SciSparc Ltd. (NASDAQ:SPRC) shares are rocketing on Thursday after it disclosed that AutoMax Motors Ltd., an Israeli automotive importer and distributor with which it has a merger agreement, has received its $13 million first delivery of JAC vehicles from Anhui Jianghuai Automobile Group Co., Ltd. (JAC Motors).
This marks a key milestone in AutoMax's direct import and distribution operations initiated earlier this year under agreements with JAC Motors.
With regulatory approvals in place, AutoMax is set to begin marketing and sales activities for JAC Motors vehicles across Israel.
SciSparc has provided financial support to AutoMax, enabling the resources necessary to facilitate the JAC Motors transaction.
As part of its growth strategy, SciSparc entered into a merger agreement with AutoMax in April 2024.
If completed, this merger would expand SciSparc into the automotive sector, subject to shareholder approval and other closing conditions.
This month, SciSparc disclosed an amendment to its non-binding letter of intent (LOI) regarding the spin-off of its advanced clinical-stage pharmaceutical portfolio and equity stake in SciSparc Nutraceuticals Inc.
Price Action: SPRC shares are trading higher by 256% at $0.7874 premarket at the last check Thursday.
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