# EDGAR Filing Document

**Accession Number:** 0001848756
**File Stem:** 0001213900-26-060574
**Filing Date:** 2026-5
**Character Count:** 194562
**Document Hash:** 3ff68777d54591ca3298b989b02ea688
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-060574.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001213900-26-060574

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pyrophyte Acquisition Corp.
- **CENTRAL INDEX KEY:** 0001848756
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40957
- **FILM NUMBER:** 261014020

**BUSINESS ADDRESS:**
- **STREET 1:** 3262 WESTHEIMER RD.
- **STREET 2:** SUITE 706
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77098
- **BUSINESS PHONE:** 281 701 4234

**MAIL ADDRESS:**
- **STREET 1:** 3262 WESTHEIMER RD.
- **STREET 2:** SUITE 706
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77098

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**PYROPHYTE ACQUISITION CORP.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-40957** | **N/A** |
| (State or other jurisdiction of<br> incorporation or organization) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **3262 Westheimer Road<br> Suite 706<br> Houston, Texas** | **77098** |
| (Address Of Principal Executive Offices) | (Zip Code) |

---

**+1 (345) 769-4900**

**Registrant's telephone number, including area code**

**Not Applicable**

**(Former name or former address, if changed since last report)**

**Securities registered pursuant to Section 12(b) of the Act:**

**None.**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of May 22, 2026, the Company had 6,445,104 Class A ordinary shares, $0.0001 par value per share, issued and outstanding.

**PYROPHYTE ACQUISITION CORP.**

**FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| [PART I - FINANCIAL INFORMATION](#a_001) | [PART I - FINANCIAL INFORMATION](#a_001) | 1 |
| Item 1. | [Condensed Consolidated Financial Statements](#a_002) | 1 |
|  | [Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024](#a_003) | 1 |
|  | [Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 (Unaudited)](#a_004) | 2 |
|  | [Condensed Consolidated Statements of Changes in Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit for the three and nine months ended September 30, 2025 and 2024 (Unaudited)](#a_005) | 3 |
|  | [Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)](#a_006) | 4 |
|  | [Notes to Condensed Consolidated Financial Statements](#a_007) | 5 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_008) | 26 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#a_009) | 37 |
| Item 4. | [Controls and Procedures](#a_010) | 37 |
| [PART II - OTHER INFORMATION](#a_011) | [PART II - OTHER INFORMATION](#a_011) | 38 |
| Item 1. | [Legal Proceedings](#a_012) | 38 |
| Item 1A. | [Risk Factors](#a_013) | 38 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_014) | 38 |
| Item 3. | [Defaults Upon Senior Securities](#a_015) | 38 |
| Item 4. | [Mine Safety Disclosures](#a_016) | 38 |
| Item 5. | [Other Information](#a_017) | 38 |
| Item 6. | [Exhibits](#a_018) | 38 |

---

i

**PART I - FINANCIAL INFORMATION**

**Item 1. Condensed Consolidated Financial Statements.**

**PYROPHYTE ACQUISITION CORP.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **SEPTEMBER 30,<br> 2025<br> (Unaudited)** | **DECEMBER 31, <br> 2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;Cash | $7958 | $1173 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 53264 | 63570 |
| &nbsp;&nbsp;&nbsp;Other current asset | 26780 | 68854 |
| &nbsp;&nbsp;&nbsp;Extension contribution due from Sponsor | 151395 | 360000 |
| **Total current assets** | 239397 | 493597 |
| &nbsp;&nbsp;&nbsp;Cash held in Trust Account | 18654790 | 73782674 |
| **Total Assets** | $**18894187** | $**74276271** |
| **LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $750713 | $659769 |
| &nbsp;&nbsp;&nbsp;Convertible promissory note - extension loan | 1920000 | 1920000 |
| &nbsp;&nbsp;&nbsp;Promissory note - extension loan | 1385769 | 450000 |
| &nbsp;&nbsp;&nbsp;Convertible promissory note - working capital loan | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;Promissory note - working capital loan | 578077 | 141875 |
| &nbsp;&nbsp;&nbsp;Due to related party | - | 165000 |
| &nbsp;&nbsp;&nbsp;Conversion option liability - extension and working capital loans | 868338 | - |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 190000 | 192200 |
| Total current liabilities | 7192897 | 5028844 |
| &nbsp;&nbsp;&nbsp;Deferred underwriting fees payable | 8443750 | 8443750 |
| &nbsp;&nbsp;&nbsp;Derivative warrant liabilities | 14214528 | 202187 |
| &nbsp;&nbsp;&nbsp;Deferred legal fees | 3995655 | 3882330 |
| **Total liabilities** | 33846830 | 17557111 |
| **Commitments and Contingencies (Note 5)** |  |  |
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 1,513,954 and 6,290,711 shares at $12.36 and 11.77 per share at September 30, 2025 and December 31, 2024, respectively | 18706185 | 74042674 |
| **Shareholders' deficit** |  |  |
| Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | - | - |
| Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 5,031,250 issued and outstanding at September 30, 2025 and December 31, 2024 (excluding 1,513,954 and 6,290,711 ordinary shares subject to possible redemption, respectively) | 503 | 503 |
| Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; none issued or outstanding at September 30, 2025 and December 31, 2024 respectively | - | - |
| Accumulated deficit | (33659331) | (17324017) |
| **Total shareholders' deficit** | (33658828) | (17323514) |
| **Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders' Deficit** | $**18894187** | $**74276271** |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**PYROPHYTE ACQUISITION CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For The <br> Three Months <br> Ended<br> September 30, <br> 2025** | **For The <br> Three Months <br> Ended <br> September 30,<br> 2024** | **For The <br> Nine Months <br> Ended <br> September 30,<br> 2025** | **For The<br> Nine Months<br> Ended <br> September 30, <br> 2024** |
| General and administrative expenses | $110387 | $275154 | $518869 | $1405024 |
| **Loss from operations** | (110387) | (275154) | (518869) | (1405024) |
| Change in fair value of derivative warrant liabilities | (5318277) | (202187) | (14012341) | 404375 |
| Gain on cash (investments) held in Trust Account | 147451 | 776421 | 1029273 | 3290543 |
| Change in fair value of conversion option | (868338) | - | (868338) | - |
| Other Income | - | - | 5 | - |
| **Net (loss) income** | $(6149551) | $299080 | $(14370270) | $2289894 |
| Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted | 1513954 | 6290711 | 3508644 | 7426633 |
| **Basic and diluted net (loss) income per share, Class A ordinary shares subject to possible redemption** | $**(0.94)** | $**0.03** | $**(1.68)** | $**0.18** |
| Weighted average shares outstanding of non-redeemable ordinary shares, basic and diluted | 5031250 | 5031250 | 5031250 | 5031250 |
| **Basic and diluted net (loss) income per share, non-redeemable ordinary shares** | $**(0.94)** | $**0.03** | $**(1.68)** | $**0.18** |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**PYROPHYTE ACQUISITION CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT**

**For the three and nine months ended September 30, 2025**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Subject to<br> Possible Redemption** | **Ordinary Shares Subject to<br> Possible Redemption** | **Non Redeemable <br> Ordinary Shares** | **Non Redeemable <br> Ordinary Shares** | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Total**<br>**Shareholders'**<br>**Deficit** |
| **Balance as of January 1, 2025** | 6290711 | $74042674 | 5031250 | $503 | $- | $(17324017) | $(17323514) |
| Extension contribution due from Sponsor |  | 270000 |  | - | - | - | - |
| Remeasurement of Class A ordinary shares to redemption value |  | 584665 |  | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | (854665) | (854665) |
| Net loss | - | - | - | - | - | (3190203) | (3190203) |
| **Balance as of March 31, 2025 (unaudited)** | **6290711** | $**74897339** | **5031250** | $**503** | $**-**  | $**(21368885)** | $**(21368382)** |
| Redemption of Class A ordinary shares | (4776757) | (57089949) |  | - | - | - | - |
| Extension contribution due from Sponsor |  | 151395 |  | - | - | - | - |
| Remeasurement of Class A ordinary shares to redemption value |  | 372855 |  |  | - | (735834) | (735834) |
| Net loss | - | - | - | - | - | (5030516) | (5030516) |
| **Balance as of June 30, 2025 (unaudited)** | **1513954** | $**18331640** | **5031250** | $**503** | $**-**  | $**(27135235)** | $**(27134732)** |
| Extension contribution due from Sponsor |  | 151395 |  | - | - | - | - |
| Remeasurement of Class A ordinary shares to redemption value |  | 223150 |  |  | - | (374545) | (374545) |
| Net loss | - | - | - | - | - | (6149551) | (6149551) |
| **Balance as of September 30, 2025 (unaudited)** | **1513954** | $**18706185** | **5031250** | $**503** | $**-**  | $**(33659331)** | $**(33658828)** |

---

**For the three and nine months ended September 30, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Subject to <br> Possible Redemption** | **Ordinary Shares Subject to <br> Possible Redemption** | **Non Redeemable <br> Ordinary Shares** | **Non Redeemable <br> Ordinary Shares** | | | |
|  | **Class A** | **Class A** | **Class A** | **Class A** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Total**<br>**Shareholders'**<br>**Deficit** |
| **Balance as of January 1, 2024** | 8973837 | $99250100 | 5031250 | $503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $(15476233) | $(15475730) |
| Extension contribution due from Sponsor |  | 480000 |  | - | - | - | - |
| Remeasurement of Class A ordinary shares to redemption value |  | 1646307 |  |  | - | (1646307) | (1646307) |
| Net income | - | - | - | - | - | 1939948 | 1939948 |
| **Balance as of March 31, 2024 (unaudited)** | **8973837** | $**101376407** | **5031250** | $**503** | $**-**  | $**(15182591)** | $**(15182088)** |
| Extension contribution due from Sponsor |  | 90000 |  | - | - | - | - |
| Redemption of Class A ordinary shares | (2683126) | (30440234) |  | - | - | - | - |
| Remeasurement of Class A ordinary shares to redemption value |  | 1047824 |  |  | - | (2007824) | (2007824) |
| Net income | - | - | - | - | - | 50866 | 50866 |
| **Balance as of June 30, 2024 (unaudited)** | **6290711** | $**72073997** | **5031250** | $**503** | $**-**  | $**(17139550)** | $**(17139047)** |
| Extension contribution due from Sponsor |  | 270000 |  | - | - | - | - |
| Remeasurement of Class A ordinary shares to redemption value |  | 776421 |  |  | - | (776421) | (776421) |
| Net income | - | - | - | - | - | 299080 | 299080 |
| **Balance as of September 30, 2024 (unaudited)** | **6290711** | $**73120418** | **5031250** | $**503** | $**-**  | $**(17616891)** | $**(17616388)** |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

**PYROPHYTE ACQUISITION CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> NINE MONTHS <br> ENDED <br> SEPTEMBER 30, <br> 2025** | **FOR THE <br> NINE MONTHS <br> ENDED <br> SEPTEMBER 30, <br> 2024** |
| **Cash Flows from Operating Activities** | | |
| Net (loss) income | $(14370270) | $2289894 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Gain on cash (investments) held in Trust Account | (1029273) | (3290543) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative warrant liabilities | 14012341 | (404375) |
| &nbsp;&nbsp;&nbsp;Change in fair value of conversion option | 868338 | - |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 10306 | 70495 |
| &nbsp;&nbsp;&nbsp;Deferred legal fees | 113325 | 408166 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 90944 | 14878 |
| &nbsp;&nbsp;&nbsp;Due from related party | 42074 | - |
| &nbsp;&nbsp;&nbsp;Due to related party | (165000) | 95000 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (2200) | 63996 |
| **Net cash used in operating activities** | (429415) | (752489) |
| **Cash Flows from Investing Activities** |  |  |
| Trust Account withdrawal – redemption | 57089949 | 30440234 |
| Extension contribution deposit into Trust Account | (935771) | (1140000) |
| **Net cash provided by investing activities** | 56154178 | 29300234 |
| **Cash Flows from Financing Activities** |  |  |
| Redemption of Class A ordinary shares | (57089949) | (30440234) |
| Proceeds from Promissory note – working capital loan | 436202 | 753420 |
| Proceeds from Promissory note – extension loan | 935769 | 1140000 |
| **Net cash used in financing activities** | (55717978) | (28546814) |
| **Net increase in cash** | 6785 | 931 |
| **Cash - beginning of period** | 1173 | 1253 |
| **Cash - end of period** | $7958 | $2184 |
| **Supplemental disclosure of noncash investing and financing activities:** |  |  |
| Remeasurement of Class A ordinary shares to redemption value | $1180670 | $4430552 |
| Extension contribution due from Sponsor | $151395 | $360000 |

---

*The accompanying notes are an integral part of these unaudited condensed financial statements.*

 

**PYROPHYTE ACQUISITION CORP.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 – Description of Organization, Business Operations, Going Concern and Basis of Presentation**

Pyrophyte Acquisition Corp. (the "Company" or "Pyrophyte", "we", "our") is a blank check company incorporated in Cayman Islands on February 12, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the "initial business combination"). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. Snowbank Newco Alberta ULC is a wholly owned subsidiary of the Company formed as an Alberta unlimited liability company on October 20, 2023.

As of September 30, 2025, the Company had not yet commenced any operations. All activity for the period from February 12, 2021 (inception) through September 30, 2025 relates to the Company's formation and the preparation of the initial public offering (the "Initial Public Offering") described below, and since the Initial Public Offering, the search for a prospective initial business combination. The Company will not generate any operating revenues until after the completion of its initial business combination, at the earliest. The Company generates non-operating income in the form of interest or dividend income on investments from the proceeds derived from the Initial Public Offering.

