Sizzle Acquisition Corp (SZZL) has released an update to notify the public and investors about a termination of a material definitive agreement.
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Sizzle and Critical Metals decided to terminate their Equity Forward Agreement, which originally involved Vellar purchasing up to 20 million Sizzle shares for $10 million, with a sizeable break-up fee due at closing. This shift in strategy comes as Sizzle prepares to update its proxy statement/prospectus for its upcoming stockholder meeting to approve a proposed business combination. This termination reflects a significant change in Sizzle’s financing strategy as it advances towards this pivotal business merger.
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For a comprehensive understanding of the announcement, you can read the full document here.