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Sizzle Acquisition Corp. II (NASDAQ:SZZL), a special purpose acquisition company (SPAC), announced on Monday that it has successfully completed its initial public offering (IPO), raising a total of $236 million. The company currently maintains a market capitalization of $272.39 million, with its units trading at $10.00. According to InvestingPro, the company demonstrates FAIR financial health with a score of 2.3. The company, which operates under the industrial classification of blank checks, sold 23 million units at $10 each, including 3 million units issued through the full exercise of the underwriters' over-allotment option. The units have shown steady trading activity, with an average daily volume of 1.83 million over the past three months. Want deeper insights into SPAC performance metrics and comprehensive analysis? InvestingPro subscribers get access to exclusive SPAC tracking tools and real-time market data.
Each unit sold in the IPO consists of one Class A ordinary share and one right to receive one-tenth of one Class A ordinary share upon the consummation of the company's initial business combination. Concurrent with the IPO, Sizzle Acquisition Corp. II also conducted a private placement of 600,000 units, generating additional proceeds of $6 million.
The private placement units were divided, with 400,000 units purchased by the company’s sponsor, VO Sponsor II, LLC, and 200,000 units by Cantor Fitzgerald & Co., each at the same price of $10 per unit. The gross proceeds from both the IPO and the private sale, totaling $230 million, were placed into a trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee.
An audited balance sheet dated April 3, 2025, reflecting the receipt of the proceeds, has been issued by the company and included as part of the SEC filing. This report is based on the company's statement in the Form 8-K filed with the Securities and Exchange Commission.
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