Company: SZZL
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044190
Chunk: 16

Company: Sizzle Acquisition Corp. II
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 or other
property, the Founder Shares will be released from the Lock-up.

9

IPO Promissory Note — Related Party

The Sponsor had 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. The loan was non-interest bearing,
unsecured and due at the earlier of June 30, 2025 or the closing of the Initial Public Offering. As of March 31, 2025 and December 31,
2024, the Company had $261,705 and $121,550, respectively, outstanding borrowings under the Note. On April 4, 2025, subsequent to the
closing of the Initial Public Offering, the Company repaid the total outstanding balance of the Note (see Note 9). Borrowings against
this note are no longer permitted.

Administrative Services Agreement

The Company entered into an agreement with VO
Sponsor II Management, LLC, the managing member of the Sponsor, commencing on April 1, 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.

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, provide the Company with the Working Capital Loans. If the Company completes a Business Combination, the Company
would 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 of such Working Capital Loans may be convertible into units of the post-Business Combination
entity at a price of $10.00 per unit at the option of the lender. The units would be identical to the Private Placement Units. As of March
31, 2025 and December 31, 2024, no such Working Capital Loans were outstanding.

NOTE 6. COMMITMENTS AND CONTINGENCIES  

Risks and Uncertainties

The Company’s results of operations and
its ability to complete an initial Business Combination may be adversely affected by various factors that could cause economic uncertainty
and