Sizzle Acquisition in an 8-K said shareholders voted in favor of combining with mining company European Lithium.
There was no mention of redemptions, if any. The vote was delayed five times while the parties worked to secure PIPE financing of at least $10 million.
European Lithium is to be renamed Critical Metals at deal closing, which is expected as early as today, the SPAC announced..
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.
At deal announcement in October 2022, European Lithium was expected to receive approximately $159 million before expenses and any redemptions. Read more.
