Pyrophyte Acquisition II, a blank check company targeting the energy sector, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
Pyrophyte Acquisition II is led by CEO and Director Bernard Duroc-Danner, who founded oilfield services company EVI (formerly NYSE: EVI), and was its Chairman and CEO for 29 years, as well as CFO and Director Sten Gustafson, the former CEO of helicopter transport operator Era Group (formerly NYSE: ERA). The SPAC plans to pursue global businesses in the energy sector, although it may also acquire a domestic company. It states it does not intend to acquire companies that are excessively leveraged.
The duo's previous SPAC, Pyrophyte Acquisition (OTC: PHYTF), went public in 2021 and has a pending merger agreement with Canadian quartz silica pre-producer Sio Silica.
Pyrophyte Acquisition II plans to list on the NYSE under the symbol PAII.U. UBS Investment Bank and Brookline Capital Markets acted as joint bookrunners on the deal.
