Company: SZZL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110104
Chunk: 23

Company: Sizzle Acquisition Corp. II
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 Articles; and (v) prior to the closing of the initial Business
Combination, only holders of the Class B Ordinary Shares are entitled to vote on (x) the appointment and removal of directors or (y)
continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the Company’s
constitutional documents or to adopt new constitutional documents, in each case, as a result of the Company approving a transfer by way
of continuation in a jurisdiction outside the Cayman Islands).

Pursuant
to the Letter Agreement, the holders of Founder Shares have agreed not to transfer, assign or sell any of their Founder Shares and any
Class A Ordinary Shares issued upon conversion thereof until the earlier to occur of (i) six months after the completion
of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other
similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to
exchange their Class A Ordinary Shares for cash, securities or other property. Any permitted transferees will be subject to the same
restrictions and other agreements of the holders of the Founder Shares with respect to any Founder Shares (the “Lock-up”).
Notwithstanding the foregoing, if (x) the closing price of the Class 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, 202