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Sizzle Acquisition Corp. II (Nasdaq: SZZLU) has announced that starting May 23, 2025, holders of units from its initial public offering will have the option to separately trade the company's Class A ordinary shares and rights. The separated components will trade on the Nasdaq Global Market under distinct symbols: "SZZL" for Class A ordinary shares and "SZZLR" for rights. Units that remain unseparated will continue trading under the existing symbol "SZZLU".
Sizzle Acquisition Corp. II has successfully completed its initial public offering (IPO) raising $230 million through the sale of 23 million units at $10.00 per unit, including 3 million units from the underwriters' over-allotment option.
Each unit comprises one Class A ordinary share and one Share Right to receive 1/10th of a Class A ordinary share upon business combination completion. The units trade on Nasdaq under 'SZZLU', with the shares and rights to later trade as 'SZZL' and 'SZZLR' respectively.
As a blank check company, Sizzle II aims to pursue business combinations in sectors including restaurant, hospitality, food and beverage, retail, consumer, proptech, mining, professional sports, airlines and technology. The company is led by CEO Steve Salis, with Jamie Karson as Non-Executive Vice-Chairman and Daniel Lee as CFO.
Sizzle Acquisition Corp. II has announced the pricing of its $200 million initial public offering, consisting of 20,000,000 units at $10.00 per unit. The units will trade on Nasdaq under 'SZZLU' starting April 2, 2025.
Each unit includes one Class A ordinary share and one Share Right to receive 1/10th of a Class A ordinary share upon business combination completion. The company has granted underwriters a 45-day option to purchase up to 3,000,000 additional units.
As a blank check company, Sizzle aims to pursue mergers or acquisitions in sectors including restaurant, hospitality, food and beverage, retail, consumer, proptech, mining, professional sports teams, airlines and technology. The management team is led by CEO Steve Salis, with Cantor Fitzgerald & Co. serving as the sole book-running manager.
European Lithium Ltd has signed a non-binding Memorandum of Understanding (MoU) with Obeikan Investment Group to establish a joint venture for a hydroxide plant in Saudi Arabia. This venture aims to optimize operations for the Wolfsberg Lithium Project in Austria, potentially resulting in significant energy savings. The proposed combination with Sizzle Acquisition Corp will culminate in the formation of Critical Metals Corp, expected to list on Nasdaq under symbol 'CRML' in the first half of 2023, possessing a majority stake in the Project and additional Austrian ventures.
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
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.
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.
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