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PAII on NYSE

Pyrophyte Acquisition Corp. II

Pyrophyte Acquisition Corp. II is a blank check company in the Cayman Islands.1 It is headquartered in Houston, Texas.1 Its shares trade on NYSE under the symbol PAII.1

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Last updated Oct 21, 2026.

Overview

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  • TickerPAII on NYSE1
  • IndustryBlank Checks1
  • HeadquartersHouston, Texas1
  • Incorporated inCayman Islands2
  • Business address3262 Westheimer Road, Suite 706, Houston, Tx 770982
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2

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Business Combination, to fund the purchase of other companies, or for working capital.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Every line of the balance sheet as filed: the last 1 fiscal year (annual) or 1 quarters (quarterly), latest first.7

Period ending2025-12-31
Cash$442.5K
Prepaid expenses$301.9K
Total current assets$744.4K
Marketable securities held in Trust Account$204.0M
Prepaid insurance - long term$45.2K
Total Assets$204.8M
Accounts payable$38.9K
Accrued expenses$25.0K
Total current liabilities$63.9K
Deferred underwriting fees payable$9.4M
Total liabilities$9.5M
Share subscription receivable-$353.4K
Accumulated deficit-$8.3M
Total shareholders deficit-$8.7M
Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders Deficit$204.8M
Preference shares, par value$0.00
Preference shares, shares authorized1.0M shares

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Corporate structure

Pyrophyte Acquisition Corp. II sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Pyrophyte Acquisition Corp. II

  • Pyrophyte Acquisition Corp. II Houston, Texas

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Pyrophyte Acquisition Corp. II reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

Our executive offices are located at 3262 Westheimer Road, Suite 706, Houston, Texas 77098. Our executive offices are provided to us by our Sponsor, and we have agreed to pay our Sponsor $35,000 per month for office space, utilities and secretarial and administrative support. We consider our current office space adequate for our current operations.

Item 2 of the 10-K filed Mar 30, 2026.3

Leadership

Who has led Pyrophyte Acquisition Corp. II, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Bernard J. Duroc-Danner2025–now

Chief financial officer

  1. Sten L. Gustafson2025–now
Board members and other officers (4)

Timeline

  1. Oct 15, 20268-K Entered a material agreement; Regulation FD disclosure12
  2. Sep 3, 20258-K Other events13
  3. Jul 30, 20258-K Other events14
  4. Jul 24, 20258-K Other events15
  5. Jul 21, 20258-K Entered a material agreement; Unregistered sale of shares; Executive or director change16
  6. Jul 16, 2025New chief executive Bernard J. Duroc-Danner becomes CEO9

Filings

35 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 5 major events, 5 insider forms, 6 large holders, 14 other. The latest 20:

  1. Oct 15, 2026425 CURRENT REPORT EDGAR
  2. Oct 15, 20268-K CURRENT REPORT EDGAR
  3. Aug 14, 202610-Q QUARTERLY REPORT EDGAR
  4. May 15, 202610-Q QUARTERLY REPORT EDGAR
  5. Mar 30, 202610-K ANNUAL REPORT EDGAR
  6. Feb 6, 2026SCHEDULE 13G EDGAR
  7. Jan 29, 2026SCHEDULE 13G/A EDGAR
  8. Nov 14, 202510-Q QUARTERLY REPORT EDGAR
  9. Nov 14, 2025SCHEDULE 13G/A EDGAR
  10. Sep 22, 2025SCHEDULE 13G EDGAR
  11. Sep 3, 20258-K CURRENT REPORT EDGAR
  12. Sep 2, 202510-Q QUARTERLY REPORT EDGAR
  13. Jul 30, 20258-K CURRENT REPORT EDGAR
  14. Jul 25, 20254 EDGAR
  15. Jul 24, 20258-K CURRENT REPORT EDGAR
  16. Jul 24, 2025SCHEDULE 13G EDGAR
  17. Jul 23, 2025SCHEDULE 13G EDGAR
  18. Jul 21, 20258-K CURRENT REPORT EDGAR
  19. Jul 17, 2025424B4 PROSPECTUS EDGAR
  20. Jul 16, 2025EFFECT EDGAR

