SciSparc to acquire vehicle importer AutoMax (NASDAQ:SPRC)
Press Room
SciSparc (NASDAQ:SPRC) said it signed a merger agreement with AutoMax Motors, a vehicle importer company in Israel.
As per the deal, the company will acquire 100% of AutoMax and establish a new wholly-owned Israeli subsidiary, which would in turn merge with and into AutoMax.
After the deal, SPRC shareholders will hold together ~50.01% of the share capital of the post-closing combined company.
Due to the acquisition, all outstanding shares of AutoMax will be converted into the right to receive ordinary shares of SciSparc.
After the deal, AutoMax’s equity holders are expected to hold together ~49.99% of the combined company’s share capital.
