SciSparc (NASDAQ:SPRC) stock is on the rise Thursday after the clinical-stage pharmaceutical company provided investors with an update concerning its AutoMax Motors merger.
The big news here is that the Jerusalem District Court in Israel approved Automax’s petition to convene special class meetings of shareholders to approve the SciSparc merger.
To accompany that, SciSparc and AutoMax have also updated the merger deadline. Previously, they had until the end of the month to complete the merger. With this update, the two companies now have until the end of November to close the deal.
How This Affects SPRC Stock Today
Today’s news has brought extra attention to SPRC stock, which has resulted in heavy trading this morning. As of this writing, more than 33 million units are on the move. To put that number in perspective, the company’s daily average trading volume is about 1.2 million shares.
Investors will note that the merger plan with AutoMax comes after SciSparc has been exploring strategic alternatives. The company is also planning to spin off its advanced clinical-stage pharmaceutical portfolio after the merger.
SPRC stock is up 106.2% as of Thursday morning. However, investors will note that it was down 93.7% year-to-date when markets closed yesterday.
There are more stock market stories that traders need to know about on Thursday. Among that is what has shares of VS Media (NASDAQ:VSME) stock rising, the biggest pre-market stock movers this morning and more. All of this info is ready to go at the links below!
More Stock Market News for Thursday
- Why Is VS Media (VSME) Stock Up 86% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- UBS Group News: Why UBS Stock Is Surging Today
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 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
