Sizzle Acquisition Corp (SZZL) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Sizzle Acquisition Corp. is set to become a wholly-owned subsidiary of Critical Metals Corp. following an intricate Merger Agreement with European Lithium Limited and its subsidiaries. In a strategic move, Critical Metals has garnered a $10 million investment through a Private Investment in Public Equity (PIPE) deal with accredited investors. These investors have agreed to purchase shares at $10 each, with additional benefits including share offsets from market purchases, founder share transfers, and potential additional shares linked to warrant exercises. Critical Metals is also committed to a lock-up period post-closing and will file for a registration statement to facilitate the resale of the PIPE shares, ensuring regulatory compliance and investor liquidity.
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For a comprehensive understanding of the announcement, you can read the full document here.