On November 13, 2023, the Company, Sio Silica Corporation, an Alberta corporation ("Sio"), Sio Silica Incorporated, a newly-formed Alberta corporation formed solely for the purpose of engaging in the Sio Business Combination and that is wholly owned by Feisal Somji, a nominee ("Nominee") of Sio ("Sio Newco"), and Snowbank NewCo Alberta ULC, an Alberta unlimited liability corporation and wholly-owned subsidiary of the Company ("Pyrophyte Newco") entered into a business combination agreement (as amended, the "Sio Business Combination Agreement" and the transactions contemplated thereby, the "Sio Business Combination") subject to terms and conditions.

On October 29, 2024, the Company received notice from the New York Stock Exchange that it would suspend the listing of the Company's Class A ordinary shares, public warrants and Units before market open on October 30, 2024 and commence delisting proceedings with respect to such securities because its Listed Company Manual does not permit a special purpose acquisition company, such as the Company, to remain listed for more than three years after the Company's initial public offering. Following the suspension, the Company's Class A ordinary shares, public warrants and Units began trading on the OTC Pink Marketplace under the symbols "PHYTF," "PHYWF" and "PHYUF," respectively.

The Company's sponsor is Pyrophyte Acquisition LLC, a Delaware limited liability company (the "Sponsor"). The registration statement for the Company's Initial Public Offering was declared effective on October 26, 2021. On October 29, 2021, the Company consummated its Initial Public Offering of 20,125,000 units (the "Units" and, with respect to the Class A ordinary shares included in the Units offered, the "Public Shares"), including 2,625,000 additional Units to cover over-allotments (the "Over-Allotment Units"), at $10.00 per Unit, generating gross proceeds of $201,250,000, and incurring $181,216 in other offering costs, $2,625,000 in upfront underwriting fees (Note 5).

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement ("Private Placement") of 10,156,250 warrants (each, a "Private Placement Warrant" and collectively, the "Private Placement Warrants") at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of $10,156,250 (Note 4).

Upon the closing of the Initial Public Offering and the Private Placement, $206,281,250 ($10.25 per Unit) of the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants were deposited into a trust account (the "Trust Account") in the United States at J.P. Morgan Chase Bank, N.A. maintained by Continental Stock Transfer & Trust Company, acting as trustee, to be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the "Investment Company Act"), which invest only in direct U.S, government treasury obligations until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company's shareholders, as described below. On April 24, 2024, the Company amended the investment management trust agreement, dated as of October 26, 2021, by and between the Company and Continental Stock Transfer and Trust Company, as trustee (as amended, the "Trust Agreement"), to permit Continental Stock Transfer & Trust Company (the "Trustee"), to hold the assets in the Trust Account in an interest-bearing demand deposit account or cash until the earlier of the consummation of an initial business combination or the Company's liquidation. On the same day, the Company instructed the Trustee to liquidate the investments held in the Trust Account and move the funds to an interest-bearing demand deposit account, with Continental continuing to act as trustee. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and the sale of the private placement warrants are no longer invested in U.S. government securities or money market funds.

The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

The Company will provide its holders of the outstanding Public Shares (the "Public Shareholders") with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholders meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with an initial business combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which Public Shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination.

If the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company's amended and restated memorandum and articles of association (as amended, the "Articles") provides that, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares without the Company's prior written consent.

The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.25 per share, plus any pro rata interest or dividend earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the representative of the underwriter (as discussed in Note 5). There will be no redemption rights upon the completion of a Business Combination with respect to the Company's warrants. These Class A ordinary shares were recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity."

If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Articles, offer such redemption pursuant to the tender offer rules of the Securities and Exchange Commission (the "SEC"), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

The Company's Sponsor, officers and directors agreed (a) to vote its Founder Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Company's Articles with respect to the Company's pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Founder Shares) and Private Placement Warrants (including underlying securities) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval in connection therewith) or a vote to amend the provisions of the Articles relating to shareholders' rights of pre- Business Combination activity and (d) that the Founder Shares and Private Placement Warrants (including underlying securities) shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.

If the Company is unable to complete a Business Combination by the April 29, 2027 ("Extended Date") as approved at the Fourth Extension Meeting on April 28, 2026, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest or dividend earned on the funds held in the Trust Account, which interest or dividend shall be net of taxes payable and $100,000 of interest or dividend to pay dissolution expenses, divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company's board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirement of applicable law. The representative of the underwriter agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination by the Extended Date and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.25).

The Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Sio Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.25 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.25 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations. None of the Company's officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

 ****

***First Extension Meeting***

On April 24, 2023, we held an extraordinary general meeting of shareholders (the "First Extension Meeting"), pursuant to which our shareholders approved an amendment to the Articles to extend the date by which the Company must complete initial business combination from April 29, 2023 to April 29, 2024 (the "First Extended Date") (or such earlier date as determined by our board of directors and included in a public announcement) (the "First Extension"). In connection therewith, the Sponsor agreed to loan us $160,000 for each calendar month beginning on April 30, 2023 and ending on the earlier of the completion of a business combination or the date of the our liquidation in accordance with the terms of the First Extension, up to a maximum aggregate amount of $1.92 million (the "First Extension Contribution"). On May 4, 2023, we issued a convertible promissory note (the "First Extension Note") to the Sponsor with a principal amount up to $1.92 million. Pursuant to the First Extension Note, the Sponsor may convert the outstanding principal into Private Placement Warrants at $1.00 per warrant. In connection with the vote to approve the First Extension, the holders of 11,151,163 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.56 per share, for an aggregate redemption amount of approximately $118 million, resulting in 8,973,837 Public Shares remaining. In addition, on April 28, 2023, holders of 5,031,250 Class B ordinary shares elected to convert such shares into Class A ordinary shares on a one-for-one basis for no consideration. The shareholders also approved a proposal to amend the Articles to permit the Company's board of directors (the "Board"), in its sole discretion, to elect to wind up the Company's operations on an earlier date than the Extended Date as determined by the Board and included in a public announcement. The shareholders also approved a proposal to amend the Articles to eliminate the limitation that the Company may not redeem Public Shares in an amount that would cause the Company's net tangible assets to be less than $5,000,001 in connection with the Company's initial business combination. The shareholders also approved a proposal to provide for the right of a holder of the Company's Class B ordinary shares, par value $0.0001 per share (the "Class B ordinary shares"), to convert into Class A ordinary shares, par value $0.0001 per share, on a one-for-one basis prior to the closing of an initial business combination at the election of the holder.

***Second Extension Meeting***

On April 26, 2024, the Company had an extraordinary general meeting of our shareholders (the "Second Extension Meeting") to vote on another amendment to its Articles to extend the deadline by which it has to complete an initial business combination from April 29, 2024 to April 29, 2025 (the "Second Extension"). In connection with the vote to approve the Second Extension, the holders of 2,683,126 Public Shares exercised their right to redeem their shares for cash at a redemption price of approximately $11.35 per share, for an aggregate redemption amount of approximately $30.4 million, resulting in 6,290,711 Public Shares outstanding. In connection with the Second Extension Meeting, the Sponsor agreed to loan us $90,000 for each calendar month beginning on April 30, 2024 and ending on the earlier of (i) the completion of a business combination, (ii) the date of the our liquidation in accordance with the terms of the Second Extension and (iii) April 29, 2025, up to a maximum aggregate amount of $1.08 million (the "Second Extension Contribution"), and on April 26, 2024, the Company issued a promissory note (the "Second Extension Note", together with the First Extension Note, the "Extension Notes") to the Sponsor in the amount of $1.08 million in connection with the Second Extension Contributions. The Second Extension Note funded extension deposit of $90,000 for each calendar month beginning on April 30, 2024 until April 29, 2025.

***Third Extension Meeting***

On April 25, 2025, the Company had an extraordinary general meeting of our shareholders (the "Third Extension Meeting") to vote on another amendment to its Articles to extend the deadline by which it has to complete an initial business combination from April 29, 2025 to April 29, 2026 (the "Third Extension"). In connection with the Extraordinary General Meeting, shareholders holding an aggregate of 4,776,757 Public Shares exercised their right to redeem their shares at a price of approximately $11.95 per share from the funds held in the Trust Account, leaving approximately $18.1 million in cash in the Trust Account after satisfaction of such redemptions. In connection with the Third Extension Meeting, the Sponsor agreed to loan us lesser of (i) $0.05 per Public Share or (ii) $150,000 for each calendar month beginning on April 30, 2025 and ending on the earlier of (i) the completion of a business combination, and (ii) the date of the our liquidation in accordance with the terms "Third Extension Contribution"), and on April 25, 2025, the Company issued a promissory note (the "Third Extension Note", together with the First and Second Extension Notes, the "Extension Notes") to the Sponsor in the amount of $1.5 million in connection with the Third Extension Contributions. The Third Extension Note will fund extension deposit of the lesser of (i) $0.05 per Public Share or (ii) $150,000 for each calendar month beginning on April 30, 2025 until April 29, 2026.

***Fourth Extension Meeting***

On April 28, 2026, the Company had an extraordinary general meeting of our shareholders (the "Fourth Extension Meeting") to vote on another amendment to its articles to extend the deadline by which it has to complete an initial business combination from April 29, 2026 to April 29, 2027 (the "Fourth Extension"). In connection with the approval of the Extension Amendment at the extraordinary general meeting, the Company issued a promissory note to the Sponsor with a principal amount up to $1,200,000 (the "Fourth Extension Note"). The Fourth Extension Note bears no interest and is repayable in full upon the earlier of (i) the date of the consummation of the Company's initial business combination and (ii) the date of the Company's liquidation. If the Company does not consummate an initial business combination by April 29, 2027, the Fourth Extension Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

In addition, on April 28, 2026, the Company amended and restated its previously issued unsecured amended and restated convertible promissory note with the Sponsor to extend the maturity date thereunder from the earlier of (i) April 29, 2026 and (ii) the effective date of an initial business combination to the earlier of (i) April 29, 2027 and (ii) the effective date of an initial business combination. Other existing terms apply.

The Sponsor determined to increase the monthly amount that it or its designee would deposit into the Trust Account as a loan in connection with the Extension Amendment from (a) an amount equal to the greater of (i) $0.05 per Public Shares multiplied by the number of Public Shares then outstanding, and (ii) $75,000, to (b) $100,000 for each calendar month beginning on April 30, 2026, and ending on the earlier of the Company's liquidation or April 29, 2027.

As of September 30, 2025 and December 31, 2024, $3,305,769 and $2,370,000 respectively had been drawn on the Extension Notes and there were Trust Account deposits in connection with the Extension Notes, totaling $3,305,769.

***Sio Business Combination***

On November 13, 2023, the Company entered into a Sio Business Combination Agreement with Sio, Sio Newco, and Pyrophyte Newco, pursuant to which, among other things and subject to the terms and conditions contained therein, (i) the Company will transfer by way of continuation from the Cayman Islands to Alberta in accordance with the Cayman Islands Companies Act (as revised) (the "Companies Act") and continue as an Alberta corporation in accordance with the applicable provisions of the Business Corporations Act (Alberta) (the "ABCA") (such continuation, the "Domestication"), (ii) following the Domestication, Pyrophyte will amalgamate with Sio Newco (the "SPAC Amalgamation"), with Sio Newco surviving the SPAC Amalgamation ("Pubco") in accordance with the terms of a Plan of Arrangement (the "Plan of Arrangement"), and (iii) Sio and Pyrophyte Newco will amalgamate (the "Sio Amalgamation" and together with the SPAC Amalgamation, the "Amalgamations"), with Sio surviving the Sio Amalgamation as a wholly-owned subsidiary of Pubco and such entity will continue the business operations currently undertaken by Sio.

On November 12, 2024, the Company entered into an amendment to the Sio Business Combination Agreement with Sio, Sio Newco and Pyrophyte Newco, pursuant to which the parties thereto agreed to extend the outside date from November 13, 2024 to December 31, 2024.

On December 31, 2024, we entered into a second amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from December 31, 2024 to April 30, 2025.

Subsequently, on April 30, 2025, we entered into a third amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from April 30, 2025 to December 31, 2025.

On October 16, 2025, we entered into a fourth amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from December 31, 2025 to April 29, 2026.

On March 13, 2026, we entered into a fifth amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from April 29, 2026 to April 29, 2027.

*Subscription Agreements*

 

Concurrently with the execution of the Sio Business Combination Agreement, Pyrophyte, Sio and Sio Newco entered into subscription agreements with (i) a certain accredited investor (the "Non-Insider PIPE Investor") and (ii) certain other accredited investors who are existing shareholders of Sio or the Company (the "Insider PIPE Investors" and, together with the Non-Insider PIPE Investor, the "PIPE Investors"), pursuant to which, among other things, Sio Newco agreed to issue and sell, in a private placement to close concurrently with and conditioned upon the effectiveness of the consummation of the Sio Business Combination, an aggregate of 3,114,258 Pubco Class A Common Shares (the "PIPE Investment") to the PIPE Investors for an aggregate purchase price equal to $20,122,474.

*Sio Securityholder Support Agreements*

 

In connection with the execution of the Sio Business Combination Agreement, on November 13, 2023, the Company, Sio, and certain securityholders of Sio entered into support agreements (the "Sio Securityholder Support Agreements"), pursuant to which, among other things, such shareholders agreed to vote (or cause to be voted) all of their Sio shares and other voting securities of Sio ("Subject Securities") in favor of the special resolution of Sio shareholders in respect of the Plan of Arrangement, to be considered at Sio's shareholders meeting to approve the Sio Business Combination. Additionally, such shareholders have agreed, among other things, not to, prior to the Closing, (a) transfer any of their Subject Securities (or enter into any agreement, arrangement or understanding in connection therewith other than pursuant to the Plan of Arrangement), subject to certain customary exceptions, or (b) enter into any voting arrangement that is inconsistent with the Sio Securityholder Support Agreements. Sio covenants in the Sio Business Combination Agreement that it will use commercially reasonable efforts to obtain Sio Securityholder Support Agreements from at least 66% of its shareholders as promptly as possible, but in any event, within five days of the execution date of the Sio Business Combination Agreement.

