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STATES \n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor\nthe transition period from                    to                  \n\n \n\nCommission File Number: 001-42583\n\n \n\nSizzle Acquisition Corp. II\n\n(Exact name of registrant as specified in its charter)\n\n \n\nCayman Islands N/A\n\n(State or other jurisdiction of\n\nincorporation or organization)\n \n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n4201 Georgia Avenue NW\nWashington D.C. 20011\n\n(Address of principal executive offices)\n \n(Zip Code)\n\n \n\n(202) 846-0300\n\n(Registrant’s telephone number, including area code)\n\n \n\nNot Applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b)\nof the Act:\n\n \n\nTitle of each class\n \nTrading Symbol(s)\n \nName of each exchange on which registered\n\nUnits, each consisting of one Class A Ordinary Share and one Right SZZLU The Nasdaq Stock Market LLC\n\nClass A Ordinary Shares, par value $0.0001 per share SZZL The Nasdaq Stock Market LLC\n\nRights, each entitling the holder to receive one-tenth (1/10) of one Class A Ordinary Share SZZLR The Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant\nis a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.\nSee the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”\nand “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n☐\n \nAccelerated filer\n☐\n\nNon-accelerated filer☒ Smaller reporting company☒\n\n  Emerging growth company☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐\n\n \n\nAs of May 13, 2026, there were 23,600,000 Class A Ordinary Shares, par value $0.0001 per share, and 7,666,667 Class B Ordinary Shares, par value $0.0001 per share, of the registrant issued and outstanding.\n\n  \n\n \n\n \n\n \n\n \n\n \n\nSIZZLE ACQUISITION CORP. II\n\n \n\nFORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH\n31, 2026 \n\n \n\nTABLE OF CONTENTS\n\n \n\n \n \nPage\n\n[PART I – FINANCIAL INFORMATION](#a_001)\n1\n\n \n \n \n\n[Item 1.](#a_002)\n[Financial Statements](#a_002)\n1\n\n \n \n \n\n \n[Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#a_003)\n1\n\n \n \n \n\n \n[Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2026 and 2025](#a_004)\n2\n\n \n \n \n\n \n[Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the Three Months Ended March 31, 2026 and 2025](#a_005)\n3\n\n \n \n \n\n \n[Unaudited Condensed Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025](#a_006)\n4\n\n \n \n \n\n \n[Notes to Unaudited Condensed Financial Statements](#a_007)\n5\n\n \n \n \n\n[Item 2.](#a_008)\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_008)\n20\n\n \n \n \n\n[Item 3.](#a_009)\n[Quantitative and Qualitative Disclosures About Market Risk](#a_009)\n25\n\n \n \n \n\n[Item 4.](#a_010)\n[Controls and Procedures](#a_010)\n25\n\n \n \n \n\n[PART II – OTHER INFORMATION](#a_011)\n26\n\n \n \n \n\n[Item 1.](#a_012)\n[Legal Proceedings](#a_012)\n26\n\n \n \n \n\n[Item 1A.](#a_013)\n[Risk Factors](#a_013)\n26\n\n \n \n \n\n[Item 2.](#a_014)\n[Unregistered Sales of Equity Securities and Use of Proceeds](#a_014)\n27\n\n \n \n \n\n[Item 3.](#a_015)\n[Defaults Upon Senior Securities](#a_015)\n28\n\n \n \n \n\n[Item 4.](#a_016)\n[Mine Safety Disclosures](#a_016)\n28\n\n \n \n \n\n[Item 5.](#a_017)\n[Other Information](#a_017)\n28\n\n \n \n \n\n[Item 6.](#a_018)\n[Exhibits](#a_018)\n29\n\n \n \n \n\n[SIGNATURES](#a_019)\n30\n\n \n\ni\n\n \n\n \n\nUnless otherwise stated in this Report (as defined below), or the context\notherwise requires, references to:\n\n  \n\n \n●\n“2025 Annual Report are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC (as defined below) on March 12, 2026;\n\n \n \n \n\n \n●\n“2025 First Quarter Form 10-Q” are to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as filed with the SEC  on May 15, 2025;\n\n \n \n \n\n \n●\n“2025 Second Quarter Form 10-Q” are to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, as filed with the SEC on August 13, 2025;\n\n \n \n \n\n \n●\n“Administrative Services Agreement” are to the Administrative Services Agreement, dated April 1, 2025, which we entered into with the managing member of our Sponsor (as defined below);\n\n \n\n \n●\n“Amended and Restated Articles” are to our Amended and Restated Memorandum and Articles of Association, as currently in effect;\n\n \n \n \n\n \n●\n“ASC” are to the FASB (as defined below) Accounting Standards Codification;\n\n \n\n \n●\n“Board of Directors” or “Board” are to our board of directors;\n\n \n\n \n●\n“Business Combination” are to a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses;\n\n \n\n \n●\n“Cantor” are to Cantor Fitzgerald & Co., the representative of the Underwriters (as defined below);\n\n \n\n \n●\n“Certifying Officers” are to our Chief Executive Officer and Chief Financial Officer, together;\n\n \n\n \n●\n“Class A Ordinary Shares” are to our Class A ordinary shares, par value $0.0001 per share;\n\n \n\n \n●\n“Class B Ordinary Shares” are to our Class B ordinary shares, par value $0.0001 per share;  \n\n \n\n \n●\n“Closing” are to consummation of the transactions contemplated by the Trasteel BCA (as defined below);  \n\n \n\n \n●\n“Combination Period” are to (i) the 24-month period, from the closing of the Initial Public Offering (as defined below) to April 3, 2027 (or such earlier date as determined by the Board), that we have to consummate an initial Business Combination, or (ii) such other period during which we must consummate an initial Business Combination pursuant to an amendment to the Amended and Restated Articles and consistent with applicable laws, regulations and stock exchange rules;\n\n  \n\n \n●\n“Company,” “our,” “we,” or “us” are to Sizzle Acquisition Corp. II, a Cayman Islands exempted company;\n\n \n\n \n●\n“Continental” are to Continental Stock Transfer & Trust Company, trustee of our Trust Account (as defined below) and rights agent of our Rights (as defined below);\n\n  \n\n \n●\n“Deferred Fee” are to the additional aggregate fee of $10,950,000 to which the Underwriters are entitled that is payable only upon our completion of the initial Business Combination;\n\n \n\n \n●\n“Exchange Act” are to the Securities Exchange Act of 1934, as amended;\n\n \n \n \n\n \n●\n“FASB” are to the Financial Accounting Standards Board;\n\n \n\n \n●\n“Founder Shares” are to the (i) Class B Ordinary Shares initially purchased by our Sponsor prior to the Initial Public Offering and (ii) Class A Ordinary Shares that will be issued upon the automatic conversion of the Class B Ordinary Shares (x) at the time of our Business Combination as described in the IPO Registration Statement (as defined below) or (y) earlier at the option of the holders thereof, as described in the IPO Registration Statement; for the avoidance of doubt, such Class A Ordinary Shares will not be “Public Shares” (as defined below);\n\n \n\nii\n\n \n\n \n\n \n●\n“GAAP” are to the accounting principles generally accepted in the United States of America;\n\n \n\n \n●\n“Initial Public Offering” or “IPO” are to the initial public offering that we consummated on April 3, 2025;\n\n  \n\n \n●\n“Investment Company Act” are to the Investment Company Act of 1940, as amended;\n\n \n\n \n●\n“IPO Promissory Note” are to that certain unsecured promissory note in the principal amount of up to $500,000 issued to our Sponsor on August 14, 2024, as amended and restated;\n\n \n\n \n●\n“IPO Registration Statement” are to the Registration Statement on Form S-1 initially filed with the SEC on March 14, 2025, as amended, and declared effective on April 1, 2025 (File No. 333-285839);\n\n \n \n \n\n \n●\n“Letter Agreement” are to the Letter Agreement, dated April 1, 2025, which we entered into with our Sponsor and our directors and officers);\n\n \n\n \n●\n“Management” or our “Management Team” are to our executive officers and directors;\n\n \n\n \n●\n\n“Merger Sub” are to the to-be-formed\nCayman Islands exempted company that will be a wholly-owned subsidiary of Pubco (as defined below);\n\n \n\n \n●\n“Nasdaq” are to The Nasdaq Stock Market LLC;\n\n \n\n \n●\n“Nasdaq 36-Month Requirement” are to the requirement pursuant to the Nasdaq Rules (as defined below) that a SPAC (as defined below) must complete one or more Business Combinations within 36 months following the effectiveness of its initial public offering registration statement;\n\n \n\n \n●\n“Nasdaq Rules” are to the continued listing rules of Nasdaq, as they exist as of the date of this Report;\n\n \n\n \n●\n“Option Units” are to the 3,000,000 units that were purchased by the Underwriters pursuant to the full exercise of the Over-Allotment Option (as defined below);\n\n  \n\n \n●\n“Ordinary Shares” are to the Class A Ordinary Shares and the Class B Ordinary Shares, together;\n\n \n\n \n●\n“Over-Allotment Option” are to the 45-day option that the Underwriters had to purchase up to an additional 3,000,000 Option Units to cover over-allotments, if any, pursuant to the Underwriting Agreement (as defined below), which was fully exercised;\n\n \n\n \n●\n“Private Placement” are to the private placement of Private Placement Units (as defined below) that occurred simultaneously with the closing of our Initial Public Offering pursuant to