Company: PAII-WT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110840
Chunk: 23

Company: Pyrophyte Acquisition Corp. II
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 23
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 warrants to the related party. The 300,000 private placement warrants are included in the total of 5,050,000 in connection with the IPO. 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 September 30, 2025, there are no amounts outstanding under the note and the note is no longer available to be drawn.   Due from Sponsor  As of September 30, 2025, the sponsor owed the Company an aggregate amount of $353,445. The amount is non-interest bearing, due on demand and expected to be settled in the near term.  14  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.  Administrative Support Agreement  Commencing on the effective date of the initial public offering, the Company entered into an agreement with the sponsor to pay an aggregate of $35,000 per month for office space, utilities and secretarial and administrative support. Upon completion of the initial business combination or its liquidation, the Company will cease paying these monthly fees. For the period from May 1, 2025 (inception) through September 30, 2025, the Company recognized $87,500 in administrative fees.  Working Capital Loans  In order to finance transaction costs