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Completed · 27 Feb 2024SZZLU · NasdaqCIK 1829322Sponsor at IPO: VO Sponsor, LLC

Sizzle Acquisition Corp.

$158MTrust raised at IPO · 6% of public shares left after its last counted vote

Merged with Critical Metals Corp. (CRML) · Materials and mining

  1. IPO3 Nov 2021
  2. Searching15 months
  3. Deal announcedAgreement signed
  4. Closed27 Feb 2024

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 80% of 2021’s SPAC IPOs.

    $155M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    $10.20 in trust per unit, above the 2021 median.

    The median that year was $10.00. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    94% of public shares redeemed across 4 votes.

    3 extension votes and the merger vote, counted from the SPAC’s 8-Ks. 6% of the public shares remained after the last one.

  4. 04

    Closed its merger 28 months after its IPO.

    The combined company is Critical Metals Corp. (CRML). Sector: Materials and mining.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
3 Nov 2021
IPO closed
8 Nov 2021
Raised
$155M1
Units sold
15,500,0002
Trust raised
$158M3
Trust per unit
$10.204
Unit
1 sh + ½ warrant5
Months to complete
156
Deadline before extensions
8 Feb 2023
Over-allotment
Exercised in part

Each unit: “one share of common stock and one-half of one redeemable warrant”

How it compares

Sizzle Acquisition Corp. against the 610 SPACs that priced in 2021.

Raised
$155M
80% of 2021 SPACs are above it
2021 median: $239M
Trust per unit
$10.20
83% of 2021 SPACs are below it
2021 median: $10.00
Months to complete
15
75% of 2021 SPACs are above it
2021 median: 24
Redeemed across its votes
94%
51% of 2021 SPACs are below it
2021 median: 94%

Trust and redemptions

  1. Extension vote · 1 Feb 202311,076,703 of 15,500,000 redeemed (71%)
  2. Extension vote · 7 Aug 20231,337,244 of 4,423,297 redeemed (30%)
  3. Extension vote · 6 Feb 2024779,917 of 3,086,053 redeemed (25%)
  4. Merger vote · 22 Feb 20241,414,537 of 2,306,136 redeemed (61%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Underwriters’ counsel

Auditor

Other SPACs from Sizzle

Sizzle’s track record →

Sizzle has brought 2 SPACs to market since 1 January 2019, $385M in all: 1 completed, 1 with a deal announced. 1 of the 1 that reached an end completed a merger.

SPACIPORaisedStatusOutcomeMonths
Sizzle Acquisition Corp. II1 Apr 2025$230MDeal announced——
Sizzle Acquisition Corp. This SPAC3 Nov 2021$155MCompletedCritical Metals Corp. (CRML)28

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2021 SPAC IPOs with Cantor Fitzgerald & Co. as bookrunner.

SPACIPORaisedUnitStatus
CF Acquisition Corp. VII15 Dec 2021$183M1 sh + ⅓ warrantLiquidated
Battery Future Acquisition Corp.14 Dec 2021$345M1 sh + ½ warrantCompleted
EVe Mobility Acquisition Corp14 Dec 2021$250M1 sh + ½ warrantSearching
BioPlus Acquisition Corp.2 Dec 2021$230M1 sh + ½ warrantLiquidated
Blockchain Coinvestors Acquisition Corp. I9 Nov 2021$300M1 sh + ½ warrantLiquidated

Sources

  1. PFinal prospectus: 0001213900-21-057095
  2. 1Gross proceeds: 0001213900-21-059622at a price of $10.00 per Unit, generating gross proceeds of $155,000,000.
  3. 2Units sold: 0001213900-21-059622On November 8, 2021, the Company consummated its IPO of 15,500,000 Units, which included the partial exercise of 2,000,000 of the underwriters’ full 2,025,000 over-allotment option
  4. 3Trust raised: 0001213900-21-059622Following the closing of the IPO on November 8, 2021, $158,100,000 ($10.20 per Unit) from the net proceeds sold in the IPO, including the proceeds of the sale of the Private Warrants, was deposited in a Trust Account
  5. 4Trust per unit: 0001213900-21-057095Upon consummation of the offering, an aggregate of $137,700,000 (or $158,355,000 if the over-allotment option is exercised in full) or $10.20 per unit sold to the public in this offering will be deposited into a U.S.-based trust account
  6. 5Unit composition: 0001213900-21-057095Each unit that we are offering has a price of $10.00 and consists of one share of common stock and one-half of one redeemable warrant.
  7. 6Months to complete: 0001213900-21-057095If we are unable to consummate an initial business combination within 15 months from the closing of this offering we will redeem 100% of the public shares

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.