8-K
filed April 29, 2024, 7:59 PM ET
CIK 0001848756
other material
confidence high
sentiment neutral
materiality 0.65
Pyrophyte Acquisition Corp.: debt financing — Pyrophyte shareholders approve one-year extension; 2.68M shares redeemed, $71.4M remains in trust
Pyrophyte Acquisition Corp.
- Shareholders approved extension of business combination deadline from April 29, 2024 to April 29, 2025; 11,638,664 for, 100,000 against.
- Holders of 2,683,126 public shares redeemed at ~$11.35/share; trust account now holds ~$71.4 million.
- Sponsor issued promissory note for up to $1.08M to fund monthly trust contributions through Extended Date.
- Sponsor's existing working capital convertible promissory note amended and restated; maturity extended to April 29, 2025 or business combination; up to $1.84M available.
- Sponsor can convert up to $1.5M of working capital note into warrants at $1.00 per warrant, identical to private placement warrants.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Pyrophyte Acquisition Corp. incurred senior notes of up to $1.08 million with Pyrophyte Acquisition LLC (Sponsor) at no interest maturing earlier of (i) the date of the consummation of the Company’s initial business combination, (ii) the date of the Company’s liquidation and (iii) the Extended Dat.
- Instrument
- senior notes
- Principal
- up to $1.08 million
- Counterparty
- Pyrophyte Acquisition LLC (Sponsor)
- Rate
- no interest
- Maturity
- earlier of (i) the date of the consummation of the Company’s initial business combination, (ii) the date of the Company’s liquidation and (iii) the Extended Dat
- Event
- incurrence
Exact text from the filing
the Company issued a promissory note to the Sponsor with a principal amount up to $1.08 million (the “Second Extension Note”). The Second Extension Note bears no interest and is repayable in full upon the earlier of (i) the date of the consummation of the Company’s initial business combination, (ii) the date of the Company’s liquidation and (iii) the Extended Date.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Pyrophyte Acquisition Corp. amended convertible notes of up to $1,500,000 with Pyrophyte Acquisition LLC (Sponsor) maturing earlier of (i) the Extended Date and (ii) the effective date of an initial business combination.
- Instrument
- convertible notes
- Principal
- up to $1,500,000
- Counterparty
- Pyrophyte Acquisition LLC (Sponsor)
- Maturity
- earlier of (i) the Extended Date and (ii) the effective date of an initial business combination
- Event
- amendment
Exact text from the filing
business of the Company and the consummation of an initial business combination. The Sponsor will have the option, at any time on or prior to the Maturity Date, to convert up to $1,500,000 outstanding under the Working Capital Convertible Promissory Note into warrants to purchase Class A ordinary shares of the Company, par value $0.0001 per share (“Class A Ordinary
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Pyrophyte Acquisition Corp. amended Working Capital Convertible Promissory Note with Pyrophyte Acquisition LLC (effective 2024-04-26).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- Pyrophyte Acquisition LLC
- Effective
- 2024-04-26
Exact text from the filing
on April 26, 2024, the Company amended and restated its previously issued unsecured amended and restated convertible promissory note (as so amended and restated, the “Working Capital Convertible Promissory Note”) with the Sponsor, to extend the Maturity Date
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Pyrophyte Acquisition Corp. entered into Second Extension Note with Pyrophyte Acquisition LLC valued at up to $1.08 million (effective 2024-04-26).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Pyrophyte Acquisition LLC
- Value
- up to $1.08 million
- Effective
- 2024-04-26
Exact text from the filing
on April 26, 2024, the Company issued a promissory note to the Sponsor with a principal amount up to $1.08 million (the “Second Extension Note”).
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Pyrophyte Acquisition Corp. shareholders approved Proposal to amend the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial business combination from April 29, 2024 to April 29, 2025 (the 'Extension Amendment'). at the 2024-04-26 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2024-04-26
Exact text from the filing
On April 26, 2024, the Company held an extraordinary general meeting of shareholders (the “Extraordinary General Meeting”) at which its shareholders approved a proposal to amend the Company’s Amended and Restated Memorandum and Articles of Association (the “Articles”) to extend the date by which the Company must consummate an initial business combination from April 29, 2024 to April 29, 2025 (the “Extended Date”), or an earlier date than the Extended Date as determined by the Company’s board of directors (the “Extension Amendment”). The following is a tabulation of the votes with respect to the Extension Amendment, which was approved by the Company’s shareholders: For Against Abstain 11,638,664 100,000 0
View on SEC.gov
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