EX-99.1 2 ea025042701ex99-1_pyrophyte2.htm PRO FORMA BALANCE SHEET AS OF JULY 24, 2025

Exhibit 99.1

 

PYROPHYTE ACQUISITION CORP. II

PRO FORMA UNAUDITED BALANCE SHEET

JULY 24, 2025

 

   JULY 18,
2025
   Pro Forma
Adjustments
   As Adjusted 
       (Unaudited)   (Unaudited) 
ASSETS            
Cash  $243,915   $    $243,915 
Prepaid expenses   198,432         198,432 
Due from Sponsor   1,466,622         1,466,622 
Total current assets   1,908,969    -    1,908,969 
Cash held in Trust Account   175,000,000    25,411,500 (1)   200,411,500 
Prepaid insurance - long term   80,353         80,353 
Total Assets  $176,989,322   $25,411,500   $202,400,822 
                
LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT               
Current liabilities:               
Accounts payable  $318,076   $    $318,076 
Accrued expenses   81,336         81,336 
Total current liabilities   399,412    -    399,412 
Deferred underwriting fees payable   7,875,000    1,524,690 (2)   9,399,690 
Overallotment liability   160,650    (160,650)(4)   - 
Total liabilities   8,435,062    1,364,040    9,799,102 
                
Commitments and Contingencies               
                
Class A ordinary shares subject to possible redemption, 20,041,150 shares at $10.00 per share   175,000,000    24,939,227 (1)   200,411,500 
         (1,496,354)(2)     
         1,968,626 (5)     
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; none issued or outstanding (excluding 17,500,000 Class A ordinary shares subject to possible redemption)   -         - 
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,255,952 shares issued and outstanding (1)   726    (3)(3)   723 
Additional paid-in capital   -    472,273 (1)   - 
         (28,337)(2)     
         3 (3)     
         (1,968,626)(5)     
         1,524,687 (6)     
Accumulated deficit   (6,446,466)   160,650 (4)   (7,810,503)
         (1,524,687)(6)     
Total shareholders’ deficit   (6,445,740)   (1,364,040)   (7,809,780)
Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit  $176,989,322   $25,411,500   $202,400,822 

 

See Note to Pro Forma Unaudited Balance Sheet.

 

 

 

PYROPHYTE ACQUISITION CORP. II

NOTE TO PRO FORMA UNAUDITED BALANCE SHEET

JULY 24, 2025

 

NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Pyrophyte Acquisition Corp. II (the “Company”) as of July 18, 2025, adjusted for the closing of the underwriters’ overallotment option and related transactions, which occurred on July 24, 2025, as described below.

 

On July 18, 2025, the Company consummated its initial public offering (“IPO”) of 17,500,000 units (the “units”). The units were sold at a price of $10.00 per unit, generating gross proceeds to the Company of $175,000,000. Each Unit consists of one Class A ordinary share, par value $0.0001 per share (the “Class A ordinary shares”) and one-half of one warrant (“public warrant”) of the Company. Each whole public warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Simultaneously with the closing of the Public Offering, the Company completed the private sale of 5,050,000 warrants (the “private placement warrants”) at a purchase price of $1.00 per private placement warrant (the “private placement”) to Pyrophyte Acquisition II LLC (the “sponsor”) and the Company’s independent directors, generating gross proceeds to the Company of $5,050,000.

 

In connection with the IPO, the underwriters were granted a 45-day option from the closing of the IPO to purchase up to 2,625,000 additional Units to cover over-allotments, if any. On July 24, 2025, the underwriters partially exercised their over-allotment option to purchase an additional 2,541,150 Units at a purchase price of $10.00 per Unit, generating additional gross proceeds of $25,411,500. The underwriters forfeited their option to purchase an additional 83,850 Units.

 

In connection with the closing of the over-allotment option, the Sponsor forfeited 30,231 Class B ordinary shares of the Company, par value $0.0001 per share (the “founder shares”), resulting in the Sponsor holding an aggregate of 7,225,721 founder shares.  A total of $25,411,500 of the net proceeds from the sale of the over-allotment option Units was deposited in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A. maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”), bringing the aggregate proceeds deposited in the Trust Account to $200,411,500.

 

Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option are as follows:

 

   Pro Forma Entries  Debit ($)   Credit ($) 
(1)  Cash held in trust account   25,411,500      
   Class A ordinary shares subject to possible redemption        24,939,227 
   Additional paid-in capital        472,273 
   To record the sale of Underwriters’ over-allotment Units: 2,541,150 at $10.00/unit; par value of $0.0001          
              
(2)  Class A ordinary shares subject to possible redemption   1,496,354      
   Additional paid-in capital   28,336      
   Deferred underwriting fees payable        1,524,690 
   To record deferred underwriting fees on the sale of over-allotment Units (6.0% of $25,411,500 in proceeds)          
              
(3)  Class B ordinary shares   3      
   Additional paid-in capital        3 
   To record forfeiture of 30,231 Class B ordinary shares, par value of $0.0001          
              
(4)  Over-allotment option liability   160,650      
   Accumulated deficit        160,650 
   To record the and write-off the over-allotment option liability due to the forfeiture of the option by the underwriters.          
              
(5)  Additional paid-in capital   1,968,626      
   Class A ordinary shares subject to possible redemption        1,968,626 
   To record accretion of ordinary shares subject to redemption to an amount of $10.00 per share.          
              
(6)  Accumulated deficit   1,524,687      
   Additional paid-in capital        1,524,687