Sizzle Acquisition in a proxy asks shareholders to support a deadline extension from Feb. 8 to Aug. 8. Shareholders are scheduled to vote Jan. 23 on a proposed merger with mining company European Lithium.
Sizzle raised $155 million in a November 2021 IPO, initially to focus on target businesses in the restaurant, hospitality, food and beverage, retail, consumer, food and food related technology and real estate industries. Since then, redemptions have removed about 83% of Sizzle’s trust.
The SPAC lost $114.3 million from its trust on redemptions connected to a February 2023 extension vote and another $14.5 million six months later on an extension vote in August.
At deal announcement in October 2022, the transaction with European Lithium was expected to provide the company with approximately $159 million before expenses and the impact of any redemptions. Read more.
