$SciSparc (SPRC.US)$ SciSparc: AutoMax Announces $13 Million...

SciSparc: AutoMax Announces $13 Million First Delivery of JAC Vehicles Following Regulatory Approval for Direct Importation

TEL AVIV, Israel, Dec. 27, 2024 (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.

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.