Company: SZZL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075798
Chunk: 21

Company: Sizzle Acquisition Corp. II
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 aggregate
of up to $500,000 to be used for a portion of the expenses of the Initial Public Offering pursuant to a promissory note (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 June 30, 2025, and further borrowings under the IPO Promissory Note are no longer allowed.

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 $15,015 still outstanding due from Sponsor.

12

SIZZLE ACQUISITION CORP. II

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

Administrative Services Agreement

The Company entered into an administrative service
agreement (the “Administrative Service Agreement”), with the managing member of the Sponsor, commencing on April 2, 2025,
through the earlier of the Company’s consummation of initial Business Combination and its liquidation, to pay an aggregate of $15,000
per month for office space, utilities, and secretarial and administrative support services. For the three and six months ended June 30,
2025, the Company incurred and paid $43,000 of fees for these services pursuant to the Administrative Services Agreement.

Working Capital Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may,
but are not obligated to, loan the Company Working Capital Loans