Company: PAII-WT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110840
Chunk: 93

Company: Pyrophyte Acquisition Corp. II
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 93
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 in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective during the period covered
by this report.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting
(as defined in Rules 13a-15(f) and 15(d)-15(f) under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2025
covered by this Quarterly Report that has materially affected, or is reasonably likely to materially affect, our internal control over
financial reporting.

24

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report
on Form 10-Q, you should carefully consider the risks discussed in Part I, Item 1A. “Risk Factors” in our final prospectus
filed with the SEC on July 17, 2025 (“Final Prospectus”). Additional risks and uncertainties not currently known to us or
that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. There
have been no material changes in the risk factors discussed in the Final Prospectus.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The registration
statement for the Company’s Initial Public Offering was declared effective on July 16, 2025. On July 18, 2025, we consummated the
Initial Public Offering of 20,041,150 Units, including 2,541,150 Units issued pursuant to the exercise of the Underwriters’ partial
exercise of their over-allotment option, generating gross proceeds of $200,411,500.

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 5,050,000 Private Placement Warrants at a price of $1.00 per warrant generating gross
proceeds of $5,050,000. Of the 5,050,000 Private Placement Warrants, the Underwriters purchased an aggregate of 1,500,000 Private Placement
Warrants and the Sponsor purchased 3,500,000 Private Placement Warrants. Each whole Private Placement Warrant is exercisable to purchase
one Class A ordinary share at a price of $11.50 per share. The issuance was made pursuant to the exemption from registration contained
in Section 4(a)(2)