***Liquidity and Capital Resources and Going Concern***

As of September 30, 2025, the Company had $7,958 in cash. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. If the Company's estimates of the costs of identifying a target business, undertaking in-depth due diligence, and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to an initial business combination. The liquidation deadline for the Company is also within the next twelve months if an initial business combination is not consummated. The Company cannot assure that its plans to consummate an initial business combination will be successful.

As a result of the above, in connection with the Company's assessment of going concern considerations in accordance with ASC Subtopic 205-40, "*Presentation of Financial Statements – Going Concern*," management has determined that the liquidity conditions and the proximity to liquidation date raises substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Extended Date. These unaudited condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

**Note 2 – Summary of Significant Accounting Policies**

***Use of Estimates***

The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the fair value of the warrants and the conversion option embedded in the convertible promissory notes.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The financial information as of December 31, 2024 is derived from the audited financial statements presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The interim results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future periods.

***Principles of Consolidation***

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The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Snowbank NewCo Alberta ULC, As of September 30, 2025. Snowbank NewCo Alberta ULC had no assets or liabilities As of September 30, 2025. All significant intercompany transactions and balances have been eliminated in consolidation.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2025 and December 31, 2024, the Company had cash of $7,958 and $1,173, respectively. The Company did not have any cash equivalents held outside of the Trust Account as of September 30, 2025 and December 31, 2024.

 ****

***Concentration of Credit Risk***

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

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***Cash held in Trust Account***

On April 24, 2024, the Company amended the Trust Agreement to permit the Trustee to hold the assets in the Trust Account in an interest-bearing demand deposit account or cash until the earlier of the consummation of an initial business combination or the Company's liquidation. On the same day, the Company instructed the Trustee to liquidate the investments held in the Trust Account and move the funds to an interest-bearing demand deposit account, with Continental continuing to act as trustee. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and the sale of the private placement warrants are no longer invested in U.S. government securities or money market funds.

As of September 30, 2025 and December 31, 2024, the funds in the Trust Account were held in an interest-bearing deposit account. The Company's investments held in the Trust Account were classified as trading securities. Trading securities were presented on the unaudited condensed consolidated balance sheets at fair value at the end of each reporting period. As of September 30, 2025, the Company investments held in Trust Account are invested in cash, due to the short-term nature cash approximates it fair value. Interest or dividend income is included in gain on cash (investments) held in Trust Account in the accompanying unaudited condensed consolidated statements of income. The estimated fair values of investments held in Trust Account prior to the liquidation of securities were determined using available market information.

In addition, in connection with the approval of the Extension Amendment at the Extraordinary Meeting, on April 25, 2025, the Company amended (the "Trust Agreement Amendment") its Investment Management Trust Agreement, dated October 26, 2021, by and between the Company and Continental Stock Transfer & Trust Company ("Continental"), as trustee (as amended, the "Trust Agreement"), to clarify that if the Sponsor fails to make a Third Extension Contribution within 45 days after the date in which a Third Extension Contribution was required to be deposited into the Trust Account, then Continental will be entitled to liquidate the Trust Account and distribute the proceeds thereof to the Public Shareholders in accordance with the terms of the Trust Agreement.

 

***Net (Loss) Income Per Ordinary Share***

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "*Earnings Per Share*." Net (loss) income per ordinary share is computed by dividing net income by the weighted average number of ordinary share outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placements to purchase Class A ordinary shares in the calculation of diluted (loss) income per share, since their inclusion is contingent on a future event. As a result, diluted (loss) income per share is the same as basic (loss) income per share for the periods presented.

The Company historically had two classes of ordinary shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Upon the conversion event in April 2023 to convert Class B ordinary shares into Class A ordinary shares, the Company now has Class A redeemable and non-redeemable ordinary shares. Income and losses are shared pro rata between the redeemable and non-redeemable ordinary shares. Net (loss) income per share, basic and diluted for redeemable Class A ordinary shares is calculated by dividing the pro rata allocation of net (loss) income to redeemable Class A ordinary shares for the three and nine months ended September 30, 2025 and 2024 by the weighted average number of redeemable Class A ordinary shares outstanding for the periods. Net (loss) income per share basic and diluted for non-redeemable ordinary shares is calculated by dividing the pro rata allocation of net (loss) income to non-redeemable ordinary shares for the nine months ended September 30, 2025 and 2024 by the weighted average number of non-redeemable ordinary shares outstanding for the periods. Remeasurement associated with the redeemable shares of Class A ordinary shares was excluded from earnings per share as the redemption value approximates fair value.

A reconciliation of the net (loss) income per ordinary share is as follows.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For The<br> Three Months<br> Ended<br> September 30, <br> 2025** | **For The<br> Three Months<br> Ended<br> September 30,<br> 2024** | **For The<br> Nine Months<br> Ended<br> September 30, <br> 2025** | **For The<br> Nine Months<br> Ended<br> September 30,<br> 2024** |
| **Redeemable Class A Ordinary Shares** | | | | |
| *Numerator: Net (loss) income allocable to Redeemable Class A Ordinary Shares* |  |  |  |  |
| Net (loss) income allocable to Redeemable Class A Ordinary Shares | $(1469901) | $166175 | $(6325609) | $1365096 |
| *Denominator: Weighted Average Share Outstanding, Redeemable Class A Ordinary Shares* |  |  |  |  |
| Basic and diluted weighted average shares outstanding, Redeemable Class A | 1513954 | 6290711 | 3508644 | 7426633 |
| **Basic and diluted net (loss) income per share, Class A ordinary shares subject to possible redemption** | $(0.97) | $0.03 | $(1.80) | $0.18 |
| **Non-Redeemable Ordinary Shares** |  |  |  |  |
| *Numerator: Net (loss) income allocable to non-redeemable Ordinary Shares* |  |  |  |  |
| Net income allocable to non-redeemable Ordinary Shares | $(4884850) | $132905 | $(9070661) | $924798 |
| *Denominator: Weighted Average Non-Redeemable Ordinary Shares* | 5031250 | 5031250 | 5031250 | 5031250 |
| **Basic and diluted net (loss) income per share, non-redeemable ordinary shares** | $(0.97) | $0.03 | $(1.80) | $0.18 |

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***Class A Ordinary Shares Subject to Possible Redemption***

All of the Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company's liquidation if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company's Articles. In accordance with SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. Therefore, all Class A ordinary shares have been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.

The reconciliation of Class A ordinary shares subject to possible redemption as of September 30, 2025 and December 31, 2024 is as follows:

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| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| Class A ordinary shares subject to possible redemption at December 31, 2023 | 8973837 | $99250100 |
| Extension contribution due from Sponsor |  | 360000 |
| Redemption of Class A ordinary shares | (2683126) | (30440234) |
| Remeasurement of Class A ordinary shares to redemption value |  | 4872808 |
| Class A ordinary shares subject to possible redemption at December 31, 2024 | 6290711 | 74042674 |
| Remeasurement of Class A ordinary shares to redemption value |  | 584665 |
| Extension contribution due from Sponsor |  | 270000 |
| Class A ordinary shares subject to possible redemption at March 31, 2025 | 6290711 | 74897339 |
| Redemption of Class A ordinary shares | (4776757) | (57089949) |
| Remeasurement of Class A ordinary shares to redemption value |  | 372855 |
| Extension contribution due from Sponsor |  | 151395 |
| Class A ordinary shares subject to possible redemption at June 30, 2025 | 1513954 | $18331640 |
| Remeasurement of Class A ordinary shares to redemption value |  | 223150 |
| Extension contribution due from Sponsor |  | 151395 |
| Class A ordinary shares subject to possible redemption at September 30, 2025 | 1513954 | $18706185 |

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***Fair Value Measurements***

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

 ****

***Fair Value of Financial Instruments***

As of September 30, 2025 and December 31, 2024, the carrying values of cash, accounts payable, and accrued expenses, which qualify as financial instruments under the FASB ASC 820, "*Fair Value Measurements and Disclosures*," approximate the carrying amounts represented in the unaudited condensed consolidated balance sheets.

The fair value of warrants issued in connection with the Initial Public Offering were initially measured at fair value using a Monte Carlo simulation model for the public warrants and Private Placement Warrants. As of September 30, 2025, the fair value of public warrants were determined using a combination of Monte Carlo and Binomial Lattice simulation models due to no trading activities at or around the reporting period. The fair value of the Private Placement Warrants were measured by reference to the price of the public warrants which is also considered level 3 fair value instrument. As of December 31, 2024, the fair value of the public warrants were valued based on the listed market price of the public warrants since they began trading on December 17, 2021 and the fair value of the Private Placement Warrants were measured by reference to the trading price of the public warrants, which is considered to be a Level 2 fair value measurement.

***Derivative Instruments***

The Company does not use derivative instruments to hedge its exposures to cash flow, market, or foreign currency risks. Management evaluates all of the Company's financial instruments, including issued warrants to purchase its Class A ordinary shares, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The Company determined that the conversion option embedded in its Extension Loans and the Working Capital Loan (as defined below) (together, the "Promissory Notes") should be bifurcated and accounted for as a derivative in accordance with ASC 815. As of September 30, 2025, the closing price of the Company's Class A ordinary shares exceeded the $11.50 strike price at which holders of the convertible promissory notes could elect to convert. To determine the fair value of the conversion option the Company adjusted the price of the underlying private warrant security upward by assuming a merger closing, and calculated the intrinsic value of the conversion feature based on the grossed-up warrant price and the conversion price. The intrinsic value was multiplied by the principal balance and the probability of a business combination to arrive at the fair value of the conversion option. Accordingly, the conversion option was in-the-money, and the Company measured the related conversion option liability at its fair value of $868,338 as of that date. The resulting fair value was recognized as a charge to earnings in the Company's unaudited condensed consolidated statement of operations, with a corresponding current liability recorded on the Company's unaudited condensed consolidated balance sheet. As of September 30, 2025 and December 31, 2024, $3,305,769 and $2,370,000 respectively had been drawn on the Extension Loans. As of September 30, 2025 and December 31, 2024, $2,078,077 and $1,641,875 were outstanding on the Working Capital Loan, respectively.

The Company issued 10,062,500 public warrants to purchase Class A ordinary shares to investors in the Company's Initial Public Offering and simultaneously issued 10,156,250 Private Placement Warrants. All of the Company's outstanding warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, we recognize the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re- measurement at each balance sheet date until exercised, and any change in fair value is recognized in the unaudited condensed consolidated statements of income.

***Non-Redemption Agreements***

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In connection with the 58,570 Class A ordinary shares the Company agreed to transfer to the Investors on or promptly after the consummation of the Sio Business Combination pursuant to the Non-Redemption Agreement on November 13, 2023, the Company estimated the aggregate fair value of the 58,570 Class A ordinary shares attributable to the non-redeeming Pyrophyte shareholder to be $482,324 or a weighted average of $8.24 per share, which is estimated by taking into considerations the estimated probability of the consummation of consummating the Sio Business Combination. The fair value of the Class A ordinary shares to be issued to the non-redeeming shareholder was determined to be an offering cost in accordance with Staff Accounting Bulletin Topic 5A. In substance, the Company recognized the offering cost as a capital contribution to induce the shareholder not to redeem its Class A ordinary shares, with a corresponding charge to additional paid-in capital to recognize the fair value of the shares transferred as an offering cost.

***Income Taxes***

The Company accounts for income taxes under ASC 740, "*Income Taxes*" ("ASC 740"). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2025 and December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the periods presented.

***Risk and Uncertainties***

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and conflicts in the Middle East and around the Red Sea. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization ("NATO") deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and conflicts in the Middle East and around the Red Sea and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, the Middle East and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Furthermore, there is currently significant uncertainty regarding the future relationship between the United States and various other countries arising from changes that may be implemented by the new presidential administration, including with respect to trade policies, treaties, tariffs, taxes, and other limitations on cross-border operations. Any actions taken by the United States' federal government that restrict or could impact the economics of trade—including additional tariffs, trade barriers, and other similar measures—could have the potential to disrupt existing supply chains and trigger retaliatory efforts by other countries, including the imposition of tariffs, raising rates of taxation, setting foreign exchange or capital controls, or establishing embargos, sanctions, or other import/export restrictions, thereby negatively impacting our business, both directly and indirectly.

Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, conflicts in the Middle East and around the Red Sea and subsequent sanctions or related actions, including the imposition of tariffs, could adversely affect the Company's search for an initial business combination and any target business with which it may ultimately consummate an initial business combination.

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***Emerging Growth Company***

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's unaudited condensed consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

***Recent Accounting Pronouncements***

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 for the year ended December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures* ("ASU 2023-09"), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The adoption of this ASU did not have an impact on the Company's unaudited condensed consolidated financial statements

The Company's management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.

**Note 3 – Initial Public Offering**

Pursuant to the Initial Public Offering, the Company sold 20,125,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one share of Class A ordinary shares and one-half of one redeemable warrant ("Public Warrant"). Each whole Public Warrant entitles the holder to purchase one share of Class A ordinary shares at an exercise price of $11.50 per share.

**Note 4 – Related Party Transactions**

***Class B Founder Shares***

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On February 24, 2021, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain offering costs in consideration for 5,750,000 Class B ordinary shares, par value $0.0001 (the "Founder Shares"). Up to 750,000 Founder Shares were subject to forfeiture by the Sponsor depending on the extent to which the underwriter's over-allotment option was exercised. At the close of the Initial Public Offering, the underwriter exercised its overallotment option in full and these Founder Shares were no longer subjected to forfeiture as of October 29, 2021.

