SciSparc: AutoMax Enters the Direct Import Market with a $13 Million First Shipment of JAC Electric Vehicles
SciSparc (Nasdaq: SPRC) announced that AutoMax Motors, with which it has a pending merger agreement, received its first $13 million shipment of vehicles from JAC Motors, a Chinese automotive manufacturer. This development follows regulatory approvals for direct importation in Israel and marks AutoMax's entry into direct import and distribution operations.
JAC Motors specializes in electric vehicles (EVs), offering both passenger and commercial vehicles supported by advanced R&D and battery technologies. AutoMax aims to leverage JAC's EV lineup to meet Israel's growing demand for sustainable transportation.
SciSparc has provided financial support to AutoMax to facilitate the JAC Motors transaction. The merger agreement between SciSparc and AutoMax, signed in April 2024, is subject to shareholders' approval from both companies and would enable SciSparc's expansion into the automotive sector.
SciSparc (Nasdaq: SPRC) ha annunciato che AutoMax Motors, con cui ha un accordo di fusione in sospeso, ha ricevuto la sua prima spedizione di veicoli del valore di 13 milioni di dollari da JAC Motors, un produttore automobilistico cinese. Questo sviluppo segue le approvazioni normative per l'importazione diretta in Israele e segna l'ingresso di AutoMax nelle operazioni di importazione e distribuzione diretta.
JAC Motors è specializzata in veicoli elettrici (EV), offrendo sia veicoli passeggeri che commerciali supportati da tecnologie avanzate di ricerca e sviluppo e batterie. AutoMax mira a sfruttare la gamma di veicoli elettrici di JAC per soddisfare la crescente domanda di trasporti sostenibili in Israele.
SciSparc ha fornito supporto finanziario a AutoMax per facilitare la transazione con JAC Motors. L'accordo di fusione tra SciSparc e AutoMax, firmato nell'aprile 2024, è soggetto all'approvazione degli azionisti di entrambe le società e consentirebbe a SciSparc di espandersi nel settore automobilistico.
SciSparc (Nasdaq: SPRC) anunció que AutoMax Motors, con la que tiene un acuerdo de fusión pendiente, recibió su primer envío de vehículos por valor de 13 millones de dólares de JAC Motors, un fabricante de automóviles chino. Este desarrollo sigue a las aprobaciones regulatorias para la importación directa en Israel y marca la entrada de AutoMax en las operaciones de importación y distribución directa.
JAC Motors se especializa en vehículos eléctricos (VE), ofreciendo tanto vehículos de pasajeros como comerciales, respaldados por tecnologías avanzadas de I+D y baterías. AutoMax tiene como objetivo aprovechar la gama de vehículos eléctricos de JAC para satisfacer la creciente demanda de transporte sostenible en Israel.
SciSparc ha proporcionado apoyo financiero a AutoMax para facilitar la transacción con JAC Motors. El acuerdo de fusión entre SciSparc y AutoMax, firmado en abril de 2024, está sujeto a la aprobación de los accionistas de ambas compañías y permitiría a SciSparc expandirse en el sector automotriz.
SciSparc (Nasdaq: SPRC)는 AutoMax Motors와의 합병 계약이 진행 중인 가운데, 중국 자동차 제조업체인 JAC Motors로부터 첫 번째 1,300만 달러 규모의 차량 배송을 받았다고 발표했습니다. 이번 발전은 이스라엘에서 직접 수입에 대한 규제 승인 이후 이루어졌으며, AutoMax의 직접 수입 및 유통 운영 진입을 의미합니다.
JAC Motors는 전기차(EV)를 전문으로 하며, 승용차와 상업용 차량을 포함하여 고급 연구 개발 및 배터리 기술로 뒷받침됩니다. AutoMax는 JAC의 전기차 라인업을 활용하여 이스라엘의 지속 가능한 교통 수요 증가에 대응할 계획입니다.