The 35 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Pyrophyte Acquisition Corp. II is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPyrophyte Acquisition Corp. II1
  • CIK0002069238
  • Employer ID (EIN)00-00000003
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inCayman Islands3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6770 Blank Checks1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address3262 Westheimer Road, Suite 706, Houston, TX 770981
  • Phone281-701-42341
  • Shares outstanding20,041,150 Common Class A shares; 7,225,721 Common Class B shares as of Mar 30, 20263
  • Public float$0 as of Jun 30, 20257
  • AuditorWithumSmith+Brown, PC, New York, New York PCAOB ID 100; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMay 29, 20251
  • Filings35 in all: CORRESP (6), 8-K (5), 10-Q (4), 3 (4), SCHEDULE 13G (4), SCHEDULE 13G/A (2), 10-K (1), 4 (1)1
    All 16 form types

    424B4 (1), 425 (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), S-1 (1), S-1/A (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrantPAII.UNew York Stock Exchange
Class A Ordinary Shares, par value $0.0001 per sharePAIINew York Stock Exchange
Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per sharePAII WSNew York Stock Exchange

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Pyrophyte Acquisition Corp. II names in Item 1A of its 10-K filed Mar 30, 2026: 76 risks under these headings, as written.3

  • Risks Relating to our Search for, and Consummation of or Inability to Consummate, a Business Combination
  • Our Public Shareholders may not be afforded an opportunity to vote on our proposed initial Business Combination, and even if we hold a vote, holders of our Founder Shares will participate in such vote, which means we may complete our initial Business Combination even though a majority of our Public Shareholders do not support such a combination.
  • If we seek shareholder approval of our initial Business Combination, our initial shareholders and management team have agreed to vote in favor of such initial Business Combination, regardless of how our Public Shareholders vote, and we may not need any Public Shares in addition to our Founder Shares to be voted in favor of an initial Business Combination in order to approve an initial Business Combination.
  • Your only opportunity to effect your investment decision regarding a potential Business Combination may be limited to the exercise of your right to redeem your shares from us for cash.
  • The ability of our Public Shareholders to redeem their shares for cash may make our financial condition unattractive to potential Business Combination targets, which may make it difficult for us to enter into a Business Combination with a target.
  • The ability of our Public Shareholders to exercise redemption rights with respect to a large number of our shares and the amount of deferred underwriting compensation may not allow us to complete the most desirable Business Combination or optimize our capital structure, and may substantially dilute your investment in us.
  • The ability of our Public Shareholders to exercise redemption rights with respect to a large number of our shares could increase the probability that our initial Business Combination would be unsuccessful and that you would have to wait for liquidation in order to redeem your shares.
  • The requirement that we complete our initial Business Combination within the Completion Window may give potential target businesses leverage over us in negotiating a Business Combination and may limit the time we have in which to conduct due diligence on potential Business Combination targets, in particular as we approach our liquidation deadline, which could undermine our ability to complete our initial Business Combination on terms that would produce value for our shareholders.
  • We may not be able to complete our initial Business Combination within the Completion Window, in which case we would redeem our Public Shares.
  • We may decide not to extend the term we have to consummate our initial Business Combination, in which case we would redeem our Public Shares, and the warrants may be worthless.
  • If we seek shareholder approval of our initial Business Combination, our Sponsor, initial shareholders, directors, officers, advisors and their affiliates may elect to purchase shares or Public Warrants from Public Shareholders, which may influence a vote on a proposed Business Combination and reduce the public “float” of our Class A Ordinary Shares or Public Warrants.
  • If a shareholder fails to receive notice of our offer to redeem our Public Shares in connection with our initial Business Combination, or fails to comply with the procedures for submitting or tendering its shares, such shares may not be redeemed.
The other 64 risks
  • You will not be entitled to protections normally afforded to investors of other blank check companies subject to Rule 419 of the Securities Act.
  • If we seek shareholder approval of our initial Business Combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a “group” of shareholders are deemed to hold in excess of 15% of our Class A Ordinary Shares, you may lose the ability to redeem all such shares in excess of 15% of our Class A Ordinary Shares.
  • Because of our limited resources and the significant competition for Business Combination opportunities, it may be more difficult for us to complete our initial Business Combination. If we are unable to complete our initial Business Combination, our Public Shareholders may receive only their pro rata portion of the funds in the Trust Account that are available for distribution to Public Shareholders, and our warrants will expire worthless.
