Pyrophyte Acquisition Corp.: debt financing — Pyrophyte Acquisition extends deadline to April 2026; $57M redeemed, trust falls to $18.1M

Pyrophyte Acquisition Corp.

Shareholders approved extension of business combination deadline from April 29, 2025 to April 29, 2026.
4,776,757 shares redeemed at ~$11.95 each; trust account reduced to approximately $18.1M.
Sponsor issued up to $1.5M promissory note to fund monthly contributions of $150k for extension.
Amended working capital convertible note to allow borrowing up to $2.5M, maturity extended to April 2026.
Sponsor may convert up to $1.5M outstanding into warrants at $1.00 each, exercisable at $11.50/share.

item 1.01 item 2.03 item 3.03 item 5.07 item 5.03 item 9.01

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 loan of up to $1.5 million with Pyrophyte Acquisition LLC at no interest maturing 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.

Instrument: loan
Principal: up to $1.5 million
Counterparty: Pyrophyte Acquisition LLC
Rate: no interest
Maturity: 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
Event: incurrence

Exact text from the filing

on April 25, 2025, the Company issued a promissory note to the Sponsor with a principal amount up to $1.5 million (the “Third Extension Note”). The Third 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.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Pyrophyte Acquisition Corp. amended convertible notes of $1,840,616 to $2,500,000 with Pyrophyte Acquisition LLC maturing the earlier of (i) the Extended Date and (ii) the effective date of an initial business combination.

Instrument: convertible notes
Principal: $1,840,616 to $2,500,000
Counterparty: Pyrophyte Acquisition LLC
Maturity: the earlier of (i) the Extended Date and (ii) the effective date of an initial business combination
Event: amendment

Exact text from the filing

on April 25, 2025, 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 (a) extend the Maturity Date (as defined below) thereunder from the earlier of (i) April 29, 2025 and (ii) the effective date of an initial business combination to the earlier of (i) the Extended Date and (ii) the effective date of an initial business combination (such earlier date, the “Maturity Date”) and (b) increase the amount in which the Company may borrow thereunder from $1,840,616 to $2,500,000.

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Source: SEC EDGAR

accession 0001213900-25-038446

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