Company: PAII-WT
Filing Date: 2025-09-02
Form Type: 10-Q
Source: 0001213900-25-083487
Chunk: 17

Company: Pyrophyte Acquisition Corp. II
Filing Date: 2025-09-02
Form: 10-Q
Item: Item 8
Chunk 17
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 an aggregate of up to $300,000 under an unsecured promissory to be used for a portion of the expenses in connection with the initial public offering. The loan was non-interest bearing, unsecured and due at the earlier of December 31, 2025 or the closing of the initial public offering. As of June 30, 2025, the Company has $75,000 outstanding under the note.   On July 18, 2025, in connection with the private sale of 5,050,000 warrants as described below, the Company settled the outstanding note through the issuance of 300,000 private placement warrants to the related party. The 300,000 private placement warrants are included in the total of 5,050,000 in connection with the initial public offering. The Company determined that the carrying value and fair value of the note are the same as the fair value of the private placement warrants given in exchange for the note. As of July 18, 2025, there are no amounts outstanding under the note and the note is no longer available to be drawn.  Private Placement Warrants  On July 18, 2025, the sponsor purchased an aggregate 5,050,000 private placement warrants at a price of $1.00 per whole private placement warrant in a private placement that occurred simultaneously with the closing of the initial public offering. Each whole private placement warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share.   If the initial business combination is not completed within 24 months from the closing of the initial public offering, the proceeds from the sale of the private placement warrants held in the trust account will be used to fund the redemption of the public shares (subject to the requirements of applicable law) and the private placement warrants will expire worthless. The private placement warrants will be non-redeemable and exercisable on a cashless basis and will expire five years after the completion of the Company’s initial business combination or earlier upon redemption or liquidation, as described in this prospectus. As the sponsor will agree, subject to limited exceptions, not to transfer, assign or sell any of the private placement warrants (including their underlying securities) until 30 days after the completion of the initial business combination.  14  Pyrophyte Acquisition Corp. IINotes to Unaudited Condensed Financial Statements Administrative Support Agreement  Commencing on the effective date of the initial public offering, the