Company: PAII-WT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110840
Chunk: 90

Company: Pyrophyte Acquisition Corp. II
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 90
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 target businesses, traveling to and from the offices, plants or similar locations
of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the
target business to acquire and structuring, negotiating and consummating the initial business combination.

22

If the Company’s estimates of the costs of identifying a target
business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary
to do so, the Company may have insufficient funds available to operate its business prior to an initial business combination. Moreover,
the Company may need to obtain additional financing either to complete an initial business combination or because it becomes obligated
to redeem a significant number of its public shares upon completion of an initial business combination, in which case the Company may
issue additional securities or incur debt in connection with such initial business combination.

Contractual Obligations

Registration Rights

The holders of the (i) founder shares, which were issued in the Private
Placement prior to the closing of the initial public offering, (ii) Private Placement Warrants and the Class A ordinary shares underlying
such Private Placement Warrants and (iii) Private Placement Warrants that may be issued upon conversion of working capital loans will
have registration rights to require the Company to register a sale of any of the Company’s securities held by them and any other
securities of the Company acquired by them prior to the consummation of the Company’s initial business combination pursuant to a
registration rights agreement signed on the effective date of the initial public offering. The holders of these securities are entitled
to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain
“piggyback” registration rights with respect to registration statements filed subsequent to the Company’s completion
of the Company’s initial business combination. The Company will bear the expenses incurred in connection with the filing of any
such registration statements.

Underwriting Agreement

On July 18, 2025, the Underwriters were entitled to, and the Company
paid, an underwriting discount of $0.15 per Unit, or $2,625,000 in the aggregate, upon closing of the initial public offering.

In addition, $0.45 per Unit, or approximately $9,399,690 in the aggregate,
will be payable to the Underwriters for deferred underwriting commissions. The deferred fee will become payable to the Underwriters from
the amounts held in the Trust Account solely in the event that we complete