on April 11, 2024, SciSparc will acquire 100 percent of AutoMax's share capital through a reverse merger between its subsidiary SciSparc Merger Sub Ltd. and AutoMax, with the latter continuing as a wholly-owned subsidiary.

The deal aligns with the company's long-term strategy to diversify its portfolio and capitalize on the expanding electric vehicle market in Israel.

Notably, the special meetings of AutoMax's shareholders and of AutoMax's shareholders who are not controlling shareholders or SciSparc, to vote on the approval of the merger will be held on August 28, 2025.

In the pre-market hours, SPRC is moving up 7.03 percent, to $4.59 on the Nasdaq.