Company: PAII-WT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110840
Chunk: 36

Company: Pyrophyte Acquisition Corp. II
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 36
---

articles of association, if it has not completed its initial business combination within 24 months from the closing of the initial public
offering, it will as promptly as reasonably possible but not more than ten business days thereafter (and subject to lawfully available
funds therefor), redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including interest earned on the funds held in the Trust Account (which interest shall be net of amounts not previously
released to the Company for permitted withdrawals and up to $100,000 of interest to pay liquidation expenses), divided by the number of
then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders
(including the right to receive further liquidating distributions, if any), subject to the Company’s obligations under Cayman Islands
law to provide for claims of creditors and the requirements of other applicable law. The sponsor, officers and directors have entered
into a letter agreement with the Company, pursuant to which they have agreed to waive their rights to liquidating distributions from the
trust account with respect to their founder shares if the Company fails to complete its initial business combination within 24 months
from the closing of the initial public offering. However, if the sponsor or management team acquire public shares in or after the initial
public offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if the Company
fails to complete its initial business combination within the prescribed time period.

Results of Operations

We have neither engaged in any operations nor generated any revenues
to date. Our only activities from May 1, 2025 (inception) through September 30, 2025 were organizational activities, those necessary to
prepare for the initial public offering, described below, and subsequent to the initial public offering, the Company’s search for
a target business with which to complete an initial business combination. We do not expect to generate any operating revenues until after
the completion of our initial business combination, at the earliest. Following the initial public offering, we will generate non-operating
income in the form of interest income on marketable securities. We are incurring expenses as a result of being a public company (for legal,
financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing an initial
business combination.

For the three months ended September 30, 2025, we reported net income