- 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.