  • If the net proceeds of our Initial Public Offering and the sale of the Private Placement Warrants not being held in the Trust Account are insufficient to allow us to operate for at least the duration of the Completion Window, it could limit the amount available to fund our search for a target business or businesses and complete our initial Business Combination, and we will depend on loans from our Sponsor or management team to fund our search and to complete our initial Business Combination.
  • If third parties bring claims against us, the proceeds held in the Trust Account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share.
  • Our directors may decide not to enforce the indemnification obligations of our Sponsor, resulting in a reduction in the amount of funds in the Trust Account available for distribution to our Public Shareholders.
  • We may not have sufficient funds to satisfy indemnification claims of our directors and officers.
  • If, after we distribute the proceeds in the Trust Account to our Public Shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, a liquidator or a bankruptcy, insolvency or other court may seek to recover such proceeds, and the members of our board of directors may be viewed as having breached their fiduciary duties to us or our creditors, thereby exposing the members of our board of directors and us to claims of punitive damages.
  • If, before distributing the proceeds in the Trust Account to our Public Shareholders, we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our shareholders and the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.
  • Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial Business Combination, and results of operations.
  • If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial Business Combination.
  • Our search for a Business Combination, and any target business with which we ultimately consummate a Business Combination, may be materially adversely affected by the status of debt and equity markets.
  • Our search for an initial Business Combination, and any target business with which we may ultimately consummate an initial Business Combination, may be materially adversely affected by current global geopolitical conditions resulting from the ongoing Russia-Ukraine conflict and the recent escalation of conflict in the Middle East and Southwest Asia.
  • If we are unable to consummate our initial Business Combination within the Completion Window, our Public Shareholders may be forced to wait beyond such period before redemption from our Trust Account.
  • Our shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption of their shares.
  • We may not hold an annual general meeting until after the consummation of our initial Business Combination, which could delay the opportunity for our Public Shareholders to discuss company affairs with management, and the holders of our Class A Ordinary Shares will not have the right to vote on the appointment or removal of directors or continuing the company in a jurisdiction outside the Cayman Islands until after the consummation of our initial Business Combination.
  • The warrants may become exercisable and redeemable for a security other than the Class A Ordinary Shares, and you will not have any information regarding such other security at this time.
  • Because we are neither limited to evaluating a target business in a particular industry sector nor have we selected any target businesses with which to pursue our initial Business Combination, you will be unable to ascertain the merits or risks of any particular target business’s operations.
  • We may seek Business Combination opportunities in industries or sectors that may be outside of our management’s areas of expertise.
  • Although we have identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter into our initial Business Combination with a target that does not meet such criteria and guidelines, and as a result, the target business with which we enter into our initial Business Combination may not have attributes entirely consistent with our general criteria and guidelines.
  • We are not required to obtain an opinion from an independent accounting or investment banking firm or from an independent entity that commonly renders valuation opinions, and consequently, you may have no assurance from an independent source that the price we are paying for the business is fair to our shareholders from a financial point of view.
  • We may issue additional Class A Ordinary Shares or preference shares to complete our initial Business Combination or under an employee incentive plan after completion of our initial Business Combination. We may also issue Class A Ordinary Shares upon the conversion of the Founder Shares at a ratio greater than one-to-one at the time of our initial Business Combination as a result of the anti-dilution provisions contained therein. Any such issuances would dilute the interest of our shareholders and likely present other risks.
  • Unlike some other similarly structured special purpose acquisition companies, our initial shareholders will receive additional Class A Ordinary Shares if we issue certain shares to consummate an initial Business Combination in order to provide anti-dilution protection to our initial shareholders.
  • We may issue our shares to investors in connection with our initial Business Combination at a price which is less than the prevailing market price of our shares at that time.
