SciSparc Updates Regarding the Status of the AutoMax Merger
SciSparc (Nasdaq: SPRC), a specialty clinical-stage pharmaceutical company, has provided an update on its merger agreement with AutoMax Motors The Jerusalem District Court in Israel has approved AutoMax's petition to convene special class meetings of its shareholders to approve the merger with SciSparc. This approval is a important step forward in the merger process.
Additionally, SciSparc has entered into an addendum to the Merger Agreement, extending the right to terminate the agreement if the merger is not consummated. The new deadline has been deferred from August 30, 2024, to November 30, 2024, providing more time for the merger to be completed.
SciSparc (Nasdaq: SPRC), un'azienda farmaceutica specializzata in fase clinica, ha fornito un aggiornamento sul suo accordo di fusione con AutoMax Motors. Il Tribunale distrettuale di Gerusalemme in Israele ha approvato la petizione di AutoMax per convocare assemblee straordinarie della propria azione per approvare la fusione con SciSparc. Questa approvazione rappresenta un passo importante nel processo di fusione.
Inoltre, SciSparc ha firmato un addendum all'Accordo di Fusione, estendendo il diritto di terminare l'accordo se la fusione non viene completata. La nuova scadenza è stata rinviata dal 30 agosto 2024 al 30 novembre 2024, offrendo più tempo per completare la fusione.
SciSparc (Nasdaq: SPRC), una empresa farmacéutica especializada en etapa clínica, ha proporcionado una actualización sobre su acuerdo de fusión con AutoMax Motors. El Tribunal de Distrito de Jerusalén en Israel ha aprobado la petición de AutoMax para convocar reuniones especiales de clase de sus accionistas para aprobar la fusión con SciSparc. Esta aprobación es un paso importante en el proceso de fusión.
Además, SciSparc ha celebrado un addendum al Acuerdo de Fusión, extendiendo el derecho a terminar el acuerdo si la fusión no se consuma. La nueva fecha límite ha sido aplazada del 30 de agosto de 2024 al 30 de noviembre de 2024, proporcionando más tiempo para completar la fusión.
SciSparc (Nasdaq: SPRC)는 임상 단계의 전문 제약 회사로 AutoMax Motors와의 합병 계약에 대한 업데이트를 제공했습니다. 이스라엘 예루살렘 지방법원은 AutoMax의 청원을 승인하여 SciSparc와의 합병을 승인하기 위해 주주 특별 회의를 소집하도록 했습니다. 이 승인 사건은 합병 과정에서 중요한 진전을 나타냅니다.
또한 SciSparc는 합병 계약에 대한 추가 조항을 체결하여 합병이 완료되지 않을 경우 계약을 종료할 권리를 연장했습니다. 새로운 마감일은 2024년 8월 30일에서 2024년 11월 30일로 연기되어 합병을 완료할 수 있는 시간을 더 제공합니다.
SciSparc (Nasdaq: SPRC), une entreprise pharmaceutique spécialisée en phase clinique, a fourni une mise à jour sur son accord de fusion avec AutoMax Motors. Le tribunal de district de Jérusalem en Israël a approuvé la demande d'AutoMax de convoquer des assemblées spéciales de ses actionnaires pour approuver la fusion avec SciSparc. Cette approbation constitue une étape importante dans le processus de fusion.
De plus, SciSparc a signé un addendum à l'accord de fusion, prolongeant le droit de résilier l'accord si la fusion n'est pas réalisée. La nouvelle date limite a été reportée du 30 août 2024 au 30 novembre 2024, offrant davantage de temps pour finaliser la fusion.
SciSparc (Nasdaq: SPRC), ein spezialisiertes, klinisch tätiges Pharmaunternehmen, hat ein Update zu seinem Fusionsvertrag mit AutoMax Motors bereitgestellt. Das Bezirksgericht Jerusalem in Israel hat die Petition von AutoMax genehmigt, um spezielle Hauptversammlungen seiner Aktionäre einzuberufen, um die Fusion mit SciSparc zu genehmigen. Diese Genehmigung ist ein wichtiger Schritt im Fusionsprozess.
Zusätzlich hat SciSparc einen Nachtrag zum Fusionsvertrag unterzeichnet, der das Recht zur Beendigung des Vertrags verlängert, falls die Fusion nicht vollzogen wird. Die neue Frist wurde vom 30. August 2024 auf den 30. November 2024 verschoben, was mehr Zeit für den Abschluss der Fusion bietet.
- Court approval for AutoMax to convene special shareholder meetings
- Extension of merger agreement termination deadline to November 30, 2024
- None.
The court's approval for AutoMax to convene shareholder meetings is a crucial procedural step in the merger process. This development indicates that the merger is progressing as planned, albeit with some delays. The extension of the termination right to November 30, 2024, provides additional time for the parties to complete the merger, suggesting both companies remain committed to the deal. However, investors should note that this extension also implies potential delays in realizing any benefits from the merger. The court's involvement and the need for shareholder approval highlight the complex regulatory landscape for cross-border mergers, especially involving publicly traded companies. This process could potentially impact SciSparc's short-term stock volatility as the market reacts to each step in the merger process.
The merger between SciSparc and AutoMax represents a significant strategic shift for SciSparc, potentially diversifying its business model beyond its current focus on CNS disorders. While the update doesn't provide financial details, investors should consider the potential synergies and risks of combining a clinical-stage pharmaceutical company with an automotive business. The extended timeline for the merger completion (now November 30, 2024) may impact SciSparc's near-term financial planning and resource allocation. Shareholders should closely monitor future disclosures for information on the financial terms of the merger, potential dilution and how the combined entity plans to create value. The lack of concrete financial information in this update makes it challenging to assess the immediate impact on SciSparc's valuation or stock price.
SciSparc provides investors with an update regarding the status of the merger agreement with AutoMax, including the court’s approval of AutoMax’s petition to convene special class meetings of its shareholders to approve the Merger with the Company
TEL AVIV, Israel, Aug. 14, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) ("Company" or "SciSparc"), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced progress with its previously-announced Agreement and Plan of Merger (the “Merger Agreement”) with AutoMax Motors Ltd. (“AutoMax”) and SciSparc Merger Sub Ltd. The Jerusalem District Court in Israel (the “Court”) has approved AutoMax’s petition to convene special class meetings of its shareholders to approve the merger with the Company. This approval follows AutoMax’s petition submitted to the Court to approve convening a special meeting of AutoMax’s shareholders in order to approve the Merger.
In addition, on August 14, the Company entered into an addendum (the “Addendum”) to the Merger Agreement with AutoMax and SciSparc Merger Sub Ltd. Pursuant to the Addendum, the right to terminate the Merger Agreement if the merger was not consummated by August 30, 2024, was deferred to November 30, 2024.
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; SCI-160 for the treatment of pain; 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.
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 describes the Court’s approval of AutoMax’s petition to convene special class meetings of its shareholders to approve the merger. 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. 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 U.S. Securities and Exchange Commission. 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
![](https://ml.globenewswire.com/media/ZWRkZTRiNDYtYjQ1YS00OTZhLWE1ZjItNjFhYjI5NDJiOTU1LTUwMDEwMjUyNQ==/tiny/SciSparc-Ltd.png)
FAQ
What is the current status of SciSparc's (SPRC) merger with AutoMax?
When is the new deadline for SciSparc (SPRC) and AutoMax to complete their merger?
What is the significance of the court approval for SciSparc's (SPRC) merger with AutoMax?