BMW Supplier European Lithium Is in Talks to Merge with Sizzle...

BMW Supplier European Lithium Is in Talks to Merge with Sizzle SPACThe battery pack of a BMW SUV.Photographer: Krisztian Bocsi/BloombergByGillian Tan25 October 2022 at 7:56 am AEDTUpdated on25 October 2022 at 9:13 am AEDTEuropean Lithium Ltd. is in talks to merge with Sizzle Acquisition Corp., according to people with knowledge of the matter.A deal could value the combined entity at more than $500 million, said some of the people, all of whom requested anonymity discussing private information. Talks could still fall apart. Australia-based European Lithium requested a trading halt Monday “pending an announcement regarding a proposed merger transaction.” Representatives for European Lithium didn’t immediately respond to a request for comment. Sizzle Chief Executive Officer Steve Salis declined to comment.Sizzle is a blank-check company that raised $155 million in a November 2021 initial public offering. European Lithium, led by CEO Dietrich Wanke, in August announced an agreement with BMW AG to supply battery-grade lithium hydroxide. Its key deposit, known as Wolfsberg, is based outside of Vienna, its website shows. The company has said it’s well located to service European consumers, the electric-vehicle industry and battery manufacturers in the region.Australian-listed Security Matters Ltd. struck a deal with a US SPAC in July, in part to obtain a Nasdaq listing.

From Bloomberg