  • Since only holders of our Class B ordinary shares will have the right to vote on the appointment of directors, the NYSE may consider us to be a “controlled company” within the meaning of the NYSE rules and, as a result, we may qualify for exemptions from certain corporate governance requirements.
  • Resources could be wasted in researching potential Business Combinations that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we are unable to complete our initial Business Combination, our Public Shareholders may only receive their pro rata portion of the funds in the Trust Account that are available for distribution to Public Shareholders, and our warrants will expire worthless.
  • We may engage in a Business Combination with one or more target businesses that have relationships with entities that may be affiliated with our Sponsor, officers, directors or existing holders which may raise potential conflicts of interest.
  • Since our Sponsor, officers and directors, any other holder of our Founder Shares, and the Underwriters may lose their entire investment in us if our initial Business Combination is not completed (other than with respect to Public Shares), a conflict of interest may arise in determining whether a particular Business Combination target is appropriate for our initial Business Combination.
  • We may issue notes or other debt securities, or otherwise incur substantial debt, to complete a Business Combination, which may adversely affect our leverage and financial condition and thus negatively impact the value of our shareholders’ investment in us.
  • We may only be able to complete one Business Combination with the proceeds of our Initial Public Offering and the sale of the Private Placement Warrants, which will cause us to be solely dependent on a single business which may have a limited number of products or services. This lack of diversification may negatively impact our operations and profitability.
  • We may attempt to simultaneously complete Business Combinations with multiple prospective targets, which may hinder our ability to complete our initial Business Combination and give rise to increased costs and risks that could negatively impact our operations and profitability.
  • We may attempt to complete our initial Business Combination with a private company about which little information is available, which may result in a Business Combination with a company that is not as profitable as we suspected, if at all.
  • We do not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for us to complete our initial Business Combination with which a substantial majority of our shareholders do not agree.
  • In order to effectuate an initial Business Combination, special purpose acquisition companies have, in the recent past, amended various provisions of their charters and other governing instruments, including their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated memorandum and articles of association or governing instruments in a manner that will make it easier for us to complete our initial Business Combination that our shareholders or warrant holders, as applicable, may not support.
  • We may be unable to obtain additional financing to complete our initial Business Combination or to fund the operations and growth of a target business, which could compel us to restructure or abandon a particular Business Combination.
  • Our initial shareholders control the appointment of our board of directors until consummation of our initial Business Combination and hold a substantial interest in us. As a result, they will appoint all of our directors prior to the consummation of our initial Business Combination and may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support.
  • We may not be able to complete an initial Business Combination because such initial Business Combination may be subject to regulatory review and approval requirements, including foreign investment regulations and review by government entities such as the Committee on Foreign Investment in the United States (“CFIUS”), or may be ultimately prohibited.
  • Due to the number of special purpose acquisition companies evaluating targets, attractive targets may become more scarce and there may be more competition for attractive targets or such attractive targets may not be interested in consummating a Business Combination with a SPAC due to a negative public perception of mergers involving SPACs. This could increase the cost of our initial Business Combination and could even result in our inability to find a target or to consummate an initial Business Combination.
  • Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions, could adversely affect our business, financial condition or results of operations, or our prospects.
  • Because we must furnish our shareholders with target business financial statements, we may lose the ability to complete an otherwise advantageous initial Business Combination with some prospective target businesses.
  • Compliance obligations under the Sarbanes-Oxley Act may make it more difficult for us to effectuate our initial Business Combination, require substantial financial and management resources, and increase the time and costs of completing an initial Business Combination
  • Risks Relating to the Post-Business Combination Company
  • Subsequent to our completion of our initial Business Combination, we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and the price of our securities, which could cause you to lose some or all of your investment.