SciSparc는 JAC Motors 거래를 원활하게 하기 위해 AutoMax에 재정 지원을 제공했습니다. SciSparc와 AutoMax 간의 합병 계약은 2024년 4월에 체결되었으며, 두 회사의 주주 승인에 따라 SciSparc가 자동차 분야로 확장할 수 있게 될 것입니다.
SciSparc (Nasdaq: SPRC) a annoncé que AutoMax Motors, avec qui il a un accord de fusion en suspens, a reçu sa première expédition de véhicules d'une valeur de 13 millions de dollars de JAC Motors, un constructeur automobile chinois. Ce développement fait suite aux approbations réglementaires pour l'importation directe en Israël et marque l'entrée d'AutoMax dans les opérations d'importation et de distribution directe.
JAC Motors se spécialise dans les véhicules électriques (VE), offrant à la fois des véhicules de passagers et commerciaux soutenus par des technologies avancées de R&D et de batteries. AutoMax vise à tirer parti de la gamme de VE de JAC pour répondre à la demande croissante de transport durable en Israël.
SciSparc a apporté un soutien financier à AutoMax pour faciliter la transaction avec JAC Motors. L'accord de fusion entre SciSparc et AutoMax, signé en avril 2024, est soumis à l'approbation des actionnaires des deux sociétés et permettrait à SciSparc de s'étendre dans le secteur automobile.
SciSparc (Nasdaq: SPRC) gab bekannt, dass AutoMax Motors, mit dem ein Fusionierungsvertrag aussteht, seine erste Lieferung von Fahrzeugen im Wert von 13 Millionen Dollar von JAC Motors, einem chinesischen Autohersteller, erhalten hat. Diese Entwicklung folgt den regulatorischen Genehmigungen für die direkte Einfuhr nach Israel und markiert den Einstieg von AutoMax in den direkten Import- und Vertriebsbetrieb.
JAC Motors ist auf Elektrofahrzeuge (EVs) spezialisiert und bietet sowohl Passagier- als auch Nutzfahrzeuge, die durch fortschrittliche F&E- und Batterietechnologien unterstützt werden. AutoMax plant, die EV-Palette von JAC zu nutzen, um der wachsenden Nachfrage nach nachhaltigem Verkehr in Israel gerecht zu werden.
SciSparc hat AutoMax finanzielle Unterstützung gewährt, um die Transaktion mit JAC Motors zu erleichtern. Der im April 2024 unterzeichnete Fusionsvertrag zwischen SciSparc und AutoMax unterliegt der Genehmigung durch die Aktionäre beider Unternehmen und würde es SciSparc ermöglichen, im Automobilsektor zu expandieren.
- Secured first $13 million shipment of JAC Motors vehicles
- Obtained regulatory approvals for direct vehicle importation in Israel
- Entry into the growing EV market through JAC Motors partnership
- Merger completion remains uncertain, subject to shareholder approvals
- Significant capital investment required for vehicle inventory
Insights
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The direct import model eliminates intermediary costs, potentially allowing for
This development carries significant implications for SPRC's business transformation and valuation metrics. The
The vertical integration through direct importing creates stronger margins compared to traditional dealership models. Historical data from similar market entries suggests potential gross margins of
TEL AVIV, Israel, Jan. 13, 2025 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) ("Company" or "SciSparc"), announced that AutoMax Motors Ltd., (“AutoMax”), a leading automotive importer and distributor in Israel with which the Company has entered into an agreement and plan of merger, received its first shipment of vehicles manufactured by Anhui Jianghuai Automobile Group Co., Ltd. (“JAC Motors”), a globally recognized Chinese automotive company. This marks a significant milestone in AutoMax’s direct import and distribution operations, launched under agreements signed earlier this year with JAC Motors.
The shipment follows regulatory approvals for direct importation and positions AutoMax to begin marketing and sales activities for JAC Motors vehicles across Israel.