On September 29, 2021, the Sponsor effected a surrender of 718,750 Class B ordinary shares to the Company for no consideration, resulting in an aggregate of 5,031,250 of Class B ordinary shares outstanding. Prior to the initial investment in the Company of $25,000 by the Sponsor, we had no assets, tangible or intangible. The per share purchase price of the Founder Shares was determined by dividing the amount of cash contributed to the Company by the aggregate number of Founder Shares issued. In connection with the First Extension, on April 28, 2023, all 5,031,250 Class B ordinary shares were converted from Class B ordinary shares into Class A ordinary shares on a one-for-one basis for no consideration.

***Private Placement Warrants***

 

Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 10,156,250 Private Placement Warrants at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of $10,156,250.

Each warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 per share. Certain proceeds from the sale of the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination by the Extended Date, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirement of applicable law) and the Private Placement Warrants will expire worthless.

***Promissory Notes***

***Working Capital Loan***

 

The Sponsor has committed to loan us up to $1,500,000 for working capital loans (as amended and restated, the "Working Capital Loan"). If the Company completes an initial business combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that an initial business combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans bear no interest and would either be repaid upon consummation of an initial business combination or, at the Sponsor's discretion. In addition, up to $1,500,000 of such Working Capital Loans may be convertible into Private Placement Warrants of the Company at a price of $1.00 per warrant.

On April 1, 2024, the Company amended and restated the Working Capital Loan to extend the maturity date thereunder to the earlier of (i) thirty (30) months after the closing of the Initial Public Offering and (ii) the consummation of a Business Combination. The Company also increased the principal amount from $1,500,000 to $1,840,616.

On April 26, 2024, the Company further amended and restated the Working Capital Loan and extended the maturity date thereunder to the earlier of (i) forty-two (42) months after the closing of the Initial Public Offering and (ii) the effective date of a Business Combination.

On April 25, 2025, the Company amended and restated the Working Capital Loan to extend the maturity date thereunder to the earlier of (i) maturity date of April 29, 2026 or (ii) the consummation of a Business Combination. The Company also increased the principal amount from $1,840,616 to $2,500,000.

On April 26, 2024, the Company further amended and restated the Working Capital Loan to extend the maturity date thereunder to the earlier of (i) forty-two months after the closing of the Public Offering and (ii) the consummation of a Business Combination.

As of September 30, 2025 and December 31, 2024, the Company had $2,078,077 and $1,641,875 outstanding under the Working Capital Loans respectively.

***Extension Loans***

In connection with the First Extension, the Sponsor agreed to loan the Company an amount equal to the lesser of (i) $0.04 per Public Shares multiplied by the number of Public Shares then outstanding and (ii) $160,000, for each calendar month beginning on April 30, 2023 until the earlier of (i) the completion of a Business Combination and (ii) the Company's liquidation (each, a "Contribution").

In connection with the first Contribution, on May 4, 2023, the Company issued a non-interest bearing note to the Sponsor with a principal amount up to $1.92 million for working capital expenses (as discussed in Note 1). The Sponsor may convert the outstanding principal into Private Placement Warrants at $1.00 per warrant. This note bears no interest and is repayable in full upon the earlier of the consummation of the Company's initial Business Combination, or the liquidation of the Company. If the Company does not consummate an initial Business Combination by the First Extended Date, the note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. The maturity date of this loan is the earlier of (i) fifty-four months after the closing of the IPO and (ii) the effective date of a Business Combination.

On April 26, 2024, in connection with the Second Extension Meeting, the Company issued a non-interest bearing promissory note to the Sponsor in the amount of $1.08 million in connection with the Second Extension Contributions. The maturity date of this loan is the earlier of (i) the Company's liquidation date and (ii) the effective date of a Business Combination.

On April 25, 2025, in connection with the Third Extension Meeting, the Company issued a non-interest bearing promissory note to the Sponsor in the amount of $1.5 million (the "Third Extension Note") in connection with the Third Extension Contributions. The maturity date of this loan is the earlier of (i) fifty-four months after the closing of the IPO and (ii) the effective date of a Business Combination.

On April 28, 2026, in connection with the Fourth Extension Meeting, the Company issued a non-interest bearing promissory note to the Sponsor in the amount of $1.2 million (the "Fourth Extension Note") in connection with the Fourth Extension Contributions. The maturity date of this loan is the earlier of (i) the Company's liquidation date and (ii) the effective date of a Business Combination.

As of September 30, 2025 and December 31, 2024, the Sponsor has advanced $3,305,769 and $2,370,000 respectively to the Company. As of September 30, 2025 and December 31, 2024, extension contributions of $151,395 and $360,000 respectively were due from Sponsor, which is not included in the outstanding balance of the extension loans.

The Company determined that the conversion option on the first extension and working capital notes should be bifurcated and accounted for as a derivative in accordance with ASC 815. As of September 30, 2025, the closing price of the Company's Class A ordinary shares exceeded the $11.50 strike price at which holders of the convertible promissory notes could elect to convert. Accordingly, the conversion option was in-the-money, and the Company measured the related conversion option liability at its fair value of $868,338 as of that date. The resulting fair value was recognized as a charge to earnings in the Company's unaudited condensed consolidated statement of operations, with a corresponding current liability recorded on the Company's unaudited condensed consolidated balance sheet.

***Administrative Support Agreement***

 

Commencing on the date of the Initial Public Offering, the Company has paid the Sponsor $15,000 per month for utilities, secretarial and administrative support services provided to the members of the Company's management team, which included payment of $10,000 per month to our former Chief Financial Officer and Executive Vice President of Business Development. Upon completion of the initial business combination or the Company's liquidation, the Company will cease paying these monthly fees. On July 1, 2022 the Company amended the administrative support agreement with the Sponsor from $15,000 per month to $5,000 per month. The agreement was amended again on September 25, 2024 with an effective date of May 1, 2024 to increase the fees from $5,000 to $15,000 per month. For the nine months ended September 30, 2025 and 2024, the Company incurred $135,000 and $95,000 respectively in Sponsor administrative fees.

For the nine months ended September 30, 2025 and 2024, the Company reimbursed management $68,746 and $36,159, respectively, for expenses related to acquisition activities.

***Due to Related Party***

As of September 30, 2025 and December 31, 2024, the Company had an outstanding balance of $0 and $165,000 respectively due to the Sponsor for administrative support services.

***Due from Related Party***

As of September 30, 2025 and December 31, 2024, the Company had a due from Sponsor balance of $26,780 and $68,854 respectively.

***Extension Contribution Due from Sponsor***

In connection with the First Extension and Second Extension, the Sponsor is obligated to fund the Trust Account (Note 1). As of September 30, 2025 and December 31, 2024, $151,395 and $360,000 respectively of extension contributions were due from Sponsor. Following September 30, 2025, the Company made an aggregate deposits of $609,364 in extension contributions to extend the liquidation date through April 29, 2026.

***Sponsor Support Agreement***

Concurrently with the execution of the Sio Business Combination Agreement, the Sponsor entered into a letter agreement (the "Sponsor Support Agreement") with Sio, Sio Newco, Pyrophyte and the directors and officers (or otherwise a part of the management team) of Pyrophyte, solely for purposes of amending certain of the terms of the letter agreement signed by them in connection with the Initial Public Offering, pursuant to which, among other things, the Sponsor agreed to among other things, vote all Class A Ordinary Shares, or any securities convertible into, exercisable or exchangeable for Class A Ordinary Shares, held by it or acquired after the date of the Sponsor Support Agreement (the "Covered Shares") at the meeting of Pyrophyte shareholders to be held in connection with the Sio Business Combination in favor of the adoption and approval of the Sio Business Combination and each other proposal related to the Sio and not transfer any Covered Shares (other than Pubco Class A Common Shares issued upon exercise of any Private Placement Warrants held by the Sponsor) until the earlier of (A) one year after the closing of the Sio Business Combination, (B) the first day the last sale price of Pubco Class A Common Shares equals or exceeds $12.00 per share for any 20 trading days within a 30-day trading period commencing at least 150 days after the Closing or (C) after the closing of the Sio Business Combination, the date on which Pubco completes a liquidation, amalgamation, share exchange or similar transaction resulting in the shareholders of Pubco having the right to exchange their shares for consideration.

In addition, under the terms of the Sponsor Support Agreement, the Sponsor agreed to subject up to 4,025,000 Class A Ordinary Shares ("Restricted Owned Shares") to certain earn out restrictions, if and only to the extent such shares are used to obtain any additional PIPE financing or other financing arrangements in connection with the consummation of the Sio Business Combination; provided that in no event shall the aggregate number of Restricted Owned Shares equal more than 4,025,000 Class A Ordinary Shares (the "Maximum Restricted Owned Shares"). If, prior to the closing of the Sio Business Combination, the SPAC Proceeds (as defined in the Sio Business Combination Agreement) are less than $70,000,000, then the number of Restricted Owned Shares will be adjusted pursuant to the terms of the Sponsor Support Agreement.

 

**Note 5 – Commitments & Contingencies**

***Registration and Shareholder Rights***

 

The holders of Founder Shares and Private Placement Warrants that may be issued upon conversion of the first extension and Working Capital Loans, if any (and any Class A ordinary share issuable upon the exercise of the Private Placement Warrants issued upon conversion of such loans), are entitled to registration rights pursuant to a registration rights agreement signed prior to the consummation of the Initial Public Offering. These holders are entitled to certain demand and "piggyback" registration rights. However, the registration rights agreement provides that we will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock- up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

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***Underwriting Agreement***

The Company granted the underwriter a 45-day option to purchase up to 2,625,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. The underwriter fully exercised the option on October 29, 2021.

The underwriter is entitled to a cash underwriting discount of 1.5% of the gross proceeds of the Initial Public Offering, or $2,625,000 in the aggregate, which was paid upon closing of the Initial Public Offering. In addition, the underwriter is entitled to a deferred fee of 4.0% of the gross proceeds of the Initial Public Offering. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

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On June 8, 2023, we entered into an engagement letter with UBS, which was subsequently amended on October 26, 2023, pursuant to which the Company engaged UBS to act as its exclusive capital markets advisor with respect to the Sio Business Combination. Pursuant to such engagement letter, if the Sio Business Combination closes, UBS agreed to waive the $8,443,750 of deferred underwriting commission owed to it in connection with the Initial Public Offering in exchange for the right to receive a transaction fee of $5,000,000, plus an incentive fee of up to $3,443,750, each of which is payable upon the closing of the Sio Business Combination. In addition, certain members of our management team have agreed to offset a certain amount of fees that may be due to UBS under this engagement letter.

***Investment Advisory Agreement***

On November 5, 2021, the Company entered into an investment advisory agreement with Clean Energy Associates, LLC ("Clean Energy"), pursuant to which Clean Energy will serve as an investment advisor in connection with the Company's initial Business Combination. If the Company enters into a letter of intent with a potential target that has been introduced to it by Clean Energy, it shall pay Clean Energy a cash success fee of $40,000. Clean Energy shall also be paid a retainer of up to $40,000. This agreement was subsequently terminated. As of September 30, 2025 and December 31, 2024, there were no amounts incurred and accrued for Clean Energy.

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***Financial Advisory Agreements***

On March 18 and March 28, 2022, respectively, the Company engaged UBS, the underwriter in the Initial Public Offering, as a placement agent and to serve as financial advisor and capital markets advisor in connection with a specified de-SPAC transaction. Under that arrangement, the Company agreed to pay UBS a cash fee for such services upon the consummation of such transaction in an amount equal to $3,000,000. The letter of intent related to such potential de-SPAC transaction expired on July 1, 2022 and, as such, rendered the engagement letter void and no future accrual or expense thereunder was booked. The engagement letter also provided for up to $25,000 in reimbursable fees to UBS and as of the expiration date of the agreement, there are no reimbursable fees incurred by the Company.

On June 5, 2023, Sio entered into an engagement letter with UBS and BMO Capital Markets ("BMO" and together with UBS, the "Placement Agents"), pursuant to which the Placement Agents agreed to serve as co-placement agents in connection with a proposed PIPE offering of securities of Sio Newco in connection with the Sio Business Combination. Pursuant to a separate letter agreement entered into on the same day between the Company and the Placement Agents, the Company agreed that, in the event that the Sio Business Combination is not consummated, it would reimburse the Placement Agents for its reasonable, documented, out of pocket expenses incurred by such Placement Agent in their role as Placement Agents up to an aggregate amount of $300,000.

***Non-Redemption Agreement***

Concurrently with the execution of the Business Combination Agreement, Pyrophyte and Sio Newco entered into a non-redemption agreement with a Pyrophyte shareholder with respect to 100,000 SPAC Class A Ordinary Shares held by such shareholder (the "Non-Redemption SPAC Shares"), pursuant to which, among other things, Pyrophyte agreed to issue 58,570 SPAC Class A Ordinary Shares to such shareholder in consideration of such shareholder's commitment not to redeem the Non-Redemption SPAC Shares held by it in connection with the approval of the Sio Business Combination by Pyrophyte's shareholders.

**Note 6 – Warrant Liabilities**

The Company accounted for the 20,218,750 warrants issued in connection with the Initial Public Offering (the 10,062,500 of public warrants and the 10,156,250 of Private Placement Warrants) in accordance with the guidance contained in ASC 815- 40 *Derivatives and Hedging — Contracts in Entity's Own Equity*. Such guidance provides that, because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly, the Company classifies each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company's unaudited condensed consolidated statements of income.

Additionally, certain adjustments to the settlement amount of the Private Placement Warrants are based on a variable that is not an input to the fair value of a "fixed-for-fixed" option as defined under ASC 815-40, and thus the Private Placement Warrants are not considered indexed to the Company's own stock and not eligible for an exception from derivative accounting.

The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon issuance of the warrants at the closing of the Initial Public Offering. Accordingly, the Company classified each warrant as a liability at its fair value. The public warrants were allocated a portion of the proceeds from the issuance of the Units equal to its fair value determined with the assistance of a professional independent valuation firm. The warrant liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability is adjusted to fair value, with the change in fair value recognized in the Company's unaudited condensed consolidated statements of income. The Company reassesses the classification of the warrants at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification.

