TSX runs higher on rate cut expectations
Pyrophyte Acquisition Corp. II announced the pricing of its initial public offering of 17.5 million units at $10 per unit. The Houston-based special purpose acquisition company expects its units to begin trading on the New York Stock Exchange under the ticker symbol "PAII.U" on July 17, 2025.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant is exercisable to purchase one Class A ordinary share at $11.50 per share, subject to certain adjustments. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "PAII" and "PAII WS," respectively.
The offering is expected to close on July 18, 2025. The company has granted underwriters a 45-day option to purchase up to an additional 2.625 million units at the initial public offering price to cover over-allotments.
UBS Investment Bank is acting as the lead book-running manager for the offering, with Brookline Capital Markets, a division of Arcadia Securities, LLC, serving as co-manager.
Pyrophyte Acquisition Corp. II is a blank check company formed to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company expects to target opportunities in the energy sector.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on July 16, 2025, according to the company’s press release.