Company: SZZL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110104
Chunk: 24

Company: Sizzle Acquisition Corp. II
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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5, 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, commencing on April 2, 2025, through the earlier of the Company’s consummation of
initial Business Combination and its liquidation, the Company pays an aggregate of $15,000 per month for office space, utilities, and
secretarial and administrative support services. For the three and nine months ended September 30, 2025, the Company incurred and paid
$45,000 and $88,000 of fees for these services pursuant to the Administrative Services Agreement, respectively.

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 as may be required.
If the Company completes a Business Combination, the Company will repay the Working Capital Loans. In the event that a Business Combination
does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans,
but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000