SciSparc Ltd.’s stock
SPRC,
-5.42%
was up 74% on Friday, two days after the clinical-stage biopharmaceutical company said it agreed to merge with an unnamed company in Israel. The stock has rallied by about 95% so far this week. SciSparc said Wednesday it agreed to merge with an Israel-based vehicle-import company in the form of a reverse-triangular merger. SciSparc will set up a new wholly-owned Israeli subsidiary, which would in turn merge with and into a target company as the surviving company. SciSparc plans to transfer its technologies and product candidates to a separate legal entity. It will then explore the possible distribution of the separate, new company as dividend in kind to its current shareholders. SciSparc did not provide a timetable for the transaction, which follows a strategic review it launched in June 2022. SciSparc is developing drugs based on THC and/or non-psychoactive CBD for the treatment of Tourette Syndrome, as well as for the treatment of Alzheimer’s disease and agitation.
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