Company: SZZL
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044190
Chunk: 113

Company: Sizzle Acquisition Corp. II
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 4
Chunk 113
---
 Business Combination.

Under the Nasdaq Rules, a SPAC’s Nasdaq-listed
securities will be immediately suspended from trading if the SPAC does not meet the Nasdaq 36-Month Requirement, and Nasdaq will, at such
point, commence delisting procedures. Although a SPAC can request a hearing before the hearing panel of Nasdaq (the “Hearing Panel”),
the scope of the Hearing Panel’s review is limited. If a SPAC completes a Business Combination after receiving a delisting determination
by the staff of the Listing Qualifications Department of Nasdaq (a “Staff Delisting Determination”) and/or demonstrates compliance
with all applicable initial listing requirements, the combined company can apply to list its securities on Nasdaq pursuant to the normal
application review process. The Nasdaq Rules contain a list of deficiencies that would immediately result in a Staff Delisting Determination,
which includes noncompliance with the Nasdaq 36-Month Requirement.

Accordingly, were we to amend our Amended and
Restated Articles to extend the date by which we are permitted to consummate our initial Business Combination, we would still need to
consummate our initial Business Combination on or prior to April 2, 2028 in order to avoid a suspension of our securities from trading
on and delisting from Nasdaq. If Nasdaq were to suspend our securities from trading and delist our securities, our securities could potentially
be quoted on an over-the-counter market. Even if our securities are then quoted on an over-the-counter market, our Nasdaq suspension and
delisting could have significant material adverse consequences, including:

●making our securities appear to be less attractive to potential target companies
than the securities of an exchange listed SPAC;

●limited availability of market quotations for our securities;

●reduced liquidity for our securities;

●the possibility that our Class A Ordinary Shares would be deemed “penny
stock,” which will require brokers trading in our Class A Ordinary Shares to adhere to more stringent rules and possibly result
in a reduced level of trading activity in the secondary trading market for our securities;

●limited news and analyst coverage; and

●decreased ability to issue additional securities or obtain additional financing
in the future.

In addition, if our securities are delisted from
Nasdaq, trading in our securities, and offers and sales of our securities by us, may be subject to state securities regulation and additional
compliance costs.

The share price of the post-Business Combination
company may