Company: PAII-WT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110840
Chunk: 19

Company: Pyrophyte Acquisition Corp. II
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 19
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 aggregate of 5,050,000 private placement warrants to the Sponsor, at a purchase price of $1.00 per private placement warrant, generating gross proceeds to the Company of $5,050,000.   Each private placement warrant is exercisable for one 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 IPO, 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.  12  

NOTE 4—RELATED PARTY TRANSACTIONS Founder Shares  On May 5, 2025, the sponsor made a capital contribution of $25,000, or approximately $0.003 per share, to cover certain of the Company’s expenses, for which the Company issued 7,255,952 founder shares to the sponsor. The founder shares included up to 946,428 of the founder shares subject to forfeiture by the sponsor for no consideration to the extent the underwriters’ over-allotment was not fully exercised. The underwriters had 45 days after the closing of the initial public offering to exercise their over-allotment option. On July 24, 2025, the underwriters partially exercised their over-allotment option as part of the initial public offering. As such, 30,231 founder shares were forfeited by the sponsor. All share and per share data has been retroactively restated.   In June 2025, the sponsor transferred 30,000 of the Company’s founder shares to each of the Company’s three independent directors. These 90,000 shares were not subject to forfeiture. The allocation of the founder shares to the directors is in the scope of ASC 718. Under ASC 718, share-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The Company used the implied stock price as of