Why SciSparc Stock Is Trading Higher Wednesday

SciSparc Ltd SPRC shares are trading higher Wednesday after the company signed a non-binding letter of intent to merge with a vehicle importer company in Israel.

What Happened: SciSparc announced intent to merge with a vehicle importer company via a reverse triangular merger. 

SciSparc is a specialty clinical-stage pharmaceutical company focused on developing therapies to treat disorders and rare diseases of the central nervous system. The company said if the merger is successful, it will transfer its technologies and product candidates pertaining to pharmaceutical activities to a separate legal entity.

SciSparc did not reveal the target company, but it did say that its revenues for the first half of 2023 were greater than $52 million. 

See Also: Wyndham Hotels Turns Down Another Acquisition Attempt By Choice Hotels

SPRC Price Action: SciSparc shares were up 25.5% at $8.06 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.