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SciSparc | 425: Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions

SEC announcement ·  Apr 12 09:27
Summary by Moomoo AI
SciSparc Ltd., a clinical-stage pharmaceutical company, has entered into a merger agreement with AutoMax Motors Ltd., an Israeli vehicle importer. The agreement stipulates that SciSparc will acquire 100% of AutoMax, establishing a new wholly-owned subsidiary that will merge with AutoMax, making it a wholly-owned subsidiary of SciSparc. Post-acquisition, SciSparc shareholders are expected to hold approximately 50.01% of the combined company, while AutoMax equity holders will hold around 49.99%, subject to adjustments. SciSparc has committed to having at least $4.25 million in net cash at closing. The acquisition is contingent upon regulatory approvals, Israeli court approvals, and shareholder approvals from both companies. The transaction aligns with SciSparc's June 2022 announcement to explore strategic transactions to maximize shareholder value. The company's ongoing pharmaceutical operations will continue post-acquisition. The merger agreement is subject to various approvals, including compliance with regulatory requirements and approvals from SciSparc and AutoMax shareholders.
SciSparc Ltd., a clinical-stage pharmaceutical company, has entered into a merger agreement with AutoMax Motors Ltd., an Israeli vehicle importer. The agreement stipulates that SciSparc will acquire 100% of AutoMax, establishing a new wholly-owned subsidiary that will merge with AutoMax, making it a wholly-owned subsidiary of SciSparc. Post-acquisition, SciSparc shareholders are expected to hold approximately 50.01% of the combined company, while AutoMax equity holders will hold around 49.99%, subject to adjustments. SciSparc has committed to having at least $4.25 million in net cash at closing. The acquisition is contingent upon regulatory approvals, Israeli court approvals, and shareholder approvals from both companies. The transaction aligns with SciSparc's June 2022 announcement to explore strategic transactions to maximize shareholder value. The company's ongoing pharmaceutical operations will continue post-acquisition. The merger agreement is subject to various approvals, including compliance with regulatory requirements and approvals from SciSparc and AutoMax shareholders.
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