SciSparc Announces $2 Million Loan to AutoMax for Business Expansion
Tel Aviv, Israel, February 27, 2025 – SciSparc Ltd. (Nasdaq: SPRC), a clinical-stage pharmaceutical company specializing in the development of therapies for central nervous system disorders, has announced a new loan agreement with AutoMax Motors Ltd. (“AutoMax”) in the amount of $2 million. This loan is intended to support AutoMax’s business growth following its recent entry into the import of electric vehicles from Anhui Jianghuai Automobile Group Corp., Ltd. (“JAC”).
Background
The new loan, referred to as the “New Loan,” comes in addition to the previous bridge loans provided by SciSparc to AutoMax in the aggregate amount of $4.25 million. These previous loans were given in lieu of SciSparc’s obligation to provide a $4.25 million closing financing as per the merger agreement signed between the parties.
Impact on AutoMax
AutoMax, an Israeli automotive company, has been making strides in the electric vehicle market by securing the rights to import JAC electric vehicles into Israel. The $2 million loan from SciSparc will help this company expand its operations and capitalize on the growing demand for electric vehicles. With the addition of JAC electric vehicles to its offerings, AutoMax can provide more diverse and competitive options to its customers.
Impact on the World
The automotive industry is undergoing a significant transformation, with electric vehicles gaining popularity due to their environmental benefits and advances in technology. Companies like AutoMax, which are entering the market with a focus on electric vehicles, are contributing to this shift. SciSparc’s investment in AutoMax is a testament to the potential of electric vehicles and the growing demand for sustainable transportation solutions.
Conclusion
SciSparc’s decision to invest $2 million in AutoMax’s business expansion reflects the growing importance of electric vehicles in the global automotive market. This investment not only supports AutoMax’s growth but also contributes to the wider trend of sustainable transportation solutions. As the world continues to grapple with environmental challenges, the adoption of electric vehicles is becoming increasingly crucial, and companies like SciSparc and AutoMax are at the forefront of this transition.
- SciSparc invests $2 million in AutoMax to support business expansion
- AutoMax enters electric vehicle market with JAC imports
- Investment contributes to the growing trend of sustainable transportation solutions
