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
- Why Is Guess? (GES) Stock Down 11% Today?
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- Why Is Wheeler Real Estate IT (WHLR) Stock Up 31% Today?
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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.
