Summary by Futu AI
On April 10, 2024, SciSparc Ltd. entered into a definitive Merger Agreement with AutoMax Motors Ltd., a leading vehicle importer in Israel, and SciSparc Merger Sub Ltd., a wholly-owned subsidiary of SciSparc. The merger, subject to shareholder approvals and other customary conditions, will result in AutoMax becoming a wholly-owned subsidiary of SciSparc. Shareholders of AutoMax will receive SciSparc ordinary shares, with former AutoMax shareholders expected to hold approximately 49.99% of SciSparc's outstanding shares on a fully diluted basis. The merger is anticipated to close following shareholder approval, regulatory consents, and the satisfaction of other conditions outlined in the Merger Agreement. A joint press release was issued on April 11, 2024, announcing the entry into the Merger Agreement. The transaction also involves customary representations, warranties, covenants, indemnification agreements, and the conduct of business between the signing of the Merger Agreement and the closing. Additionally, certain shareholders of AutoMax have entered into a shareholder support agreement, agreeing to vote in favor of the merger.