JAC Motors has a strong focus on electric vehicles (“EVs”), making it a pioneer in sustainable transportation. The company has developed an impressive range of EVs, including passenger cars and commercial vehicles, supported by advanced R&D and cutting-edge battery technologies. AutoMax sees JAC's innovative EV lineup as an opportunity to meet the rising demand for electric vehicles in Israel, aligning with its strategy to bring sustainable transportation solutions to the local market.
SciSparc has provided financial support to AutoMax, which SciSparc believes helped provide AutoMax with resources to facilitate the transaction with JAC Motors. Further, as part of its growth strategy, AutoMax entered into a merger agreement with the Company in April 2024, that if completed would pave the way for SciSparc’s expansion into the automotive sector. The merger is subject to closing conditions, including the approval of the shareholders of each of the Company and AutoMax.
About SciSparc Ltd. (Nasdaq: SPRC):
SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol: SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer's disease and agitation; and SCI-210 for the treatment of autism and status epilepticus. The Company also owns a controlling interest in a subsidiary whose business focuses on the sale of hemp seeds’ oil-based products on the Amazon.com Marketplace.
Additional Information and Where You Can Find It
In connection with the proposed transaction between the Company and AutoMax, the Company has filed a preliminary registration statement, which includes a preliminary proxy statement/prospectus, with the Securities and Exchange Commission (the “SEC”). This press release is not a substitute for the registration statement, the proxy statement/prospectus or any other documents that the Company may file with the SEC or send to its shareholders in connection with the proposed transactions. Before making any voting decision, investors and securityholders are urged to read the final registration statement or the proxy statement/prospectus, as applicable, and all other relevant documents filed or furnished or that will be filed with or furnished to the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction and related matters.
You may obtain free copies of the proxy statement/prospectus and all other documents filed or that will be filed with the SEC regarding the proposed transaction at the website maintained by the SEC at www.sec.gov. Once filed, the final proxy statement/prospectus will be available free of charge on the Company’s website at https://investor.scisparc.com/, by contacting the Company’s Investor Relations at IR@scisparc.com or by phone at +972-3-6167055.
Participants in Solicitation
The Company, AutoMax and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of the Company’s Ordinary Shares in connection with the proposed transaction. Information about the Company’s directors and executive officers is set forth in the Company’s annual report on Form 20-F, for the year ended December 31, 2023, filed with the SEC on April 1, 2024. Other information regarding the interests of such individuals, as well as information regarding AutoMax’s directors and executive officers and other persons who may be deemed participants in the proposed transaction, will be set forth in the final proxy statement/prospectus, which will be filed with the SEC. You may obtain free copies of these documents as described in the preceding paragraph.
Non-Solicitation
This press release will not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses AutoMax’s growth strategy, that the merger potentially might pave the way for SciSparc’s expansion into the automotive sector, and AutoMax’s strategy to bring sustainable transportation solutions to the local market. Since such statements deal with future events and are based on SciSparc’s current expectations, they are subject to various risks and uncertainties related to the Company’s ability to complete the merger on the proposed terms and schedule, including risks and uncertainties related to the satisfaction of the closing conditions related to the Merger Agreement and risks and uncertainties related to the failure to timely, or at all, obtain shareholder approval for the transaction, and actual results, performance or achievements of SciSparc could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in SciSparc's Annual Report on Form 20-F filed with the SEC on April 1, 2024, and in subsequent filings with the SEC. Except as otherwise required by law, SciSparc disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
Investor Contact:
IR@scisparc.com
Tel: +972-3-6167055
FAQ
What is the value of AutoMax's first JAC Motors vehicle shipment for SPRC?
When was the merger agreement between SciSparc (SPRC) and AutoMax signed?
What type of vehicles will SPRC's merger target AutoMax import from JAC Motors?
What conditions must be met for the SPRC-AutoMax merger to complete?
How is SPRC involved in the AutoMax-JAC Motors deal?