the Private Placement Units Purchase Agreements (as defined below);\n\n \n\n \n●\n“Private Placement Rights” are to the rights included within the Private Placement Units purchased by our Sponsor and Cantor in the Private Placement;\n\n \n\n \n●\n“Private Placement Shares” are to the Class A Ordinary Shares included within the Private Placement Units purchased by our Sponsor and Cantor in the Private Placement;\n\n \n\n \n●\n“Private Placement Units” are to the units purchased by our Sponsor and Cantor in the Private Placement;\n\n \n\n \n●\n“Private Placement Units Purchase Agreements” are to the (i) Private Placement Units Purchase Agreement, dated April 1, 2025, which we entered into with our Sponsor and (ii) Private Placement Units Purchase Agreement, dated April 1, 2025, which we entered into with Cantor, together;\n\n \n\n \n●\n“Pubco” are to the to-be-formed Luxembourg corporation in the form of a public limited liability company (société anonyme) to be registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés) in connection with the Trasteel BCA;  \n\n \n\n \n●\n“Pubco Ordinary Shares” are to the ordinary shares of Pubco, par value $0.0001 per share;  \n\n \n\n \n●\n“Public\nRights” are to the rights included as part of the Public Units (as defined below), which grant the holder the right to receive\none-tenth (1/10) of one Class A Ordinary Share upon the consummation of the Business Combination;\n\n \n\niii\n\n \n\n \n\n \n●\n“Public Shareholders” are to the holders of our Public Shares, including our Sponsor and Management Team to the extent our Sponsor and/or the members of our Management Team purchase Public Shares, provided that our Sponsor’s and each member of our Management Team’s status as a “Public Shareholder” will only exist with respect to such Public Shares;\n\n \n\n \n●\n“Public Shares” are to the Class A Ordinary Shares included as part of the Public Units (as defined below) (whether they were purchased in our Initial Public Offering or thereafter in the open market);\n\n  \n\n \n●\n“Public Units” are to the units sold in our Initial Public Offering, with each Public Unit consisting of one Public Share and one Public Right;\n\n \n \n \n\n \n●\n“Registration Rights Agreement” are to the Registration Rights Agreement, dated April 1, 2025, which we entered into with the Sponsor and the other holders party thereto;\n\n \n\n \n●\n“Report” are to this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026;\n\n \n\n \n●\n“Rights” are to the Private Placement Rights and the Public Rights, together;\n\n \n\n \n●\n“SEC” are to the U.S. Securities and Exchange Commission;\n\n \n\n \n●\n“Securities Act” are to the Securities Act of 1933, as amended;\n\n  \n\n \n●\n“SPAC” are to a special purpose acquisition company;\n\n  \n\n \n●\n“Sponsor” are to VO Sponsor II, LLC, a Delaware limited liability company;  \n\n \n\n \n●\n“Trasteel” are to Trasteel Holding S.A., a Luxembourg company;  \n\n \n\n \n●\n“Trasteel BCA” are to the Business Combination Agreement, dated April 13, 2026, by and between our Company and Trasteel to which, upon execution and delivery of a joinder thereto, each of (i) Pubco and (ii) Merger Sub will become a party;\n\n \n\n \n\n \n●\n“Trasteel Business Combination” are to the transactions contemplated by the Trasteel BCA, collectively;\n\n \n \n \n\n \n●\n“Trasteel Registration Statement” are to the Registration Statement on Form F-4 to be filed in connection with the Trasteel Business Combination;\n\n \n \n \n\n \n●\n“Trasteel Shareholders” are to the holders of Trasteel Shares;  \n\n \n\n \n●\n“Trasteel Shares” are to the ordinary shares of Trasteel held by Trasteel Shareholders;\n\n \n \n \n\n \n●\n“Trust Account” are to the U.S.-based trust account in which an amount of $230,000,000 from the net proceeds of the sale of the Public Units in the Initial Public Offering and the Private Placement Units in the Private Placement was placed following the closing of the Initial Public Offering;\n\n \n \n \n\n \n●\n“Underwriters” are to the several underwriters of the Initial Public Offering;\n\n \n\n \n●\n“Underwriting Agreement” are to the Underwriting Agreement, dated April 1, 2025, which we entered into with Cantor, as representative of the Underwriters;\n\n \n\n \n●\n“Units” are to the Private Placement Units and the Public Units, together; and\n\n \n\n \n●\n“Working Capital Loans” are to funds that, in order to provide working capital or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of our directors and officers may, but are not obligated to, loan us.\n\n \n\niv\n\n \n\n \n\nPART I - FINANCIAL INFORMATION"}