Sizzle Acquisition Corp. II Completes $230,000,000 Initial Public Offering

Rhea-AI Summary

Sizzle Acquisition Corp. II has successfully completed its initial public offering (IPO), raising $230 million by selling 23 million units at $10.00 per unit. The units, trading under SZZLU on Nasdaq Global Market since April 2, 2025, comprise one common stock share and one right to receive 1/10 share upon business combination. This blank check company aims to merge with businesses in sectors including hospitality, restaurant, food and beverage, retail, consumer, real estate, food-tech, sports, and airlines. Led by CEO Steve Salis, the company represents the second SPAC from Salis Holdings, following their successful first SPAC merger with European Lithium. Cantor Fitzgerald & Co. served as the sole book-running manager for the offering.

Positive

• Substantial capital raise of $230 million through IPO
• Diverse target sectors including high-growth areas like hospitality, food-tech, and sports
• Management team has prior SPAC experience with successful merger completion
• Strong institutional backing with Cantor Fitzgerald as book-runner

Negative

• No specific acquisition target identified yet
• SPAC investments carry inherent risks of dilution and uncertainty
• Time pressure to complete a business combination
• Market saturation of SPACs could impact ability to find attractive targets

Insights

SPAC Financial Analyst

Sizzle Acquisition Corp. II completed a $230M SPAC IPO, targeting hospitality and retail sectors for future business combinations.

Sizzle Acquisition Corp. II has successfully raised $230 million through its initial public offering, selling 23 million units at $10.00 per unit. Each unit includes one share of common stock and one right to receive one-tenth of a share upon business combination completion. This blank check company began trading on Nasdaq under the ticker "SZZLU" on April 2, 2025.

This SPAC represents the second vehicle from Salis Holdings, following their previous successful SPAC (Sizzle Acquisition Corp.) which merged with European Lithium to form Critical Metals Corp. in early 2024. The management team brings significant experience, with Steve Salis as CEO and Chairman, Jamie Karson as Non-Executive Vice Chairman, and Daniel Lee as CFO.

The company has established a clear target focus on businesses in hospitality, restaurant, food and beverage, retail, consumer, real estate (including proptech), food-related technology, professional sports, and airlines sectors. This broad yet interconnected sector approach provides flexibility while maintaining industry expertise. Cantor Fitzgerald & Co. served as the sole book-runner, adding institutional credibility to the offering.

The SPAC structure, with its separate trading of shares and rights under "SZZL" and "SZZLR" once eligible, provides investors with options regarding their participation in the eventual business combination. With $230 million in capital, the management team now has substantial resources to pursue their acquisition strategy in their targeted sectors.

NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) -- Sizzle Acquisition Corp. II (the “Company”) announced today the completion of its initial public offering of 23,000,000 units at a price of $10.00 per unit, resulting in gross proceeds of $230,000,000.

Sizzle

The units began trading on the Nasdaq Global Market on April 2, 2025, under the ticker symbol “SZZLU.” Each unit consists of one share of common stock and one right to receive one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination. The common stock and Share Rights are expected to trade separately under the symbols “SZZL” and “SZZLR” once eligible.

Sizzle Acquisition Corp. II is a blank check company formed for the purpose of effecting a business combination with one or more businesses across sectors including hospitality, restaurant, food and beverage, retail, consumer, real estate (including proptech), food-related technology, professional sports, and airlines. The Company is focused on identifying established, scalable businesses operating within or adjacent to these sectors in the United States and other developed markets.

The Company is led by Steve Salis (Chief Executive Officer and Chairman), Jamie Karson (Non-Executive Vice Chairman), and Daniel Lee (Chief Financial Officer and Head of Business and Corporate Development). The Board of Directors includes Neil Leibman, Warren Thompson, and David Perlin.

This is the second SPAC sponsored by Salis Holdings. The team’s previous vehicle, Sizzle Acquisition Corp., completed a merger with European Lithium to form Critical Metals Corp. in early 2024.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering.

Media Contact:

Sheena Lajoie
sl@sizzlespac.com

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FAQ

What is the IPO price and size of Sizzle Acquisition Corp. II (SZZLU)?

Sizzle Acquisition Corp. II completed its IPO at $10.00 per unit, raising $230 million by selling 23 million units.

What sectors is SZZLU targeting for acquisition?

SZZLU is targeting businesses in hospitality, restaurant, food and beverage, retail, consumer, real estate, food-tech, professional sports, and airlines sectors.

Who are the key executives leading Sizzle Acquisition Corp. II?

The company is led by Steve Salis as CEO and Chairman, Jamie Karson as Non-Executive Vice Chairman, and Daniel Lee as CFO and Head of Business Development.

What is included in each SZZLU unit?

Each unit consists of one share of common stock and one right to receive one-tenth of a share of common stock upon business combination completion.

What was the outcome of Sizzle Acquisition Corp.'s previous SPAC?

Their previous SPAC successfully completed a merger with European Lithium to form Critical Metals Corp. in early 2024.