Public warrants may only be exercised for a whole number of shares. No fractional public warrants were issued upon separation of the Units and only whole public warrants will trade. The public warrants became exercisable 30 days after the completion of an initial public offering provided that the Company has an effective registration statement under the Securities Act covering the Class A ordinary share issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or holders are permitted to exercise their warrants on a cashless basis under certain circumstances as a result of (i) the Company's failure to have an effective registration statement by the 60<sup>th</sup> business day after the closing of the initial business combination or (ii) a notice of redemption described under "*Redemption of warrants when the price per share of Class A ordinary share equals or exceeds $10.00*"). The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of its initial business combination, the Company will use its commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary share issuable upon exercise of the warrants and will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Company's initial business combination and to maintain a current prospectus relating to those Class A ordinary share until the warrants expire or are redeemed. If the shares issuable upon exercise of the warrants are not registered under the Securities Act in accordance with the above requirements, the Company will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. Notwithstanding the above, if the Company's Class A ordinary share are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional Class A ordinary share or equity-linked securities for capital raising purposes in connection with the closing of the initial business combination at an issue price or effective issue price of less than $9.20 per share of Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest or dividend thereon, available for the funding of the initial business combination on the date of the consummation of the initial business combination (net of redemptions) and (z) the volume weighted average trading price of Class A ordinary share during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial business combination (such price, the "Market Value") is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described under "*Redemption of warrants for Class A ordinary share*" and "*Redemption of warrants for cash*" will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

The Private Placement Warrants are identical to the public warrants, except that, so long as they are held by the Sponsor or its permitted transferees, (i) they will not be redeemable by the Company, (ii) they (including the Class A ordinary share issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of the initial business combination, (iii) they may be exercised by the holders on a cashless basis and (iv) are subject to registration rights.

If a tender offer, exchange or redemption offer shall have been made to and accepted by the holders of the Class A ordinary share and upon completion of such offer, the offeror owns beneficially more than 50% of the outstanding Class A ordinary share the holder of the warrant shall be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such warrant had been exercised, accepted such offer and all of the Class A ordinary share held by such holder had been purchased pursuant to the offer. If less than 65% of the consideration receivable by the holders of the Class A ordinary share in the applicable event is payable in the form of common equity in the successor entity that is listed on a national securities exchange or is quoted in an established over-the-counter market, and if the holder of the warrant properly exercises the warrant within thirty days following the public disclosure of the consummation of the applicable event by the Company, the warrant price shall be reduced by an amount equal to the difference (but in no event less than zero) of (i) the warrant price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined in the warrant agreement) minus (B) the value of the warrant based on the Black-Scholes Warrant Value for a Capped American Call on Bloomberg Financial Markets.

*Redemption of warrants when the price per share of Class A ordinary share equals or exceeds $18.00*: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon a minimum of 30 days' prior written notice of redemption; and

● if, and only if, the last reported sale price (the "closing price") of Class A ordinary share equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "*Description of Securities — Warrants — Public Warrants — Redemption Procedures — Anti-dilution Adjustments*" in the Company's Annual Report on Form 10-K) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering the Class A ordinary share issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary share is available throughout the 30-day redemption period. Any such exercise would not be on a cashless basis and would require the exercising warrant holder to pay the exercise price for each warrant being exercised.

 

*Redemption of warrants when the price per share of Class A ordinary share equals or exceeds $10.00:* Once the warrants become exercisable, the Company may redeem the outstanding warrants:

● in whole and not in part;

● at a price of $0.10 per warrant upon a minimum of 30 days' prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table set forth under "*Description of Securities — Warrants — Public Warrants*" based on the redemption date and the "fair market value" of Class A ordinary share (as defined below) except as otherwise described in "*Description of Securities — Warrants — Public Warrants*" in the Company's annual report on Form 10-K; and;

● if, and only if, the closing price of Class A ordinary share equals or exceeds $10.00 per Public Shares (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "*Description of Securities — Warrants — Public Warrants — Redemption Procedures — Anti-dilution Adjustments*" in the Company's annual report on Form 10-K) for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders; and

● if the closing price of the Class A ordinary share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "*Description of Securities — Warrants — Public Warrants — Redemption Procedures — Anti-dilution Adjustments*" in the Company's annual report on Form 10-K), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination by the Extended Date and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

**Note 7 – Shareholders' Deficit**

Preference shares - The Company is authorized to issue 1,000,000 shares of preference shares, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company's board of directors. As of September 30, 2025 and December 31, 2024, there were no preference shares issued or outstanding.

Class A ordinary shares - The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of September 30, 2025 and December 31, 2024, there were 5,031,250 Class A ordinary shares issued or outstanding (excluding 1,513,954 and 6,290,711 Class A ordinary shares subject to possible redemption), respectively.

In connection with the Extraordinary General Meeting on April 25, 2025, shareholders holding an aggregate of 4,776,757 Public Shares exercised their right to redeem their shares leaving 1,513,954 redeemable Class A ordinary shares outstanding as of that date.

Class B ordinary shares - The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. On September 29, 2021, the Sponsor surrendered 718,750 Founder Shares to us for cancelation for no consideration, resulting an aggregate of 5,031,250 Founder Shares outstanding. On April 24, 2023, in connection with the Company's extraordinary meeting, passed an amendment to the Company's Articles allowing Class B shareholders the right to convert their shares into Class A ordinary shares at the election of the holder. As a result of this amendment, all Class B ordinary shareholders elected to convert their shares into Class A ordinary shares thus reducing the number of Class B ordinary shares issued and outstanding to zero. As of September 30, 2025 and December 31, 2024, there were no Class B ordinary shares issued and outstanding.

Holders of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company's shareholders, except as required by law or stock exchange rule.

**Note 8 – Fair Value Measurements**

Since April 24, 2024, the funds in the Trust Account were held in an interest-bearing deposit account which is cash and cash equivalent, which are excluded from leveling. The following table presents information about the Company's financial liabilities that are measured at fair value on a recurring basis As of September 30, 2025 by level within the fair value hierarchy:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Liabilities:** | | | |
| Public Warrants | $— | $— | $6557731 |
| Private Placement Warrants | $— | $— | $7656797 |
| Conversion option liability | $— | $— | $868338 |

---

Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period.

The table below shows the change in fair value of the warrant liabilities as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Public<br> Warrants** | **Private<br> Placement<br> Warrants** | **Total** |
| Fair value at January 1, 2025 | $100625 | $101562 | $202187 |
| Change in fair value | 6457106 | 7555235 | 14012341 |
| Fair value As of September 30, 2025 | $6557731 | $7656797 | $14214528 |

---

Any significant changes in the inputs may result in significantly higher or lower fair value measurements. The following table provides quantitative information regarding Level 3 fair value measurement inputs for the Public Warrants and Private Placement Warrants at their measurement date:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** |  |
| Exercise price | $11.50 |  |
| Underlying share price | $12.32 |  |
| Volatility | 19.08 | % |
| Term to business combination (years) | 0.58 |  |
| Risk-free rate | 3.74 | % |
| Time remaining post-merger (years) | 5.00 |  |
| Probability of merger closing | 20.00 | %\* |

---

The table below shows the change in fair value of the warrant liabilities as of September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Public<br> Warrants** | **Private<br> Placement<br> Warrants** | **Total** |
| Fair value at January 1, 2024 | $806406 | $811094 | $1617500 |
| Change in fair value | (202656) | (201719) | (404375) |
| Fair value as of September 30, 2024 | $603750 | $609375 | $1213125 |

---

The following table presents information about the Company's financial liabilities that are measured at fair value on a recurring basis as of December 31, 2024 by level within the fair value hierarchy:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Liabilities:** | | | |
| Public Warrants | $— | $100625 | $— |
| Private Placement Warrants | $— | $101562 | $— |

---

The estimated fair value of the over-allotment option was $868,338. The following table provides quantitative information regarding Level 3 fair value measurement inputs for the conversion option liability at the measurement date:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** |  |
| Private warrant value assuming merger closes | $1.51 |  |
| Intrinsic Value per $1 of Convertible Debt Principal | $0.51 |  |
| Private warrant value | $0.75 |  |
| Total convertible debt principal | $3420000 |  |
| Probability of merger closing | 50.00 | %\* |

---

\* The valuation methodologies applied to the Company's warrants and convertible promissory notes incorporated differing assumptions regarding the probability of consummation of a business combination due to the distinct economic characteristics and risk profiles of the respective instruments. Specifically, the valuation of the warrants reflects risks and expected outcomes extending beyond the consummation of the initial business combination, whereas the valuation of the convertible promissory notes is primarily dependent upon the occurrence of a business combination, after which the associated risk exposure terminates.

**Note 9 – Segment information**

ASC Topic 280, "Segment Reporting," establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group, in deciding how to allocate resources and assess performance.

As of September 30, 2025, the Company had not commenced any operations. All activity for the nine months ended September 30, 2025 and 2024 relates to the Company's formation and the Initial Public Offering. The Company will not generate any operating revenues until after the completion of an initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering, which are held in a Trust Account.

The Company's CODM has been identified as the Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets, which primarily consists of cash or investments held in the Trust Account, in evaluating the results of the Company, and therefore, such information is not presented.

When evaluating the Company's performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Months<br> Ended**<br>**September 30,**<br>**2025** | **Months<br> Ended**<br>**September 30,**<br>**2024** | **Months<br> Ended**<br>**September 30,**<br>**2025** | **Months<br> Ended**<br>**September 30,**<br>**2024** |
| General and administrative expenses | $110387 | $275154 | $518869 | $1405024 |
| Gain on cash (investments) held in Trust Account | $147451 | $776421 | $1029273 | $3290543 |

---

The key measures of segment profit or loss reviewed by the CODM are operating costs and interest earned on investments held in Trust Account. The CODM reviews interest earned on investments held in Trust Account to measure and monitor shareholders value and determine the most effective strategy of investments with the Trust Account funds while maintaining compliance with the trust agreement. Operating costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination within the Combination Period. The CODM also reviews operating costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

**Note 10 – Subsequent Events**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the unaudited condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements except the Fourth Extension Meeting as described in Note 1, Extension Agreement and amendment to Working Capital Loans as described in Note 4 and as described below.

Subsequent to September 30, 2025, the Company deposited an aggregate of $609,364 into the Trust Account to extend the liquidation date to April 29, 2026. In addition, the Company drew an aggregate of $609,364 under the extension loan and $755,899 under the working capital loan, respectively.

On October 16, 2025, the Company entered into a fourth amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from December 31, 2025 to April 29, 2026.

On March 13, 2026, the Company entered into a fifth amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from April 29, 2026 to April 29, 2027.

On April 28, 2026, the Company held an extraordinary general meeting of shareholders to approve an amendment to its Articles extending the deadline to consummate an initial business combination from April 29, 2026 to April 29, 2027. In connection with the meeting, holders of 100,100 Public Shares redeemed their shares for approximately $12.93 per share (or an aggregate of $1.29 million), resulting in approximately $18.3 million remaining in the Trust Account. Additionally, the Sponsor agreed to fund monthly extension contributions of $100,000, beginning April 30, 2026 through the earlier of the Company's liquidation or April 29, 2027, up to an aggregate of $1.2 million, for which the Company issued a $1.2 million promissory note to the Sponsor.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

References in this Quarterly Report on Form 10-Q (the "Quarterly Report") to "we," "us," "our," the "Company" or "Pyrophyte" refer to Pyrophyte Acquisition Corp. References to our "management" or our "management team" refer to our officers and directors, and references to the "Sponsor" refer to Pyrophyte Acquisition LLC, a Delaware limited liability company. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" regarding the Company's financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and variations thereof and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company annual report for December 31, 2024 on Form 10-K filed with the SEC on February 19, 2026. The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

**Overview**

We are a blank check company formed under the laws of Cayman Islands on February 12, 2021 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses. While we may pursue an initial business combination opportunity in any industry or sector, we will seek targets around the world that we believe are market leaders in facilitating energy transition toward decarbonization and sustainable use of energy and natural resources, and are positioned to generate long-term value and growing cash flows. In particular, we will seek to identify companies provide the necessary products, equipment, services and technologies to support the energy transition, without the need to have their business rely solely on a single type of technology. We believe our leadership team's broad and diverse global network of transaction sources and relationships across a wide spectrum of renewable energy sectors will allow us to effectively and efficiently identify and evaluate potential opportunities for our initial business combination.

We intend to effectuate our initial business combination, including the Sio Business Combination, using cash from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, and our capital stock, debt or a combination of cash, stock and debt. Our registration statement for the Initial Public Offering became effective on October 26, 2021. We consummated the Initial Public Offering of 20,125,000 Units on October 29, 2021. Each Unit consisted of one Class A ordinary share and one-half of one redeemable warrant, including the issuance of 2,625,000 Units as a result of the underwriter's exercise of its over-allotment option in full. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each public warrant entitling the holder thereof to purchase one Class A ordinary share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $201,250,000, and incurred $11,068,750 in underwriting fees (inclusive of $8,443,750 in deferred underwriting fees).

Simultaneously with the closing of the Initial Public Offering on October 29, 2021, we completed the closing of the Private Placement of an aggregate 10,156,250 Private Placement Warrants at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of $10,156,250.

Upon the closing of the Initial Public Offering, the over-allotment and the Private Placement, $206,281,250 ($10.25 per unit) of the net proceeds of the sale of the Units in the Initial Public Offering, the over-allotment and the Private Placement were placed in the Trust Account with Continental Stock Transfer & Trust Company acting as trustee. Such proceeds were invested in United States government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act, as determined by us, until April 2024, when the trustee liquidated such investments and moved the proceeds to an interest-bearing demand deposit account. The proceeds will be held in such account until the earlier of: (i) the completion of a business combination and (ii) the distribution of the Trust Account as described below.

