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Pyrophyte Acquisition Corp. (PHYUF0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $299,080. This income results from general and administrative expenses of $275,154, a change in the fair value of derivative warrant liabilities of $202,187, and a gain on cash held in the Trust Account of $776,421.
As of September 30, 2024, Pyrophyte reported total assets of $73,260,565 and total liabilities of $17,756,535. The company held $2,184 in cash and $72,860,418 in cash investments held in the Trust Account.
The company has 11,321,961 Class A ordinary shares issued and outstanding, with 6,290,711 shares subject to possible redemption at a value of $73,120,418.
Pyrophyte is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
On November 13, 2023, Pyrophyte entered into a Business Combination Agreement with Sio Silica Corporation and other parties, which is subject to certain terms and conditions.
The company has not yet commenced any operations and will not generate operating revenues until after the completion of its initial business combination.
Pyrophyte has extended the deadline to complete its initial business combination to April 29, 2025, following shareholder approval at the Second Extension Meeting held on April 26, 2024.
The company faces liquidity challenges and has drawn on extension and working capital loans to fund its operations. As of September 30, 2024, $2,100,000 had been drawn on the extension loans.
Management has expressed substantial doubt about the company's ability to continue as a going concern due to liquidity conditions and the proximity to the liquidation date.
Pyrophyte's securities were delisted from the New York Stock Exchange as of October 30, 2024, and began trading on the OTC Pink Marketplace under the symbols PHYTF, PHYWF, and PHYUF.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pyrophyte Acquisition Corp. Units each consisting of one share of Class A common stock and one-half of one redeemable warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.