Sizzle Acquisition won a 6-month extension from shareholders to close its proposed merger with mining company European Lithium, according to a regulatory filing. The SPAC now has until Aug. 8 to close the deal.
If approved, upon closing the newly formed company would be named Critical Metals, which would list on the Nasdaq under the symbol CRML.
The transaction is expected to provide approximately $159 million before expenses and the impact of any redemptions.
The deal values the combined entity at an implied pro forma enterprise value of approximately $838 million, and at an implied pro forma market capitalization of approximately $972 million. The implied pre-money equity value is $750 million. Read more.
