Company: SZZL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110104
Chunk: 84

Company: Sizzle Acquisition Corp. II
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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 or debt is used,
in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be
used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth
strategies.

To
mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases
the longer that we hold investments in the Trust Account, we may, at any time, based on our Management Team’s ongoing assessment
of all factors related to our potential status under the Investment Company Act, instruct the trustee to liquidate the investments held
in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest-bearing demand deposit account at a
bank.

As
of September 30, 2025, we had cash held outside of the Trust Account of approximately $935,663. We use the funds held outside the Trust
Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel
to and from the offices, plants, or similar locations of prospective target businesses or their representatives or owners, review corporate
documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

21

Our
liquidity needs through September 30, 2025 have been satisfied through (i) a contribution of $25,000 from the Sponsor in exchange for
the issuance of our Founder Shares, (ii) a loan pursuant to the IPO Promissory Note, and (iii) the net proceeds from the consummation
of the Initial Public Offering and the Private Placement held outside the Trust Account.

IPO
Promissory Note

Prior
to the closing of our Initial Public Offering, our Sponsor agreed to loan us an aggregate of up to $500,000 under the IPO Promissory
Note. Such loans and advances were non-interest bearing and payable on the earlier of August 14, 2024 or the completion of our Initial
Public Offering. The loan of $306,752 was fully repaid upon the consummation of our Initial Public Offering on April 4, 2025.There were
no amounts outstanding under the IPO Promissory Note as of September 30, 2025, and no additional borrowing is available under the IPO
Promissory Note.

Working
Capital Loans

In
order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination