The Trasteel Steel and commercial Group has taken another step towards listing on Nasdaq through a planned merger with specialist acquisition company Sizzle Acquisition Corp. II, the companies said in a joint statement.
On September 30, Trasteel S. A., a new Luxembourg holding company created to implement the transaction, submitted a draft registration statement on Form F-4 to the U.
S. Securities and Exchange Commission. The document is related to the business combination agreement signed by the parties on April 13, 2026 and subsequently amended.
The registration application has not yet been officially submitted and has not been declared effective. It remains under consideration by the American regulator, the source said.
According to the terms of the deal, the new holding company will acquire all shares of Trasteel in exchange for its own ordinary shares. Its wholly owned subsidiary Trasteel Merger Sub Limited will be merged with Sizzle II. Upon completion of this stage, Trasteel and Sizzle II will become subsidiaries of the new structure.
The closing of the transaction, which is expected by the end of 2026, still requires the SEC to recognize the registration statement as effective and the shareholders of Sizzle II to approve the agreement. Upon completion of the merger, the new holding company is expected to be traded on Nasdaq under the ticker TSTL.
Trasteel's headquarters are located in Lugano in Switzerland and in Luxembourg. Sizzle Acquisition Corp. II — SPAC is a company registered in the Cayman Islands and traded on Nasdaq under the ticker SZZL. Trasteel intends to use the proceeds from the transaction for strategic acquisitions and investments.
The value of Trasteel shares is estimated at $ 800 million. The combined company's market value is expected to be around $1.3 billion if Sizzle II's public shareholders do not launch share buybacks.