SPECIAL REPORT The Top 7 Stocks for 2024

Why Is SciSparc (SPRC) Stock Up 20% Today?

Advertisement

  • SciSparc (SPRC) stock is climbing higher on Wednesday with merger plans.
  • The company intends to combine with a vehicle importer company in Israel.
  • This is the conclusion of its strategic review announced back in 2022.
SPRC Stock - Why Is SciSparc (SPRC) Stock Up 20% Today?

Source: Shutterstock

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 merger has investors excited, with shares of SPRC stock seeing heavy trading today. As of this writing, more than 3 million shares 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.

Investors seeking out even more of the hottest stock market stories will want to stick around!

We’ve got all of the latest stock market news traders need to know about on Wednesday! Among that is what’s moving shares of Guess? (NYSE:GES), Beachbody (NYSE:BODY) and Wheeler Real Estate IT (NASDAQ:WHLR) stock today. All of that news is ready to go at the following links!

More Wednesday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/11/why-is-scisparc-sprc-stock-up-20-today/.

©2024 InvestorPlace Media, LLC