NEW YORK, May 26, 2026, 11:05 (EDT)
Sizzle Acquisition Corp. II stock was flat early Tuesday as Nasdaq reopened after Memorial Day. The blank-check firm’s shares continued to move more like trust-backed assets than a new play on steel demand. SZZL edged up just half a cent to $10.32, with 18,100 shares changing hands. The session range ran from $10.32 to $10.325. Sizzle’s market cap sat around $322.7 million.
Markets got back to work Tuesday after the Memorial Day break. Nasdaq had flagged Monday, May 25, as a holiday, with normal trading hours set from 9:30 a.m. to 4 p.m. Eastern. Tuesday marked the first full session of the week.
Sizzle is structured as a special purpose acquisition company, or SPAC, a shell that raises money and looks for a company to take public. Stocks like this usually trade around the value of cash held in trust, at least until investors get the proxy, the vote date, and the details on redemptions.
Sizzle’s March-quarter filing spells out why the stock has stuck to the $10 mark. It listed 23.0 million Class A shares that could be redeemed at $239.0 million, or $10.39 per public share, and reported no operating revenue. Net income for the first quarter was $1.6 million, almost all from interest on cash and marketable securities in the trust.
Tuesday’s quote sits about 7 cents under the redemption value as of the end of March. Redemption means public holders can pull cash out from the trust instead of rolling into the merged company.
Trasteel Holding S.A., a steel trading and industrial group with business in Luxembourg and Switzerland, is the company at the center of the deal. On April 13, Sizzle and Trasteel said they signed a definitive deal to combine and set up a new public holding company. The stock is expected to trade on Nasdaq as TSTL. Trasteel is valued at $800 million pre-money, the combined company about $1.3 billion if there are no Sizzle public-shareholder redemptions.
Direct peer comparisons aren’t easy. Sizzle is still a SPAC, hasn’t reported any revenue, and its shares mostly move like a cash shell, not like the steel groups that trade on metal prices, demand and margins.
Trasteel announced a new joint venture with Al Qalaa International Group in a filing right before the holiday weekend. The May 15 filing said the deal creates QTrasteel, a 50-50 partnership focused on trading, project development, industrial services and advisory work for the Middle East and North Africa. “A significant step,” said Trasteel CEO Gianfranco Imperato. Sizzle II CEO Steve Salis called it “consistent with management’s long history” of execution.
Sizzle lagged the broader market on the day. The Nasdaq Composite climbed 1.38% and the S&P 500 rose 0.87%, according to Reuters market data, but Sizzle’s trust math stopped the stock from trading like a typical high-beta growth play.
The real risk comes from the deal process, not the next earnings report. The merger still needs shareholder votes, an effective Form F-4, exchange approval, and minimum cash. The deal can get called off if closing terms aren’t met by the deadline, or if shareholders don’t approve.
Next up, the real price mover is probably going to be filings: proxy and prospectus, news on redemptions, or a financing update. SZZL keeps trading like just cash in trust with a steel deal in the works until then.
