SciSparc (NASDAQ:SPRC) stock is rising higher on Wednesday as investors react to the company signing a letter of intent for a merger.
That merger would be with a leading vehicle importer company in Israel that goes unnamed in the SciSparc press release. This would be through a reverse triangular merger that would see SciSparc create a subsidiary that would combine with the vehicle importer with the latter surviving the merger.
The press release from SciSparc notes that the company would transfer its technologies and product candidates connected to its pharmaceutical activities to a separate legal entity. This will see the combined company operate under a new name.
SciSparc includes the following statement in its news release announcing the merger.
“The proposed Merger follows the Company’s announcement in June 2022, in which the board of directors resolved to review potential strategic transactions to maximize shareholder value.”
SPRC Stock Movement on Wednesday
News of the SciSparc has investors excited with shares of SPRC seeing heavy trading today. As of this writing, more than 3 million shares of the stock have changed hands. That’s already well above its daily average trading volume of about 1.5 million shares.
SPRC stock is up 19.6% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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