SciSparc Ltd. to Merge with AutoMax Motors Ltd.
Ticker: SPRC · Form: 6-K · Filed: Apr 11, 2024 · CIK: 1611746
| Field | Detail |
|---|---|
| Company | Scisparc Ltd. (SPRC) |
| Form Type | 6-K |
| Filed Date | Apr 11, 2024 |
| Risk Level | medium |
| Pages | 9 |
| Reading Time | 11 min |
| Key Dollar Amounts | $4,250,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: merger, reverse-merger, acquisition
TL;DR
SciSparc is merging with AutoMax Motors in a reverse merger; AutoMax shareholders will own ~75% of the new entity.
AI Summary
On April 10, 2024, SciSparc Ltd. entered into an Agreement and Plan of Merger with AutoMax Motors Ltd., a leading vehicle importer in Israel. This transaction is structured as a reverse merger, where AutoMax Motors will merge into a wholly-owned subsidiary of SciSparc, with AutoMax shareholders owning approximately 75% of the combined company. The merger is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This reverse merger signifies a strategic shift for SciSparc, moving from its current focus to potentially leverage AutoMax Motors' established position in the Israeli vehicle import market.
Risk Assessment
Risk Level: medium — The success of the merger depends on closing conditions and market reception to SciSparc's strategic pivot.
Key Numbers
- 75% — Ownership of combined company (AutoMax Motors shareholders are expected to own approximately 75% of the combined entity post-merger.)
Key Players & Entities
- SciSparc Ltd. (company) — Registrant and acquirer
- AutoMax Motors Ltd. (company) — Target company in merger
- April 10, 2024 (date) — Date of Merger Agreement
- third quarter of 2024 (date) — Expected closing period for the merger
FAQ
What is the primary business of AutoMax Motors Ltd.?
AutoMax Motors Ltd. is described as a leading vehicle importer company in Israel.
What is the structure of the proposed transaction?
The transaction is structured as a reverse merger, where AutoMax Motors will merge into a wholly-owned subsidiary of SciSparc.
When is the merger expected to be completed?
The merger is expected to close in the third quarter of 2024.
What percentage of the combined company will AutoMax shareholders own?
AutoMax Motors shareholders are expected to own approximately 75% of the combined company.
What is the filing form and date?
This is a Form 6-K filed on April 11, 2024.
Filing Stats: 2,768 words · 11 min read · ~9 pages · Grade level 17.6 · Accepted 2024-04-11 16:05:24
Key Financial Figures
- $4,250,000 — y shall deliver to AutoMax an amount of $4,250,000 (less any amount due by AutoMax to the
Filing Documents
- ea0203697-6k_scisparc.htm (6-K) — 52KB
- ea020369701ex99-1_scisparc.htm (EX-99.1) — 514KB
- ea020369701ex99-2_scisparc.htm (EX-99.2) — 93KB
- ea020369701ex99-3_scisparc.htm (EX-99.3) — 14KB
- ex99-3_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-032202.txt ( ) — 679KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SciSparc Ltd. Date: April 11, 2024 By: /s/ Oz Adler Name: Oz Adler Title: Chief Executive Officer and Chief Financial Officer 5