Sizzle Acquisition announced that it has postponed its Jan. 31 stockholders vote on a merger with European Lithium until Feb. 6 at 9 a.m. Eastern.
The reason for the delay is so that the parties can finish evaluating potential investments from certain strategic parties in connection with the deal.
A vote was originally scheduled for Jan. 23, then pushed to Jan. 31.
The redemption deadline has been extended to 5 p.m. Eastern on Friday. Stockholders who wish to withdraw their previously submitted redemption requests may do so prior to the meeting.
If approved, upon closing the newly formed company would be renamed Critical Metals and would list on the Nasdaq under the symbol CRML
Critical Metals would own European Lithium's Wolfsberg Lithium Project as well as a 20% interest in additional Austrian projects currently held by European Lithium.
European Lithium will be the largest shareholder of Critical Metals and is expected to continue to trade on the Australian Securities Exchange in addition to the Nasdaq.
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, the European Lithium transaction was expected to provide approximately $159 million before expenses and the impact of any redemptions. Read more.