New York-listed special purpose acquisition company Sizzle Acquisition Corp (NASDAQ:SZZL) is seeking an extension of business regarding the merger transaction with European Lithium (ASX:EUR).
As Mining.com.au previously reported, the merger with European Lithium, which has a market capitalisation of $120 million, and Sizzle includes European Lithium’s wholly owned Wolfsberg Lithium Project in Austria combining with newly formed lithium developer and explorer Critical Minerals Corp (CRML).
Sizzle filed a preliminary proxy statement with the US Securities Exchange (SEC) related to a special meeting of the company’s stockholders to extend the date.
The statement includes Sizzle either consummating an initial business combination or winding up and redeem 100% of Sizzle’s outstanding public shares, from 8 February 2024 to 8 August 2024.
European Lithium says a special meeting of Sizzle’s stockholders to approve the proposed merger with CRML is set to be held on 23 January.
The transaction is anticipated to be completed as soon as practicable, after the conclusion of the special meeting with Sizzle stockholders to vote on the approval and adoption of the merger agreement.
Once the deal is complete, European Lithium will pocket US$750 million worth of shares in CRML.
European Lithium is a mining explorer and developer focused on its Wolfsberg Lithium Project in Austria. The company is aiming to be the first local lithium supplier into an integrated European battery supply chain.
Sizzle Acquisition Corp is headquartered in Washington, DC and is a publicly traded American special purpose acquisition company.
Write to Aaliyah Rogan at Mining.com.au
Images: European Lithium
