Pyrophyte Acquisition Corp. II (PAII.W) Warrant
Each PAII.W warrant gives the holder the right to buy 1 share of Pyrophyte Acquisition Corp. II at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.33, below the strike, so the warrant is out of the money. Pyrophyte Acquisition Corp. II has a market value of about $281.67M. Pyrophyte Acquisition Corp. II is a SPAC (no deal announced yet). It must complete a deal by July 18, 2027 or the warrants expire worthless. There are 10.02M listed warrants; exercising all of them would add 36.8% to the 27.27M shares outstanding.
PAII vs strike, last 12 months
No share-price history for PAII yet.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $11.76
From the issuer's 424B4 (2025-07-17).
Company and stock
- Company
- Pyrophyte Acquisition Corp. II
- Underlying stock
- PAII
- Share price
- $10.33
- Market cap
- $281.67M
- Shares outstanding
- 27.27M
- Value of all listed warrants
- $2.61M (0.9% of market cap)
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.2600
- Price / model
Get Pro to see whether PAII.W is cheap or rich against our model.
Dilution
- Shares outstanding
- 27.27M
- Listed warrants
- 10.02M
- Dilution if all exercised
- 36.8%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2027-07-18
- Latest possible deadline
- —
- Trust per share
- $10.20
- Sponsor
- Pyrophyte Acquisition II LLC
- Sponsor's earlier SPACs
- 1 (0 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about PAII.W
When does the PAII.W warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of PAII.W?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many PAII.W warrants are outstanding?
10.02M listed warrants, equal to 36.8% dilution if all are exercised.