Sizzle Acquisition (Nasdaq: SZZL) announced today that it has postponed until Jan. 31 a meeting for stockholders to vote on its proposed business combination with European Lithium. The vote was originally scheduled for Jan. 23.
If approved, upon closing the newly formed company would be renamed Critical Metals and would list on the Nasdaq under the symbol CRML
Upon closing, Critical Metals will 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.