On April 24, 2023, we held an extraordinary general meeting of shareholders (the "First Extension Meeting"), pursuant to which our shareholders approved an amendment to the Articles to extend the date by which the Company must complete initial business combination from April 29, 2023 to April 29, 2024 (or such earlier date as determined by our board of directors and included in a public announcement) (the "Extension"). In connection therewith, the Sponsor agreed to loan us $160,000 for each calendar month beginning on April 30, 2023 and ending on the earlier of the completion of a business combination or the date of the our liquidation in accordance with the terms of the Extension, up to a maximum aggregate amount of $1.92 million (the "Extension Contribution"). On May 4, 2023, we issued a convertible promissory note (the "First Extension Note") to the Sponsor with a principal amount up to $1.92 million. Pursuant to the First Extension Note, the Sponsor may convert the outstanding principal into Private Placement Warrants at $1.00 per warrant. The Sponsor deposited the first Extension Contribution on April 30, 2023. On April 22, 2024, the Company deposited $960,000 into the Trust Account, which amount reflected the payment in full of the Company's remaining commitment to make an aggregate of $1.92 million of cash contributions to the Trust Account in connection with the Extension. In connection with the vote to approve the Extension, the holders of 11,151,163 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.56 per share, for an aggregate redemption amount of approximately $118 million, resulting in 8,973,837 public shares remaining.

At the First Extension Meeting, the shareholders also approved a proposal to provide the holders of the Class B ordinary shares with the right to convert such shares into Class A ordinary shares on a one-for-one basis prior to the closing of an initial business combination at the election of such holder. On April 28, 2023, the Sponsor elected to convert 5,031,250 Class B ordinary shares held by it, which represented all of the Class B ordinary shares outstanding into Class A ordinary shares on a one-for-one basis for no consideration.

On April 24, 2024, we entered into an amendment to the Trust Agreement, to permit the Trustee to hold the assets in the Trust Account in an interest-bearing demand deposit account or cash until the earlier of the consummation of an initial business combination or the Company's liquidation. The Company then instructed the Trustee to liquidate the Trust Account and move the proceeds into an interest-bearing demand deposit account.

On April 26, 2024, we held another extraordinary general meeting of shareholders (the "Second Extension Meeting") to vote on an amendment to its Articles to further extend the date on which we had to consummate an initial business combination from April 29, 2024 to April 29, 2025. The shareholders voted to approve the amendment. The Sponsor agreed that if such amendment was approved and implemented, then it or its designee would deposit (the "Second Extension Contributions") into the Trust Account as a loan $90,000 per month beginning on April 30, 2024 and ending on the earlier of (i) the Company's liquidation, (ii) the consummation of an initial business combination and (iii) April 30, 2025. In connection with the Second Extension Meeting, holders of 2,683,126 Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $11.35 per share, for an aggregate redemption amount of approximately $30.4 million, resulting in 6,290,711 public shares remaining. On April 26, 2024, in connection with the Second Extension Meeting, we issued a promissory note (the "Second Extension Note") to the Sponsor in the amount of $1.08 million in connection with the Second Extension Contributions.

On April 25, 2025, we had an extraordinary general meeting of our shareholders (the "Third Extension Meeting") to vote on another amendment to the Articles to extend the deadline by which we have to complete an initial business combination from April 29, 2025 to April 29, 2026 (the "Third Extension"). In connection with the Extraordinary General Meeting, shareholders holding an aggregate of 4,776,757 public shares exercised their right to redeem their shares at a price of approximately $11.95 per share from the funds held in the Trust Account, leaving approximately $18.1 million in cash in the Trust Account after satisfaction of such redemptions. In connection with the Third Extension Meeting, the Sponsor agreed to loan us lesser of (i) $0.05 per Public Share or (ii) $150,000 for each calendar month beginning on April 30, 2025 and ending on the earlier of (i) the completion of a business combination and (ii) the date of the our liquidation in accordance with the terms of the Third Extension (the "Third Extension Contribution"), and on April 25, 2025, the Company issued a promissory note (the "Third Extension Note", together with the First and Second Extension Notes, the "Extension Notes") to the Sponsor in the amount of $1.5 million in connection with the Second Extension Contributions. The Third Extension Note will fund extension deposit of the lesser of (i) $0.05 per Public Share or (ii) $150,000, for each calendar month beginning on April 30, 2025 until April 29, 2026.

On April 28, 2026, the Company had an extraordinary general meeting of our shareholders (the "Fourth Extension Meeting") to vote on another amendment to its articles to extend the deadline by which it has to complete an initial business combination from April 29, 2026 to April 29, 2027 (the "Fourth Extension"). In connection with the approval of the Extension Amendment at the extraordinary general meeting, the Company issued a promissory note to the Sponsor with a principal amount up to $1,200,000 (the "Fourth Extension Note"). The Fourth Extension Note bears no interest and is repayable in full upon the earlier of (i) the date of the consummation of the Company's initial business combination and (ii) the date of the Company's liquidation. If the Company does not consummate an initial business combination by April 29, 2027, the Fourth Extension Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

In addition, on April 28, 2026, the Company amended and restated its previously issued unsecured amended and restated convertible promissory note with the Sponsor to extend the maturity date thereunder from the earlier of (i) April 29, 2026 and (ii) the effective date of an initial business combination to the earlier of (i) April 29, 2027 and (ii) the effective date of an initial business combination. Other existing terms apply. The Sponsor determined to increase the monthly amount that it or its designee would deposit into the Trust Account as a loan in connection with the Extension Amendment from (a) an amount equal to the greater of (i) $0.05 per Class A Ordinary Share held by public shareholders ("public shares") multiplied by the number of public shares then outstanding, and (ii) $75,000, to (b) $100,000 for each calendar month beginning on April 30, 2026, and ending on the earlier of the Company's liquidation or April 29, 2027.

Our Units, Class A ordinary shares and public warrants had been traded on the New York Stock Exchange (the "NYSE") since our Initial Public Offering under the symbols "PHYT.U", "PHYT" and "PHYT WS", respectively. On October 30, 2024, the NYSE suspended the trading of our securities. The NYSE determined to suspend the trading of our securities because Sections 102.06e and 802.01B of the NYSE's Listed Company Manual do not permit a special purpose acquisition company, such as us, to remain listed for more than three years after the company's initial public offering without completing an initial business combination. The Company has not completed an initial business combination before October 29, 2024, which is the three-year anniversary of the Initial Public Offering. Following the suspension of trading on the NYSE, our Units, Class A ordinary shares and public warrants began immediately trading over-the-counter market and are listed on the OTC Pink tier of the OTC Marketplace under the symbols "PHYTUF," "PHYTF" and "PHYTWF," respectively.

Our management and our board of directors have broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, the over-allotment and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a business combination.

If we have not completed our initial business combination by April 29, 2027, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

**Business Combination with Sio**

On November 13, 2023, Pyrophyte, Sio, Sio Newco and Pyrophyte Newco entered into a Business Combination Agreement, pursuant to which, among other things and subject to the terms and conditions contained in the Business Combination Agreement and the Plan of Arrangement, (i) Pyrophyte will deregister in the Cayman Islands and transfer by way of continuation from the Cayman Islands to the Province of Alberta, Canada in accordance with the Pyrophyte Articles and the Companies Act and continue as an Alberta corporation in accordance with the applicable provisions of ABCA, (ii) Pyrophyte will amalgamate with Sio Newco, with Sio Newco surviving as Pubco in accordance with the terms of the Plan of Arrangement and (iii) Sio and Pyrophyte Newco will amalgamate, with Sio surviving the Sio Amalgamation as a wholly-owned subsidiary of Pubco, and such entity will continue the business operations currently undertaken by Sio.

<u>Subscription Agreements</u>

Concurrently with the execution of the Sio Business Combination Agreement, Pyrophyte, Sio and Sio Newco entered into subscription agreements with (i) a certain accredited investor (the "Non-Insider PIPE Investor") and (ii) certain other accredited investors who are existing shareholders of Sio or the Company (the "Insider PIPE Investors" and, together with the Non-Insider PIPE Investor, the "PIPE Investors"), pursuant to which, among other things, Sio Newco agreed to issue and sell, in a private placement to close concurrently with and conditioned upon the effectiveness of the consummation of the Sio Business Combination, an aggregate of 3,114,258 Pubco Class A Common Shares (the "PIPE Investment") to the PIPE Investors for an aggregate purchase price equal to $20,122,474.

<u>Non-Redemption Agreement</u>

Concurrently with the execution of the Sio Business Combination Agreement, Pyrophyte and Sio Newco entered into a non-redemption agreement (the "Non-Redemption Agreement") with a Company shareholders with respect to 100,000 Class A ordinary shares held by such shareholder (the "Non-Redemption SPAC Shares"), pursuant to which, among other things, the Company agreed to issue 58,570 Class A ordinary shares to such shareholder in consideration of such shareholder's commitment not to redeem the Non-Redemption SPAC Shares held by it in connection with the approval of the Sio Business Combination by the Company's shareholders (the "Non-Redemption Transaction").

<u>Sponsor Support Agreement</u>

Concurrently with the execution of the Sio Business Combination Agreement, the Sponsor entered into a letter agreement (the "Sponsor Support Agreement") with Sio, Sio Newco, Pyrophyte and the directors and officers (or otherwise a part of the management team) of Pyrophyte, solely for purposes of amending certain of the terms of the letter agreement signed by them in connection with the Company's Initial Public Offering, pursuant to which, among other things, the Sponsor agreed to vote all Class A ordinary shares, or any securities convertible into, exercisable or exchangeable for Class A ordinary shares, held by it or acquired after the date of the Sponsor Support Agreement (the "Covered Shares") at the meeting of Pyrophyte shareholders to be held in connection with the Sio Business Combination in favor of the adoption and approval of the Sio Business Combination and each other proposal related to the Sio and not transfer any Covered Shares (other than Pubco Class A Common Shares issued upon exercise of any Private Placement Warrants held by the Sponsor) until the earlier of (A) one year after the Closing, (B) the first day the last sale price of Pubco Class A Common Shares equals or exceeds $12.00 per share for any 20 trading days within a 30-day trading period commencing at least 150 days after the Closing or (C) after the Closing, the date on which Pubco completes a liquidation, amalgamation, share exchange or similar transaction resulting in the shareholders of Pubco having the right to exchange their shares for consideration.

In addition, under the terms of the Sponsor Support Agreement, the Sponsor has agreed to subject up to 4,025,000 Class A ordinary shares ("Restricted Owned Shares") to certain earn out restrictions, if and only to the extent such shares are used to obtain any additional PIPE Financing or other financing arrangements in connection with the consummation of the Sio Business Combination; provided that in no event shall the aggregate number of Restricted Owned Shares equal more than 4,025,000 Class A ordinary shares (the "Maximum Restricted Owned Shares"). If, prior to the Closing, the SPAC Proceeds are less than $70,000,000, then the number of Restricted Owned Shares will be adjusted pursuant to the terms of the Sponsor Support Agreement.

In connection with the Closing, each Restricted Owned Share will be exchanged on a one-for-one basis for Pubco Class A Common Shares pursuant to the Sio Business Combination and the Plan of Arrangement and such shares will be subject to forfeiture or release as follows: (i) half of the Restricted Owned Shares will be released to the Sponsor on the first day that the Trading Price (as defined in the Sio Business Combination Agreement) is at least $12.50, (ii) the other half of the Restricted Owned Shares will be released from forfeiture on the first day that the Trading Price is at least $15.00, in each case during the period commencing on the Closing Date and ending on the date that is three (3) years after the Closing Date (the "End Date"), and (iii) after the End Date, any Restricted Owned Shares that have not been released to the Sponsor pursuant to clauses (i) or (ii) above will be automatically forfeited for no consideration. If a change of control of Pubco occurs at any time between the Closing Date and the End Date and the price achieved per Restricted Owned Shares is at least $12.50 or $15.00, then the vesting conditions outlined will be considered to be met.

<u>Sio Securityholder Support Agreements</u>

In connection with the execution of the Sio Business Combination Agreement, on November 13, 2023, the Company, Sio, and certain securityholders of Sio entered into support agreements (the "Sio Securityholder Support Agreements"), pursuant to which, among other things, such shareholders agreed to vote (or cause to be voted) all of their Sio shares and other voting securities of Sio ("Subject Securities") in favor of the special resolution of Sio shareholders in respect of the Plan of Arrangement, to be considered at Sio's shareholders meeting to approve the Sio Business Combination. Additionally, such shareholders have agreed, among other things, not to, prior to the Closing, (a) transfer any of their Subject Securities (or enter into any agreement, arrangement or understanding in connection therewith other than pursuant to the Plan of Arrangement), subject to certain customary exceptions, or (b) enter into any voting arrangement that is inconsistent with the Sio Securityholder Support Agreements. Sio covenants in the Sio Business Combination Agreement that it will use commercially reasonable efforts to obtain Sio Securityholder Support Agreements from at least 66% of its shareholders as promptly as possible, but in any event, within five days of the execution date of the Sio Business Combination Agreement.

On November 12, 2024, we entered into an amendment to the Sio Business Combination Agreement with Sio, Sio Newco and Pyrophyte Newco, pursuant to which the parties thereto agreed to extend the outside date from November 13, 2024 to December 31, 2024.

On December 31, 2024, we entered into a second amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from December 31, 2024 to April 30, 2025.

Subsequently, on April 30, 2025, we entered into a third amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from April 30, 2025 to December 31, 2025.

On October 16, 2025, we entered into a fourth amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from December 31, 2025 to April 29, 2026.

