SciSparc Ltd. (NASDAQ:SPRC) shares soared 89.13% to $3.48 during after-hours trading on Tuesday, following news of a court-granted stay in merger proceedings with AutoMax Motors Ltd. (TLV: AMX). The dramatic surge came after regular trading closed at $1.84.
Check out the current price of SPRC stock here.
Court Grants Stay Until September 30
The Jerusalem District Court has granted AutoMax’s request to delay merger proceedings until September 30, according to an SEC filing by SciSparc. AutoMax, which specializes in manufacturing automotive solutions, asked for the postponement due to concerns about its ability to complete the merger and challenges in meeting the closing conditions following recent business developments.
See Also: Tesla, Warner Bros. Discovery Get Partial Victory In AI Image Lawsuit From ‘Blade Runner’ Production Company
Merger Agreement Background
The companies signed a merger agreement on April 10, 2024, which has since been revised. SciSparc had previously submitted a Form 6-K report on September 8, explaining issues in the deal, including operational difficulties at AutoMax.
Technical Analysis and Market Impact
In 2025, the stock of the Israel-based company saw a significant decline of 75.66%, with its highest point on January 6 at $22.47 and a volume of 191 million shares. By Monday, the price had reached its low of $1.80, with a trading volume of just 123,000 shares, well below the average daily volume of 705,530 shares.
With a market capitalization of $2.98 million, SPRC has traded between $1.75 and $37.59 over the past year. The stock remains down 71.87% over the past year, despite Monday’s after-hours surge.
Price Action: According to the Benzinga Pro data, SPRC experienced a surge of 2.22% during the regular trading session on Tuesday.
- Read Next: Shiba Inu Could Surge 3,000% and Overtake Dogecoin by 2026, Say Analysts
Benzinga’s Edge Stock Rankings highlight the biopharmaceutical company has a negative price trend across all time frames. Track the performance of other players in this segment.
Read Next:
- Berlin Gaming Startup Born Raises $15M From Tencent, Accel To Combat Loneliness With AI ‘Friends’ That 15M Users Love
Photo Courtesy: Korot Yurii on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
