Company: SZZL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110104
Chunk: 71

Company: Sizzle Acquisition Corp. II
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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 A Ordinary Shares equals or exceeds $12.00 per share (as adjusted
for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing after the initial Business Combination or (y) if the Company consummates a transaction
after the initial Business Combination that results in the Company’s shareholders having the right to exchange their Class A Ordinary
Shares for cash, securities or other property, the Founder Shares will be released from the Lock-up.

IPO
Promissory Note

The Sponsor agreed to loan the Company an aggregate
of up to $500,000 to be used for a portion of the expenses of the Initial Public Offering pursuant to the IPO Promissory Note. The IPO
Promissory Note was non-interest bearing, unsecured and due at the earlier of June 30, 2025, or the closing of the Initial Public Offering.
As of April 3, 2025, the Company had $306,752 outstanding borrowings under the IPO Promissory Note. On April 4, 2025, the Company repaid
the total outstanding balance of the IPO Promissory Note and there were no amounts outstanding under the IPO Promissory Note as of September
30, 2025, and further borrowings under the IPO Promissory Note are no longer available.

13

SIZZLE
ACQUISITION CORP. II

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

Due
from Sponsor

As
of April 3, 2025, the Sponsor owed the Company an aggregate amount of $2,000,000, representing the Private Placement proceeds to be transferred
to the Company once its bank account had been established. On April 4, 2025, the Sponsor wired an aggregate amount of $1,678,233 to the
Company. The amount wired by the Sponsor was derived from the $2,000,000 total amount due from the Sponsor, offset by the outstanding
IPO Promissory Note balance of $306,752, with the remaining $16,690 still outstanding due from Sponsor.

Administrative
Services Agreement

The
Company entered into an administrative service agreement, dated April 1, 2025, with the managing member of the Sponsor (the “Administrative
Service Agreement”), pursuant to which