Company: PAII-WT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110840
Chunk: 35

Company: Pyrophyte Acquisition Corp. II
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 35
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, we consummated the public offering of 20,041,150 units (the “Units”), at $10.00
per Unit, generating gross proceeds of $200,411,500, and incurring transaction costs of approximately $12.8 million, consisting of $2.6
million of upfront underwriting fees, approximately $9.4 million of deferred underwriting fees and approximately $740,000 of other offering
costs.

Simultaneously with the consummation of the initial public offering,
we consummated the sale of 5,050,000 private placement warrants (the “Private Placement Warrants”) at a price of $1.00 per
Private Placement Warrant in a private placement to our sponsor, generating gross proceeds of $5,050,000 (the “Private Placement”).

On July 24, 2025, the underwriters of the initial public offering (the
“Underwriters”) partially exercised their over-allotment option to purchase an additional 2,541,150 units at a purchase price
of $10.00 per Unit, generating additional gross proceeds of $25,411,500. The Underwriters forfeited their option to purchase an additional
83,850 units.

21

Approximately $200,411,500 ($10.00 per Unit) of the net proceeds of
the initial public offering (including approximately $9.4 million of the Underwriters’ deferred discount) and certain of the proceeds
of the Private Placement were placed in a trust account (the “Trust Account”) located in the United States with the Continental
Stock Transfer & Trust Company, and invested only in U.S. “government securities,” within the meaning set forth in Section
2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of one hundred
eighty-five (185) days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule
2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations, as determined by the Company,
until the earlier of: (i) the completion of our initial business combination and (ii) the distribution of the Trust Account as otherwise
permitted under our amended and restated memorandum and articles of association.

Pursuant to the Company’s amended and restated memorandum and