Company: PAII-WT
Filing Date: 2025-05-29
Form Type: DRS
Source: 0001213900-25-049013
Chunk: 131

Company: Pyrophyte Acquisition Corp. II
Filing Date: 2025-05-29
Form: DRS
Chunk 131
---
 investors, or (vi) the target’s business itself.

| Public shares:                                                             
 Founder shares:                                                            
 Total shares:                                                              |     |   |  17,500,000 
   6,309,524 
  23,809,524 |
|:---------------------------------------------------------------------------|:----|:--|------------:|
| Total funds in trust available for initial business combination:           |     | $ | 144,000,000 |
| Public shareholders’ investment per Class A ordinary share:                |     | $ |       10.00 |
| Sponsor’s investment per Class B ordinary share:                           |     | $ |        0.80 |
| Initial implied value per public share:                                    |     | $ |       10.00 |
| Implied value per share upon consummation of initial business combination: |     | $ |        7.02 |

Based on these assumptions, each Class A ordinary share would have an implied value of $7.02 per share upon completion of our initial business combination, representing an approximately 28% decrease from the initial implied value of $10.00 per public share. While the implied value of $7.02 per Class A ordinary share upon completion of our initial business combination would represent a dilution to our public shareholders, this would represent a significant increase in value for our sponsor relative to the price it paid for each founder share. At $7.02 per Class A ordinary share, the 6,309,524 Class A ordinary shares that the sponsor would own upon completion of our initial business combination (after automatic conversion of the 6,309,524 founder shares) would have an aggregate implied value of approximately $44,292,858. As a result, even if the trading price of our Class A ordinary shares significantly declines, the value of the founder shares held by our sponsor will be significantly greater than the amount our sponsor paid to purchase such shares. In addition, our sponsor could potentially recoup its entire investment in our company even if the trading price of our Class A ordinary shares after the initial business combination is as low as $0.80 per share. As a result, our sponsor is likely to earn a substantial profit on its investment in us upon disposition of its Class A ordinary shares even if the trading price of our Class A ordinary shares declines after we complete our initial business combination. Our sponsor may therefore be economically incentivized to complete an initial business combination with a riskier, weaker -performingor less -established