Sizzle Acquisition Corp. II is a blank-check company whose news centers on SPAC governance, capital-structure disclosures, material agreements and shareholder voting matters. Updates for SZZL also cover security-structure details tied to its Class A ordinary shares, units and rights, along with operating and financial results and risk-factor disclosures associated with its search for an initial business combination.
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European Lithium Ltd has signed a binding long-term lithium offtake agreement with BMW to supply battery-grade lithium hydroxide from its Wolfsberg Lithium Project in Austria. BMW will make a US$15 million advance payment, which will be offset against lithium delivered. The agreement allows BMW to purchase 100% of the lithium hydroxide produced, starting in 2026 for six years. This milestone marks a significant step for Sizzle Acquisition Corp. (NASDAQ: SZZL) in its proposed business combination to form Critical Metals Corp..
Sizzle Acquisition Corp. (SZZL) has postponed its special meeting originally set for December 19, 2022 to a new date in early February 2023. The meeting will vote on extending the deadline for initial business combination from February 8, 2023 to August 8, 2023. This extension, outlined in the merger agreement with European Lithium Limited, aims to provide additional time for closing the business combination. Changes to the record date and redemption requests for stockholders will also occur.
Critical Metals Corp. has announced a business combination with Sizzle Acquisition Corp. (NASDAQ: SZZL) and European Lithium Ltd (ASX: EUR). This merger aims to create a leading lithium mining company by acquiring the Wolfsberg Lithium Project and a 20% stake in additional Austrian projects. Upon completion, the newly formed entity will be listed on NASDAQ under the ticker 'CRML' in the first half of 2023. European Lithium will be the largest shareholder of Critical Metals.
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Critical Metals Corp., formed through a merger between Sizzle Acquisition Corp. and European Lithium, will own the Wolfsberg Lithium Project in Austria, projected to be Europe’s first licensed lithium mine. The mine aims to produce approximately 10,500 metric tons of lithium concentrate annually by 2025, enough to power around 200,000 electric vehicles. A key MOU with BMW AG is expected to create a substantial direct OEM pre-pay in the lithium sector. The business combination has a pro forma enterprise value of approximately $838 million.