India, Aug. 28 -- SciSparc Ltd. (SPRC), Thursday announced that its shareholders have approved the proposed merger with AutoMax Motors Ltd., a parallel vehicle importer in Israel.
Under the merger agreement, entered on April 11, 2024, SciSparc will acquire 100 percent of AutoMax's share capital through a reverse merger between its subsidiary SciSparc Merger Sub Ltd. and AutoMax, with the latter continuing as a wholly-owned subsidiary.
The deal aligns with the company's long-term strategy to diversify its portfolio and capitalize on the expanding electric vehicle market in Israel.
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Notably, the special meetings of AutoMax's shareholders and of AutoMax's s...