Sizzle Acquisition announced today that it has postponed its Feb. 6 meeting for shareholders to vote on the proposed merger with European Lithium until Feb. 9.
The reason for the postponement is that Sizzle and the target are engaged in further discussions evaluating potential investments “from strategic parties.”
A vote was originally scheduled for Jan. 23, then pushed to Jan. 31 and later, to Feb. 6.
Sizzle has extended the redemption deadline to 5 p.m. Eastern on Feb. 7.
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.