SciSparc Ltd., a company listed on the TASE, has entered into a Merger Agreement with AutoMax Motors Ltd., a leading parallel importer and distributor of vehicles in Israel. The merger, which is structured as a reverse triangular merger, will result in AutoMax becoming a wholly-owned subsidiary of SciSparc. The unaudited pro forma condensed combined financial information suggests that the merger is treated as if it occurred on January 1, 2023, for the statement of comprehensive loss, and on December 31, 2023, for the statement of financial position. The pro forma financials are prepared in accordance with Article 11 of U.S. SEC Regulation S-X and are based on preliminary valuations. The transaction is subject to customary closing conditions, including regulatory approvals. The merger...Show More

SciSparc Ltd., a company listed on the TASE, has entered into a Merger Agreement with AutoMax Motors Ltd., a leading parallel importer and distributor of vehicles in Israel. The merger, which is structured as a reverse triangular merger, will result in AutoMax becoming a wholly-owned subsidiary of SciSparc. The unaudited pro forma condensed combined financial information suggests that the merger is treated as if it occurred on January 1, 2023, for the statement of comprehensive loss, and on December 31, 2023, for the statement of financial position. The pro forma financials are prepared in accordance with Article 11 of U.S. SEC Regulation S-X and are based on preliminary valuations. The transaction is subject to customary closing conditions, including regulatory approvals. The merger is expected to combine SciSparc's and AutoMax's operations, with SciSparc being the accounting acquirer. The financial statements of both companies have been adjusted to reflect the merger, with goodwill being one of the significant adjustments. The merger is anticipated to have various financial impacts, including changes in shareholder equity and the potential for future operational synergies.