  • The officers and directors of an acquisition candidate may resign upon completion of our initial Business Combination. The loss of a Business Combination target’s key personnel could negatively impact the operations and profitability of our post-combination business.
  • Our management may not be able to maintain control of a target business after our initial Business Combination. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business.
  • We may have a limited ability to assess the management of a prospective target business and, as a result, may effect our initial Business Combination with a target business whose management may not have the skills, qualifications or abilities to manage a public company.
  • We may seek Business Combination opportunities with a high degree of complexity that require significant operational improvements, which could delay or prevent us from achieving our desired results.
  • Transactions in connection with or in anticipation of our initial Business Combination and our structure thereafter may not be tax-efficient to our shareholders and warrant holders. As a result of our Business Combination, our tax obligations may be more complex, burdensome and/or uncertain.
  • Risks Relating to Acquiring and Operating a Business in Foreign Countries
  • If we effect our initial Business Combination with a company located outside of the United States, we would be subject to a variety of additional risks that may adversely affect us.
  • We may reincorporate in or transfer by way of continuation to another jurisdiction in connection with our Business Combination, and such reincorporation may result in taxes imposed on shareholders or warrant holders.
  • We may reincorporate in or transfer by way of continuation to another jurisdiction in connection with our initial Business Combination, and the laws of such jurisdiction may govern some or all of our future material agreements and we may not be able to enforce our legal rights.
  • We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.
  • If our management following our initial Business Combination is unfamiliar with United States securities laws, they may have to expend time and resources becoming familiar with such laws, which could lead to various regulatory issues.
  • Exchange rate fluctuations and currency policies may cause a target business’ ability to succeed in the international markets to be diminished.
  • After our initial Business Combination, substantially all of our assets may be located in a foreign country and substantially all of our revenue will be derived from our operations in such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic, political and legal policies, developments and conditions in the country in which we operate.
  • Risks Relating to our Sponsor and Management Team
  • A change of ownership or control of our Sponsor could adversely affect our ability to consummate our initial Business Combination.
  • We are dependent upon our officers and directors and their loss, or a reduction in the amount of time they can dedicate to our initial Business Combination, could adversely affect our ability to operate.
  • Our ability to successfully effect our initial Business Combination and to be successful thereafter will be dependent upon the efforts of our key personnel, some of whom may join us following our initial Business Combination. The loss of key personnel could negatively impact the operations and profitability of our post-combination business.
  • Our key personnel may negotiate employment or consulting agreements with a target business in connection with a particular Business Combination, and a particular Business Combination may be conditioned on the retention or resignation of such key personnel. These agreements may provide for them to receive compensation following our initial Business Combination and as a result, may cause them to have conflicts of interest in determining whether a particular Business Combination is the most advantageous.
  • Our officers and directors will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial Business Combination.
  • Our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities, including other blank check companies, and, accordingly, may have conflicts of interest in allocating their time and in determining to which entity a particular business opportunity should be presented.
  • Our officers, directors, advisors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests.
  • Members of our management team and board of directors and our advisors have significant experience as founders, board members, officers, executives or employees of other companies. Certain of those persons have been, are currently, or may become, involved in litigation, investigations or other proceedings, including related to those companies or otherwise. This may have an adverse effect on us, which may impede our ability to consummate an initial Business Combination.
  • Members of our management team and affiliated companies may have been, and may in the future be, involved in civil disputes or governmental investigations unrelated to our business.
  • Our letter agreement with our Sponsor, officers and directors may be amended without shareholder approval.
  • Risks Relating to our Securities

Legal proceedings

There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such.

The opening of Item 3, Legal Proceedings.3

Sources

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    SEC EDGAROther events
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