On March 13, 2026, we entered into a fifth amendment to Sio Business Combination Agreement, pursuant to which the parties agreed to further extend the outside date from April 29, 2026 to April 29, 2027.

 

**Results of Operations**

We have neither engaged in any operations nor generated any revenues to date. Our only activities since February 12, 2021 (inception) have been organizational activities, the Initial Public Offering and identifying and evaluating a target company for an initial business combination and activities in connection with the Sio Business Combination. and those necessary to prepare for the Initial Public Offering. We have not generated any operating revenues until after completion of our initial business combination. We will generate non-operating income in the form of interest or dividend income on the investments held in the Trust Account. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited consolidated financial statements. Since the Initial Public Offering, we have incurred increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended September 30, 2025, we had a net loss of $6,149,551 which consists of general and administrative expenses of $110,387, change in fair value of derivative warrant liabilities of $5,318,277, change in fair value of conversion option of $868,338 , offset by a gain on investments held in Trust Account of $147,451.

For the three months ended September 30, 2024, we had a net income of $299,080, which consists of general and administrative expenses of $275,154, change in fair value of derivative warrant liabilities of $202,187, offset by a gain on cash held in Trust Account of $776,421.

For the nine months ended September 30, 2025, we had a net loss of $14,370,270, which consists of general and administrative expenses of $518,869, change in fair value of derivative warrant liabilities of $14,012,341, change in fair value of conversion option of $868,338, offset by a gain on investments held in Trust Account of $1,029,273 and $5 in other income.

For the nine months ended September 30, 2024, we had a net income of $2,289,894, which consists of general and administrative expenses of $1,405,024, offset by a change in fair value of derivative warrant liabilities of $404,375 and a gain on cash and investments held in Trust Account of $3,290,543.

**Liquidity and Capital Resources**

For the nine months ended September 30, 2025, cash used in operating activities was $429,415. This was made up of a net loss of $14,370,270, changes in operating assets and liabilities of $89,449, a change in fair value of warrant liabilities of $14,012,341, change in fair value of conversion option of $868,338, and a $1,029,273 gain on investments in trust.

For the nine months ended September 30, 2024, cash used in operating activities was $752,489. This was made up of a net income of $2,289,894, changes in operating assets and liabilities of $652,535, offset by a decrease in fair value of derivative warrant liabilities of $404,375, and a $3,290,543 gain on cash and investments held in Trust Account.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account, excluding deferred underwriting commissions, to complete our initial Business Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure, negotiate and complete a business combination.

**Going Concern Considerations**

As of September 30, 2025, the Company had $7,958 in cash and no cash equivalents. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. Management's plans to address this need for capital through completing the Sio Business Combination and the IPO Working Capital Loan. The Company cannot assure that its plans to consummate an initial business combination will be successful. If the Company's estimates of the costs of identifying a target business, undertaking in-depth due diligence, and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to an initial business combination. The liquidation deadline for the Company is also currently within the next twelve months if an initial business combination is not consummated. The Company cannot assure that its plans to consummate the Sio Business Combination or any initial business combination will be successful.

The Company is a Special Purpose Acquisition Corporation wvith a currently scheduled liquidation date of April 29, 2027. There can be no assurance that the Company will be able to consummate an initial business combination by April 29, 2027 (or such date as such deadline may be extended). In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that if the Company is unable to complete an initial business combination and raise additional funds to alleviate liquidity needs and since the mandatory liquidation deadline is less than 12 months away, there is substantial doubt that the Company will operate as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Extended Date. These unaudited condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

**Commitments and Contractual Obligations**

For the nine months ended September 30, 2025 and 2024, we did not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.

 

*Registration Rights*

The holders of Founder Shares and Private Placement Warrants that may be issued upon conversion of the IPO Working Capital Loan or the Extension Note (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants issued upon conversion of such loans), are entitled to registration rights pursuant to a registration rights agreement signed in connection with the Initial Public Offering. These holders are entitled to certain demand and "piggyback" registration rights.

The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. These holders will be entitled to certain demand and "piggyback" registration rights. We will bear the expenses incurred in connection with the filing of any such registration statements.

*Underwriting Agreement*

 

We granted the underwriter a 45-day option from the final prospectus relating to the Initial Public Offering to purchase up to 2,625,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On October 29, 2021, the underwriter fully exercised its over-allotment option.

Additionally, the underwriter is entitled to a deferred underwriting discount of 4% of the gross proceeds of the base portion of the Public Offering and a deferred underwriting discount of 5.5% of the gross proceeds per over-allotment unit upon the completion of the Company's initial business combination.

 

On June 8, 2023, the Company modified the terms of UBS's deferred underwriting discount, which is effective as of the closing of the Sio Business Combination.

*Administrative Support Agreement*

Pursuant to an administrative services agreement, the Company agreed to pay the Sponsor a total of $15,000 per month, commencing on the effective date of the Initial Public Offering, for utilities, secretarial and administrative support services provided to members of the management team (the "Administrative Services Agreement"). On July 1, 2022, the Company amended the Administrative Services Agreement to reduce the fee to $5,000 per month. On September 25, 2024, the Company further amended and restated the Administrative Services Agreement with the Sponsor, with an effective date of May 1, 2024, reinstating the monthly fee at $15,000 per month for office space and secretarial and administrative services as may be reasonably required by the Company. Upon completion of the initial business combination or the liquidation, we will cease paying these monthly fees. The Company incurred $135,000 and $95,000 for the nine months ended September 30, 2025 and 2024, respectively, in Sponsor administrative fees.

*Due to Related Party*

As of September 30, 2025 and December 31, 2024, the Company had an outstanding balance of $0 and $165,000 respectively due to the Sponsor under the Administrative Services Agreement.

 

*Due from Related Party*

As of September 30, 2025 and December 31, 2024, the Company had a due from Sponsor balance of $26,780 and $68,854.

 

*Extension Contribution due from Sponsor*

 

As of September 30, 2025 and December 31, 2024, the Company had a due from Sponsor balance of $151,395 and $360,000 representing required Sponsor deposit into the Trust Account to extend the Company's liquidation deadline.

*Extension Note*

In connection with the First Extension Meeting, the Sponsor agreed to loan the Company an amount equal to the lesser of (i) $0.04 per public share multiplied by the number of public shares then outstanding and (ii) $160,000, for each calendar month beginning on April 30, 2023 (each an "Extension Contribution") until the earlier of (i) the completion of a business combination and (ii) the Company's liquidation in accordance with the terms of the Extension, up to a maximum aggregate amount of $1.92 million. In connection with the vote to approve the Extension, the holders of 11,151,163 Class A ordinary shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.56 per share, for an aggregate redemption amount of approximately $118 million, resulting in 8,973,837 public shares remaining.

On May 4, 2023, we issued a convertible promissory note (the "First Extension Note") to the Sponsor with a principal amount up to $1.92 million. The Sponsor may convert the principal outstanding into Private Placement Warrants at $1.00 per warrant. The Sponsor deposited the first Extension Contribution on April 30, 2023 into the Trust Account. If the Company does not consummate an initial business combination by the Extended Date, the promissory note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

On April 22, 2024, in connection with the Company extension arrangement, the Sponsor advanced $960,000 to the Company, which amount reflected the payment in full of the Company's remaining commitment to make an aggregate of $1.92 million of cash contributions to the Trust Account in connection with the Extension.

On April 26, 2024, in connection with the Second Extension Meeting, the Company issued a Second Extension Note to the Sponsor in the amount of $1.08 million in connection with the Second Extension Contributions. The Second Extension Note bears no interest and is repayable in full upon the earlier of (i) the date of the consummation of the Company's initial business combination, (ii) the date of the Company's liquidation and (iii) April 29, 2025. If the Company does not consummate an initial business combination by April 29, 2025, the Second Extension Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

 

On April 25, 2025, the Company had an extraordinary general meeting of our shareholders (the "Third Extension Meeting") to vote on another amendment to its Articles to extend the deadline by which it has to complete an initial business combination from April 29, 2025 to April 29, 2026 (the "Third Extension"). In connection with the Extraordinary General Meeting, shareholders holding an aggregate of 4,776,757 public shares exercised their right to redeem their shares at a price of approximately $11.95 per share from the funds held in the Trust Account, leaving approximately $18.1 million in cash in the Trust Account after satisfaction of such redemptions. In connection with the Third Extension Meeting, the Sponsor agreed to loan us lesser of (i) $0.05 per Public Share or (ii) $150,000 for each calendar month beginning on April 30, 2025 and ending on the earlier of (i) the completion of a business combination and (ii) the date of the our liquidation in accordance with the terms of the Third Extension, up to a maximum aggregate amount of $1.5 million (the "Third Extension Contribution"), and on April 25, 2025, the Company issued a promissory note (the "Third Extension Note", together with the First and Second Extension Notes, the "Extension Notes") to the Sponsor in the amount of $1.5 million in connection with the Second Extension Contributions. The Third Extension Note will fund extension deposit of lesser of (i) $0.05 per Public Share or (ii) $150,000 for each calendar month beginning on April 30, 2025 until April 29, 2026.

On April 28, 2026, the Company had an extraordinary general meeting of our shareholders (the "Fourth Extension Meeting") to vote on another amendment to its articles to extend the deadline by which it has to complete an initial business combination from April 29, 2026 to April 29, 2027 (the "Fourth Extension"). In connection with the approval of the Extension Amendment at the extraordinary general meeting, the Company issued a promissory note to the Sponsor with a principal amount up to $1,200,000 (the "Fourth Extension Note"). The Fourth Extension Note bears no interest and is repayable in full upon the earlier of (i) the date of the consummation of the Company's initial business combination and (ii) the date of the Company's liquidation. If the Company does not consummate an initial business combination by April 29, 2027, the Fourth Extension Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. The Sponsor determined to increase the monthly amount that it or its designee would deposit into the Trust Account as a loan in connection with the Extension Amendment from (a) an amount equal to the greater of (i) $0.05 per Class A Ordinary Share held by public shareholders ("public shares") multiplied by the number of public shares then outstanding, and (ii) $75,000, to (b) $100,000 for each calendar month beginning on April 30, 2026, and ending on the earlier of the Company's liquidation or April 29, 2027.

As of September 30, 2025 and 2024, $3,305,769 and $2,100,000 respectively had been drawn on the Extension Notes.

Following September 30, 2025, the Company made an aggregate deposit of $609,364 in extension contributions to extend the liquidation date through April 29, 2026.

 

*IPO Working Capital Loan*

 

The Sponsor has committed to loan us up to $1,500,000 for working capital loans (as amended and restated, the "IPO Working Capital Loan"). If the Company completes an initial business combination, the Company would repay the IPO Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that an initial business combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the IPO Working Capital Loans but no proceeds held in the Trust Account would be used to repay the IPO Working Capital Loans. The IPO Working Capital Loans would either be repaid upon consummation of an initial business combination or, at the lender's discretion, up to $1,500,000 of such IPO Working Capital Loans may be convertible into Private Placement Warrants of the post-initial business combination entity at a price of $1.00 per warrant.

On April 1, 2024, the Company amended and restated the IPO Working Capital Loan to extend the maturity date thereunder to the earlier of (i) thirty months after the closing of the Public Offering and (ii) the consummation of a Business Combination. The Company also increased the principal amount from $1,500,000 to $1,840,616.

On April 26, 2024, the Company further amended and restated the IPO Working Capital Loan to extend the maturity date thereunder to the earlier of (i) forty-two months after the closing of the Public Offering and (ii) the consummation of a Business Combination.

In addition, on April 28, 2026, the Company amended and restated its previously issued unsecured amended and restated convertible promissory note with the Sponsor to extend the maturity date thereunder from the earlier of (i) April 29, 2026 and (ii) the effective date of an initial business combination to the earlier of (i) April 29, 2027 and (ii) the effective date of an initial business combination. Other existing terms apply.

As of September 30, 2025 and 2024, the Company had $2,078,077 and $1,476,742 outstanding under the IPO Working Capital Loan.

*Other Commitments*

On March 18 and March 28, 2022, respectively, the Company engaged UBS, the underwriter in the Initial Public Offering, as a placement agent and to serve as financial advisor and capital markets advisor in connection with a specified de-SPAC transaction. Under that arrangement, the Company agreed to pay UBS a cash fee for such services upon the consummation of such transaction in an amount equal to $3,000,000. The letter of intent related to such potential de-SPAC transaction expired on July 1, 2022 and, as such, rendered the engagement letter void and no future accrual or expense thereunder was booked. The engagement letter also provided for up to $25,000 in reimbursable fees to UBS and as of the expiration date of the agreement, there are no reimbursable fees incurred by the Company.

On June 5, 2023, Sio Silica Corporation entered into an engagement letter with UBS and BMO Capital Markets ("BMO" and together with UBS, the "Placement Agents"), pursuant to which the Placement Agents agreed to serve as co-placement agents in connection with a proposed PIPE offering of securities of Sio NewCo in connection with the Sio Business Combination. Pursuant to a separate letter agreement entered into on the same day between the Company and the Placement Agents, the Company agreed that, in the event that the Sio Business Combination is not consummated, it would reimburse the Placement Agents for its reasonable, documented, out of pocket expenses incurred by such Placement Agent in their role as Placement Agents up to an aggregate amount of $300,000.

*Non-Redemption Agreement*

Concurrently with the execution of the Business Combination Agreement, the Company and Sio Newco entered into a non-redemption agreement with a Pyrophyte shareholder with respect to 100,000 Class A ordinary shares held by such shareholder (the "Non-Redemption SPAC Shares"), pursuant to which, among other things, Pyrophyte agreed to issue 58,570 Class A ordinary shares to such shareholder in consideration of such shareholder's commitment not to redeem the Non-Redemption SPAC Shares held by it in connection with the approval of the Sio Business Combination by Pyrophyte's shareholders.

