SciSparc Shareholders Approve Merger with a Leading Parallel Vehicle Importer in Israel

Core Viewpoint - SciSparc Ltd. has announced the approval of a strategic merger with AutoMax Motors Ltd., aiming to enhance shareholder value by diversifying into the automotive sector, particularly focusing on the electric vehicle market in Israel [2][3]. Group 1: Merger Details - The merger will involve SciSparc acquiring 100% of AutoMax's share capital through a reverse merger, with AutoMax continuing as a wholly-owned subsidiary [2]. - Following the merger, SciSparc shareholders are expected to hold approximately 50.01% of the combined company's share capital [2]. - The merger is part of a definitive agreement entered into on April 11, 2024, and marks a significant step in expanding SciSparc's operations [2][3]. Group 2: Financial Support and Strategy - SciSparc has previously supported AutoMax's growth with financial assistance, including a $4.25 million bridge loan in 2024 and an additional $2 million loan in February 2025 [3]. - The merger aligns with SciSparc's long-term strategy to diversify its portfolio and capitalize on the expanding electric vehicle market in Israel [3]. Group 3: Closing Conditions - The closing of the merger is subject to customary closing conditions, including shareholder approvals from both companies and Israeli court approval [4]. - Special meetings for AutoMax's shareholders to vote on the merger approval are scheduled for August 28, 2025 [4]. Group 4: Company Overview - SciSparc Ltd. is a specialty clinical-stage pharmaceutical company focused on developing therapies for central nervous system disorders, with ongoing drug development programs based on cannabinoid pharmaceuticals [5]. - The company also has a controlling interest in a subsidiary that sells hemp seed oil-based products on the Amazon.com Marketplace [5].