SciSparc Ltd. Announces Framework Agreement Regarding Merger with AutoMax Motors

Core Viewpoint - SciSparc Ltd. has entered into a framework agreement for the mutual termination of its merger with AutoMax Motors Ltd., which includes repayment terms for outstanding loans [1][2]. Group 1: Termination of Merger - The parties have mutually agreed to terminate the Agreement and Plan of Merger dated April 10, 2024, making it null and void effective immediately [2]. Group 2: Loan Repayment Terms - AutoMax will repay a loan of $4.25 million with 9% annual interest in a lump-sum payment on January 1, 2028 [3]. - AutoMax will also repay a $2.0 million loan in monthly installments of $60,000 starting November 20, 2025, with 8% annual interest, and will pay accrued interest totaling $114,523 at the outset [4]. Group 3: Company Overview - SciSparc Ltd. is a clinical-stage pharmaceutical company focused on developing cannabinoid-based therapies for central nervous system disorders, including treatments for Tourette Syndrome, Alzheimer's disease, and autism spectrum disorder [5].