Summary by Moomoo AI
On November 29, 2024, SciSparc announced the merger with AutoMax Motors, an Israeli vehicle distributor, to form a wholly-owned subsidiary. The merger agreement, initially signed on April 10, 2024, includes addendums from August 14 and November 26, 2024. The merger will convert AutoMax's shares into SciSparc's ordinary shares. The estimated consideration is approximately $2.33 million, based on SciSparc's average share price of $0.237. The unaudited pro forma financial statements reflect the merger's impact as if completed on June 30, 2024. The merger aims to enhance SciSparc's market position, though the pro forma statements do not predict future results. Investors are advised to review the registration and proxy statements filed with the SEC for detailed information.
