SciSparc announces AutoMax Motors' first vehicle shipment from JAC Motors, enhancing sustainable transportation in Israel.
Quiver AI Summary
SciSparc Ltd. announced that AutoMax Motors Ltd., its merger partner and a leading automotive distributor in Israel, received its first shipment of vehicles from JAC Motors, a prominent Chinese automotive manufacturer. This delivery, which comes after regulatory approvals for direct importation, marks a key step in AutoMax's strategy to market JAC's electric vehicle lineup in Israel, aligning with growing demand for sustainable transportation. SciSparc has provided financial backing to AutoMax, facilitating this transaction and supporting its entry into the automotive sector. The merger agreement signed in April 2024 is pending shareholder approvals and aims to enhance SciSparc’s expansion plans.
Potential Positives
- AutoMax Motors Ltd. received its first shipment of vehicles from JAC Motors, indicating operational progress and commitment to expanding its offerings in the automotive market.
- The partnership with JAC Motors allows AutoMax to enter the electric vehicle sector, aligning with the growing demand for sustainable transportation solutions in Israel.
- SciSparc's financial support to AutoMax has facilitated the completion of this initial transaction, enhancing its strategic position within the automotive industry.
- The merger agreement between SciSparc and AutoMax represents a pivotal step towards potential expansion into the automotive sector, indicating long-term growth opportunities for the company.
Potential Negatives
- Potential concerns regarding the approval process for the merger with AutoMax, which is subject to shareholder approval and other closing conditions, may signal uncertainty about the completion of this strategic initiative.
- The shift towards the automotive sector, particularly electric vehicles, may be seen as a deviation from SciSparc’s core competency in cannabinoid pharmaceuticals, raising questions about the effectiveness of this diversification strategy.
- Forward-looking statements regarding the merger and AutoMax's growth strategy are rife with risks and uncertainties that could negatively impact investor sentiment if expectations are not met.
FAQ
What is the significance of AutoMax's first vehicle shipment?
This shipment marks a milestone for AutoMax's direct import operations with JAC Motors, enhancing their distribution capabilities in Israel.
How does JAC Motors' electric vehicle lineup impact AutoMax?
JAC Motors' innovative EV lineup aligns with AutoMax’s strategy to meet the growing demand for sustainable transportation in Israel.
What financial support has SciSparc provided to AutoMax?
SciSparc has provided financial assistance to AutoMax, which facilitated the transaction with JAC Motors for vehicle imports.
What is the status of the merger agreement between SciSparc and AutoMax?
The merger is subject to closing conditions, including both companies' shareholders' approval, as part of the growth strategy.
Where can I find more information about the proposed transaction?
More information is available on the SEC's website and will be included in the final proxy statement/prospectus when filed.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SPRC Hedge Fund Activity
We have seen 4 institutional investors add shares of $SPRC stock to their portfolio, and 3 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- UBS GROUP AG added 65,653 shares (+1958.0%) to their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC removed 39,700 shares (-100.0%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 37,082 shares (+inf%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC removed 23,862 shares (-100.0%) from their portfolio in Q3 2024
- VIRTU FINANCIAL LLC added 14,106 shares (+inf%) to their portfolio in Q3 2024
- TWO SIGMA INVESTMENTS, LP removed 12,177 shares (-100.0%) from their portfolio in Q3 2024
- MORGAN STANLEY added 233 shares (+4660.0%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