On April 25, 2025, the Company held an extraordinary general meeting of shareholders to approve an amendment to its Articles extending the deadline to consummate an initial business combination from April 29, 2025 to April 29, 2026. In connection with the meeting, holders of 4,776,757 public shares redeemed their shares for approximately $11.95 per share (or an aggregate of $57.1 million), resulting in approximately $18.1 million remaining in the Trust Account. Additionally, the Sponsor agreed to fund monthly extension contributions of the lesser of (i) $0.05 per Public Share or (ii) $150,000, beginning April 30, 2025 through the earlier of the completion of a business combination, liquidation, or April 29, 2026, up to an aggregate of $1.5 million, for which the Company issued a $1.5 million promissory note to the Sponsor.

**Critical Accounting Policies and Estimates**

*Class A Ordinary Shares Subject to Possible Redemption*

All of the Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company's liquidation if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company's Charter. In accordance with SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. Therefore, all Class A ordinary shares subject to possible redemption have been classified outside of permanent equity.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit.

 

*Net (Loss) Income Per Ordinary Share*

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share." Net (loss) income per ordinary share is computed by dividing net (loss) income by the weighted average number of ordinary share outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placements to purchase Class A ordinary shares in the calculation of diluted (loss) income per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted (loss) income per share is the same as basic (loss) income per share for the periods presented.

The Company historically had two classes of ordinary shares -- Class A ordinary shares and Class B ordinary shares. Upon the conversion event in April 2023 to convert the Class B ordinary shares into Class A ordinary shares, the Company now have redeemable and non-redeemable Class A ordinary shares. Income and losses are shared pro rata between the redeemable and non-redeemable Class A ordinary shares. Net (loss) income per share, basic and diluted for redeemable Class A ordinary shares is calculated by dividing the pro rata allocation of net (loss) income to redeemable Class A ordinary shares for the nine months ended September 30, 2025 and 2024 by the weighted average number of redeemable Class A ordinary shares outstanding for the periods. Net (loss) income per share basic and diluted for non-redeemable Class A ordinary shares is calculated by dividing the pro rata allocation of net (loss) income to non-redeemable ordinary shares for the nine months ended September 30, 2025 and 2024 by the weighted average number of non-redeemable Class A ordinary shares outstanding for the periods. Remeasurement associated with the redeemable shares of Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

*Derivative Instruments*

The Company does not use derivative instruments to hedge its exposures to cash flow, market, or foreign currency risks. Management evaluates all of the Company's financial instruments, including issued warrants to purchase its Class A ordinary shares, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The Company issued 10,062,500 public warrants to purchase Class A ordinary shares to investors in the Company's Initial Public Offering and simultaneously issued 10,156,250 Private Placement Warrants. All of the Company's outstanding warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, we recognize the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re- measurement at each balance sheet date until exercised, and any change in fair value is recognized in our unaudited condensed consolidated statements of income. The Company initially utilized a Monte Carlo simulation model to value the public warrants and Private Placement Warrants at each balance sheet date, with changes in fair value recognized in the unaudited condensed consolidated statements of income. Inherent in pricing models are assumptions and inputs used to arrive the fair value of the Public and Private Placement warrants. The subsequent measurements of the public warrants after the detachment of the public warrants from the Units on December 17, 2021 were classified as Level 1 due to the use of an observable market quote in an active market under the ticker PHYT.WS. In the fourth quarter of fiscal year 2024, the Company's public warrants were delisted from trading. As of September 30, 2025, the fair value of public warrants was determined using a combination of Monte Carlo and Binomial Lattice simulation models due to no trading activities at or around the reporting period. The fair value of the Private Placement Warrants were measured by reference to the price of the public warrants which is also considered level 3 fair value instrument.

Both the First Extension Note and the IPO Working Capital Loan (together, the "Promissory Notes"), contain a conversion feature, for which upon maturity, the outstanding principal of the Promissory Notes, at the option of the Sponsor, may be converted into warrants identical to the Private Placement capital warrants. The Company determined that the conversion option should be bifurcated and accounted for as a derivative in accordance with ASC 815. As of September 30, 2025, the closing price of the Company's Class A ordinary shares exceeded the $11.50 strike price at which holders of the convertible promissory notes could elect to convert. Accordingly, the conversion option was in-the-money, and the Company measured the related conversion option liability at its fair value as of that date. The resulting fair value was recognized as a charge to earnings in the Company's unaudited condensed consolidated statement of operations, with a corresponding current liability recorded on the Company's unaudited condensed consolidated balance sheet.

 

*Cash (Investments) held in Trust Account*

The investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in gain on investments held in Trust Account on the statements of income. The estimated fair values of investments held in the Trust Account are determined using available market information.

On April 24, 2024, the Company amended the Trust Agreement to permit the Trustee, to hold the assets in the Trust Account in an interest-bearing demand deposit account or cash until the earlier of the consummation of an initial business combination or the Company's liquidation. On the same day, the Company instructed the Trustee to liquidate the investments held in the Trust Account and move the funds to an interest-bearing demand deposit account, with Continental continuing to act as trustee. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the initial public offering and the sale of the private placement warrants are no longer invested in U.S. government securities or money market funds.

**Recent Accounting Standards**

Refer to Note 2 of the unaudited condensed consolidated financial statements.

**JOBS Act**

On April 5, 2012, the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify as an "emerging growth company" under the JOBS Act and are allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We elected to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our unaudited condensed consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

As an "emerging growth company," we are not required to, among other things, (i) provide an auditor's attestation report on our system of internal controls over financial reporting, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies, (iii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the unaudited condensed consolidated financial statements (auditor discussion and analysis), and (iv) disclose comparisons of the CEO's compensation to median employee compensation. These exemptions will apply for a period of five (5) years following the completion of our Public Offering or until we otherwise no longer qualify as an "emerging growth company."

**Recent Developments**

On April 25, 2025, we had our Third Extension Meeting. In addition to voting on the Third Extension, shareholders holding an aggregate of 4,776,757 public shares exercised their right to redeem their shares at a price of approximately $11.95 per share from the funds held in the Trust Account, leaving approximately $18.1 million in cash in the Trust Account after satisfaction of such redemptions. In connection with the Third Extension Meeting, the Sponsor agreed to loan us lesser of (i) $0.05 per Public Share or (ii) $150,000 for each calendar month beginning on April 30, 2025 and ending on the earlier of (i) the completion of a business combination and (ii) the date of the our liquidation in accordance with the terms of the Third Extension (the "Third Extension Contribution"), and on April 25, 2025, the Company issued the Third Extension Note to the Sponsor in the amount of $1.5 million in connection with the Second Extension Contributions. The Third Extension Note will fund extension deposit of lesser of (i) $0.05 per Public Share or (ii) $150,000 for each calendar month beginning on April 30, 2025 until April 29, 2026.

In addition, on April 25, 2025, the Company amended and restated its Working Capital Convertible Promissory Note with the Sponsor to (a) extend the Maturity Date thereunder from the earlier of (i) April 29, 2025 and (ii) the effective date of an initial business combination to the earlier of (i) the Extended Date and (ii) the effective date of an initial business combination and (b) increase the amount in which the Company may borrow thereunder from $1,840,616 to $2,500,000. The Company may borrow under the Working Capital Convertible Promissory Note for ongoing expenses reasonably related to the business of the Company and the consummation of an initial business combination. The Sponsor will have the option, at any time on or prior to the Maturity Date, to convert up to $1,500,000 outstanding under the Working Capital Convertible Promissory Note into warrants to purchase Class A ordinary shares at a conversion price of $1.00 per warrant, with each warrant entitling the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company's initial public offering.

In addition, in connection with the approval of the Third Extension at the Extraordinary Meeting, on April 25, 2025, the Company amended its Trust Agreement to clarify that if the Sponsor fails to make a Third Extension Contribution within 45 days after the date in which a Third Extension Contribution was required to be deposited into the Trust Account, then Continental will be entitled to liquidate the Trust Account and distribute the proceeds thereof to the public shareholders in accordance with the terms of the Trust Agreement.

On April 28, 2026, the Company had an extraordinary general meeting of our shareholders (the "Fourth Extension Meeting") to vote on another amendment to its articles to extend the deadline by which it has to complete an initial business combination from April 29, 2026 to April 29, 2027 (the "Fourth Extension"). In connection with the approval of the Extension Amendment at the extraordinary general meeting, the Company issued a promissory note to the Sponsor with a principal amount up to $1,200,000 (the "Fourth Extension Note"). The Fourth Extension Note bears no interest and is repayable in full upon the earlier of (i) the date of the consummation of the Company's initial business combination and (ii) the date of the Company's liquidation. If the Company does not consummate an initial business combination by April 29, 2027, the Fourth Extension Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

In addition, on April 28, 2026, the Company amended and restated its previously issued unsecured amended and restated convertible promissory note with the Sponsor to extend the maturity date thereunder from the earlier of (i) April 29, 2026 and (ii) the effective date of an initial business combination to the earlier of (i) April 29, 2027 and (ii) the effective date of an initial business combination. Other existing terms apply. The Sponsor determined to increase the monthly amount that it or its designee would deposit into the Trust Account as a loan in connection with the Extension Amendment from (a) an amount equal to the greater of (i) $0.05 per Class A Ordinary Share held by public shareholders ("public shares") multiplied by the number of public shares then outstanding, and (ii) $75,000, to (b) $100,000 for each calendar month beginning on April 30, 2026, and ending on the earlier of the Company's liquidation or April 29, 2027.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

**Item 4. Controls and Procedures.**

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial and accounting officer, to allow timely decisions regarding required disclosure.

*Evaluation of Disclosure Controls and Procedures*

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial and accounting officer, to allow timely decisions regarding required disclosure.

In connection with the preparation of this quarterly report as of September 30, 2025, an evaluation was performed under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, As of September 30, 2025, our disclosure controls and procedures were not effective as we experienced difficulty in the accounting and reporting related to the existence of assets, the accounting and reporting for the completeness and accuracy of our liabilities and the corresponding expenses, as well as the accounting for complex financial instruments, and related party transactions which we experienced and reported as a material weakness in our Annual Report on Form 10-K for the year ended December 31, 2024. As a result, we performed additional analysis as deemed necessary to ensure that our unaudited condensed consolidated financial statements were prepared in accordance with GAAP. Accordingly, management believes that the unaudited condensed consolidated financial statements included in this Annual Report present fairly in all material respects our financial position, results of operations and cash flows for the periods presented.

*Changes in Internal Control over Financial Reporting*

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

None.

**Item 1A. Risk Factors.**

As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K filed with the SEC on February 18, 2026. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

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

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

None

**Item 6. Exhibits.**

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Company's Annual Report Form 10-K, filed with the SEC on February 19, 2026).](http://www.sec.gov/Archives/edgar/data/1848756/000121390023069375/f10q0623ex3-1_pyrophyte.htm) |
| 3.2 | [Amendment No. 4 to the Company's Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed with the SEC on April 28, 2026).](http://www.sec.gov/Archives/edgar/data/1848756/000121390026048690/ea028811601-8kex3i_pyro.htm) |
| 10.1 | [Promissory Note, dated as of April 28, 2026, issued to Pyrophyte Acquisition LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on April 28, 2026).](http://www.sec.gov/Archives/edgar/data/1848756/000121390026048690/ea028811601-8kex10i_pyro.htm) |
| 10.2 | [Fourth Amended and Restated Convertible Promissory Note, dated as of April 28, 2026, issued to Pyrophyte Acquisition LLC (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed with the SEC on April 28, 2026).](http://www.sec.gov/Archives/edgar/data/1848756/000121390026048690/ea028811601-8kex10ii_pyro.htm) |
| 31.1\* | [Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea027765001ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea027765001ex31-2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea027765001ex32-1.htm) |
| 32.2\*\* | [Certification of the Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea027765001ex32-2.htm) |
| 101.INS\* | Inline XBRL Instance Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Labels Linkbase Document. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | The cover page for the Company's Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101. |

---

\* Filed herewith.

\*\* Furnished.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: May 22, 2026 | **PYROPHYTE ACQUISITION CORP.** | **PYROPHYTE ACQUISITION CORP.** |
|  | By: | /s/ Bernard J. Duroc-Danner |
|  | Name: | Bernard J. Duroc-Danner |
|  | Title: | Chief Executive Officer and Chairman<br> (Principal Executive Officer) |
| Dated: May 22, 2026 | By: | /s/ Sten Gustafson |
|  | Name: | Sten Gustafson |
|  | Title: | Chief Financial Officer and Director<br> (Principal Financial Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Bernard J. Duroc-Danner, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period
ended September 30, 2025 of Pyrophyte Acquisition Corp.;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 22, 2026 |  |  |
|  | By: | /s/ Bernard J. Duroc-Danner |
|  |  | Bernard J. Duroc-Danner |
|  |  | Chief Executive Officer and Chairman (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Sten Gustafson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period
ended September 30, 2025 of Pyrophyte Acquisition Corp.;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 22, 2026 |  |  |
|  | By: | /s/ Sten Gustafson |
|  |  | Sten Gustafson |
|  |  | Chief Financial Officer and Director (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Pyrophyte Acquisition Corp. (the "Company") on Form 10-Q for the period ended September 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Bernard J. Duroc-Danner, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

---

| | | |
|:---|:---|:---|
| Date: May 22, 2026 |  |  |
|  | By: | /s/ Bernard J. Duroc-Danner |
|  |  | Bernard J. Duroc-Danner |
|  |  | Chief Executive Officer and Chairman (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Pyrophyte Acquisition Corp. (the "Company") on Form 10-Q for the period ended September 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Sten Gustafson, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

---

| | | |
|:---|:---|:---|
| Date: May 22, 2026 |  |  |
|  | By: | /s/ Sten Gustafson |
|  |  | Sten Gustafson |
|  |  | Chief Financial Officer and Director (Principal Financial Officer) |

---