Recent Updates — SZZL

Sizzle Acquisition Corp. II filed an 8-K furnishing a non-binding investor presentation related to its previously announced Business Combination Agreement with Trasteel Holding S.A., Pubco, and Merger Sub Limited. The transaction involves a de-SPAC merger where existing Trasteel shareholders will rollover 100% of their equity. The pro forma combined enterprise value is approximately $1.32 billion, assuming $230 million in trust cash and no redemptions. Sizzle II intends to file a Form F-4 registration statement including a proxy statement for shareholder approval. Trasteel Holding S.A. operates as a global steel trading and industrial platform with operations across more than 60 countries.

Trasteel Holding S.A. announced first-half 2026 financial results showing total revenues of $1,192.4 million, a 40.0% increase from the prior year period. Gross profit reached $105.9 million (+36.9% YoY), while operating profit more than doubled to $37.0 million (+153.8% YoY). EBITDA rose 80.8% to $50.7 million, representing approximately 73% of the full-year 2025 total. The company reaffirmed its FY 2026 projections for revenues between $2.1 billion and $2.5 billion, gross profit of $200 million, and EBITDA of $80-85 million. Strategic developments included taking over operations at the La Magona steel plant in Italy on October 1, completing full ownership of BBC Alloys, and establishing a joint venture for MENA expansion. Trasteel is a global steel trading and industrial group operating across more than 60 countries.

Sizzle Acquisition Corp. II announced that Pubco, a newly formed Luxembourg holding company, confidentially submitted a draft registration statement on Form F-4 to the SEC on September 30, 2026. The filing relates to the previously announced business combination between Sizzle II and Trasteel Holding S.A., under which Pubco will acquire all outstanding shares of Trasteel in exchange for Pubco ordinary shares. The transaction remains subject to SEC declaration of effectiveness and shareholder approval. Upon closing, Pubco is expected to be listed on Nasdaq under the ticker symbol TSTL. Sizzle Acquisition Corp. II is a special purpose acquisition company formed to effect a merger with a private business.