Sizzle Acquisition today in an 8-K said the shareholder vote on its proposed business combination with European Lithium has been pushed from Feb. 15 to Feb. 21. This is the fourth time the vote has been postponed.
Previous delays were necessary for the SPAC to finalize a $10 million PIPE to support the deal. The PIPE was announced last week. Additional discussions with other potential investors are still underway, according to today's filing.
European Lithium is to be renamed Critical Metals at deal closing, if approved.
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.
Source: Sizzle Acquisition Postpones European Lithium Vote for 4th Time