Pyrophyte Acquisition Corp II (NYSE: PAII) is a blank-check special purpose acquisition company (SPAC) incorporated in the Cayman Islands that was formed to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. It generates no operating revenue prior to completing an initial Business Combination. Capital raised through its Initial Public Offering, which closed July 16, 2025, is held in a Trust Account managed by Continental Stock Transfer and Trust Company, with interest earned on Trust Account funds available for limited permitted withdrawals. If PAII does not complete a Business Combination within 24 months of the IPO closing, it is required to redeem Public Shares at a per-share cash price equal to the Trust Account balance divided by outstanding Public Shares, up to $100,000 of interest may be used for liquidation expenses. The sponsor entity is Pyrophyte Acquisition II LLC, with administrative services provided by Centurion Sponsor LP under an Administrative Services Agreement dated July 16, 2025. PAII is listed on NYSE and qualifies as an emerging growth company under the JOBS Act as of the 10-K filed March 30, 2026.

Revenue model

No operating revenue. Pre-combination economics consist of interest earned on Trust Account funds. The sponsor and insiders hold Founder Shares and Private Placement Warrants; economic return depends entirely on completing a Business Combination.

Products and services

Class A Ordinary Shares, Units, and Warrants (including Private Placement Warrants) issued in connection with the Initial Public Offering that closed July 16, 2025. No commercial products or services exist prior to a Business Combination.

Customers and end markets

Public Shareholders who purchased Units in the IPO. Shareholder redemption rights allow Public Shareholders to receive pro-rata Trust Account distributions upon a Business Combination vote or upon liquidation if no deal is completed within the Completion Window.

Value-chain role

SPAC vehicle that raises public capital, holds it in trust, and deploys it to acquire an operating target business through a negotiated Business Combination. Acts as an acquisition intermediary between public capital markets and private or public target companies.

Geographic exposure

Incorporated in the Cayman Islands. The filing notes the company may redomicile to the United States in connection with a Business Combination depending on target jurisdiction. No operating geographic footprint disclosed as of the 10-K filed March 30, 2026.

Source: SEC 10-K, filed 2026-03-30

Industry: Blank Checks