Pyrophyte Acquisition (PHYT) has priced its initial public offering (IPO) of 17.50M units at $10.00/unit, for an anticipated gross proceeds of $175M.
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 $11.50/share.
Underwriters have been granted a 45-day option to purchase up to an additional 2,625,000 units at the IPO price to cover over-allotments, if any.
The units will begin trading on the NYSE from October 27, 2021 under the ticker symbol "PHYT.U". 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 is a special purpose acquisition company (SPAC), which intends to focus on differentiated businesses that provide products, services, equipment, and technologies that support a variety of energy transition solutions.