Pyrophyte Acquisition Corp. Announces Pricing of $175 Million Initial Public Offering

Rhea-AI Summary

Pyrophyte Acquisition Corp. announced the pricing of its initial public offering of 17,500,000 units at $10.00 each, set to trade on the NYSE under ticker symbol PHYT.U starting October 27, 2021.

The offering includes one Class A ordinary share and one-half of a redeemable warrant, with each whole warrant exercisable for a Class A share at $11.50. UBS Investment Bank is the sole book-runner and has a 45-day option to purchase up to 2,625,000 additional units. This press release includes forward-looking statements and highlights that the offering is subject to various conditions.

Houston, TX , Oct. 26, 2021 (GLOBE NEWSWIRE) --  Pyrophyte Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 17,500,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “PHYT.U” beginning on October 27, 2021. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “PHYT” and “PHYT WS,” respectively.

Pyrophyte Acquisition Corp. is a blank check company whose business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus on differentiated companies that provide products, services, equipment, and technologies that support a variety of energy transition solutions. 

UBS Investment Bank is acting as the sole book-runner for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,625,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from UBS Investment Bank, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: (888) 827-7275 or email: ol-prospectusrequest@ubs.com.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 26, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking-Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Sten L. Gustafson
Chief Executive Officer and Director
Pyrophyte Acquisition Corp.
281-701-4234
sten.gustafson@pyrophytespac.com

FAQ

What is the pricing for Pyrophyte Acquisition Corp's initial public offering?

The initial public offering is priced at $10.00 per unit.

When will Pyrophyte Acquisition Corp start trading on the NYSE?

Pyrophyte Acquisition Corp will start trading on the NYSE on October 27, 2021 under the ticker symbol PHYT.U.

What does each unit in the IPO consist of?

Each unit consists of one Class A ordinary share and one-half of a redeemable warrant.

What is the exercise price for the warrants of Pyrophyte Acquisition Corp?

Each whole warrant is exercisable to purchase one Class A ordinary share at a price of $11.50.

Who is the book-runner for the offering?

UBS Investment Bank is acting as the sole book-runner for the offering.

What is the purpose of Pyrophyte Acquisition Corp?

Pyrophyte Acquisition Corp is a blank check company aiming to merge with businesses that provide energy transition solutions.