Sizzle Acquisition said a vote on its proposed merger with European Lithium has been postponed to Feb. 15, after it was rescheduled to Feb. 9. A vote was originally scheduled for Jan. 23, then pushed to Jan. 31 and again, to this week.
The ongoing reason for the postponements is that the parties are engaged in negotiations regarding potential investments from investors in connection with the closing of the deal, according to a regulatory filing.
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 any redemptions. Read more.