SciSparc shares surge on AutoMax shipments to JAC – SciSparc (NASDAQ: SPRC )

Scientific Sparc Ltd. SPRC Shares surged on Thursday after the revelation AutoMax Automotive Ltd.Signed merger agreement with Israeli automotive importer and distributor, has received first deliveries of JAC vehicles worth $13 million Anhui Jianghuai Automobile Group Co., Ltd.. (JAC).

This marks a major milestone for AutoMax’s direct import and distribution operations launched earlier this year under an agreement with JAC Motors.

Subject to regulatory approval, AutoMax will begin marketing and sales of JAC vehicles throughout Israel.

SciSparc provided financial support to AutoMax and provided the necessary resources for the JAC transaction.

As part of its growth strategy, SciSparc entered into a merger agreement with AutoMax in April 2024.

If completed, the merger would expand SciSparc into the automotive sector, subject to shareholder approval and other closing conditions.

This month, SciSparc revealed amendments to its non-binding letter of intent (LOI) regarding the spin-off of its portfolio of advanced clinical-stage drugs and equity interests SciSparc Nutraceutical Company.

price action: SPRC stock was up 256% in pre-market trading at $0.7874 at last check Thursday.

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