Pyrophyte Acquisition II (PAII)
Market Price (1/17/2026): $10.07 | Market Cap: $233.3 MilSector: Financials | Industry: Multi-Sector Holdings
Pyrophyte Acquisition II (PAII)
Market Price (1/17/2026): $10.07Market Cap: $233.3 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Low stock price volatilityVol 12M is 4.2% | Trading close to highsDist 52W High is -0.7%, Dist 3Y High is -0.7% | Key risksPAII key risks include [1] failing to complete a timely business combination, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -76% |
| Low stock price volatilityVol 12M is 4.2% |
| Trading close to highsDist 52W High is -0.7%, Dist 3Y High is -0.7% |
| Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -76% |
| Key risksPAII key risks include [1] failing to complete a timely business combination, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Pyrophyte Acquisition II (PAII) experienced a minor stock movement of approximately 0.4% between October 31, 2025, and January 17, 2026. This period saw the Special Purpose Acquisition Company (SPAC) continue to trade near its initial public offering price, with a closing price of $10.06 as of January 15, 2026. The modest fluctuation can be attributed to the inherent characteristics of a SPAC awaiting a business combination and the absence of significant market-moving news during this timeframe.
1. Trading near Trust Value. PAII, as a SPAC, was structured to trade around its initial public offering price of $10.00 per unit, which it priced in July 2025. This provides a notional floor for the stock due to the redemption rights typically associated with SPACs, keeping price movements minimal until a definitive transaction is announced. Throughout early January 2026, the stock consistently traded in the range of $10.06 to $10.11.
2. Absence of Definitive Merger Agreement. A key driver for SPAC stock volatility is the announcement of a target acquisition or a definitive merger agreement. During the approximate time period from October 31, 2025, to January 17, 2026, there were no public announcements of a definitive business combination for Pyrophyte Acquisition II. The company's stated purpose is to pursue a merger or similar business combination in the energy sector. The lack of such a catalyst typically results in stable trading around the trust value.
Show more
1. Trading near Trust Value. PAII, as a SPAC, was structured to trade around its initial public offering price of $10.00 per unit, which it priced in July 2025. This provides a notional floor for the stock due to the redemption rights typically associated with SPACs, keeping price movements minimal until a definitive transaction is announced. Throughout early January 2026, the stock consistently traded in the range of $10.06 to $10.11.
2. Absence of Definitive Merger Agreement. A key driver for SPAC stock volatility is the announcement of a target acquisition or a definitive merger agreement. During the approximate time period from October 31, 2025, to January 17, 2026, there were no public announcements of a definitive business combination for Pyrophyte Acquisition II. The company's stated purpose is to pursue a merger or similar business combination in the energy sector. The lack of such a catalyst typically results in stable trading around the trust value.
Show more
Stock Movement Drivers
Fundamental Drivers
nullnull
Market Drivers
10/31/2025 to 1/16/2026| Return | Correlation | |
|---|---|---|
| PAII | 0.4% | |
| Market (SPY) | 1.4% | 42.7% |
| Sector (XLF) | 4.0% | 40.1% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2025 to 1/16/2026| Return | Correlation | |
|---|---|---|
| PAII | ||
| Market (SPY) | 9.7% | 15.3% |
| Sector (XLF) | 4.3% | 21.6% |
Fundamental Drivers
nullnull
Market Drivers
1/31/2025 to 1/16/2026| Return | Correlation | |
|---|---|---|
| PAII | ||
| Market (SPY) | 15.9% | 15.3% |
| Sector (XLF) | 6.9% | 21.6% |
Fundamental Drivers
nullnull
Market Drivers
1/31/2023 to 1/16/2026| Return | Correlation | |
|---|---|---|
| PAII | ||
| Market (SPY) | 76.5% | 15.3% |
| Sector (XLF) | 55.7% | 21.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PAII Return | - | - | - | - | -1% | 0% | -1% |
| Peers Return | � | � | � | � | 5% | 0% | � |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| PAII Win Rate | - | - | - | - | 50% | 100% | |
| Peers Win Rate | � | � | � | � | 92% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| PAII Max Drawdown | - | - | - | - | -3% | -0% | |
| Peers Max Drawdown | � | � | � | � | -0% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | 0% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NOEM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/16/2026 (YTD)
How Low Can It Go
PAII has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to NOEM
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
We are a special purpose acquisition company incorporated on May 1, 2025 as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While we may pursue an initial business combination in any business, industry, sector or geographic region, we intend to focus our search initially on identifying companies in the energy sector that constitute critical links in the supply chain for, and/or service, the growing segments from the full spectrum of the energy ecosystem. Specifically, we seek to focus on differentiated targets that provide critical minerals and materials, equipment, and/or technologies that support the span of energy solutions from traditional to renewable energy. We do not intend to acquire companies that are excessively leveraged. Our executive offices are located in Houston, TX.
AI Analysis | Feedback
nullAI Analysis | Feedback
- Business Combination: The company's primary activity is to identify and complete a merger, acquisition, or similar business combination with an operating company, effectively taking that private company public.
AI Analysis | Feedback
Pyrophyte Acquisition II (symbol: PAII) is a Special Purpose Acquisition Company (SPAC). A SPAC is a publicly traded shell company formed for the sole purpose of raising capital through an initial public offering (IPO) to acquire an existing private company, thereby taking it public.
As a SPAC, Pyrophyte Acquisition II does not operate an underlying business that sells products or services. Therefore, it does not have major customers in the traditional sense of companies or individuals purchasing its goods or services.
Its primary stakeholders are its investors (shareholders) who purchase its stock in anticipation of a successful acquisition and the future growth of the combined entity.
AI Analysis | Feedback
- BofA Securities (parent: Bank of America Corporation, symbol: BAC)
- Morgan Stanley (symbol: MS)
- Kirkland & Ellis LLP
- White & Case LLP
- Marcum LLP
AI Analysis | Feedback
Dr. Bernard J. Duroc-Danner Chairman & CEO
Dr. Bernard Duroc-Danner is an internationally recognized energy executive. He built Weatherford International Ltd. and Grant Prideco, which became global market and industry leaders through hundreds of focused acquisitions worldwide. Dr. Duroc-Danner founded EVI, Inc. (NYSE: EVI), an oilfield service and equipment company, in May 1987, and served as its Chairman, President, and CEO until his retirement in 2016. Following his retirement, he was honored with the distinction of Chairman Emeritus of Weatherford, EVI's successor company.
Sten L. Gustafson President & CFO
Mr. Gustafson is an experienced energy service industry executive, investment banker, and corporate securities attorney. With over 25 years of experience in the global energy sector, he has advised on more than 100 corporate transactions globally, totaling over $100 billion in transaction value.
Jamie Saxton Independent Director
Mr. Saxton began his finance career at Lehman Brothers, where he spent 12 years and rose to the position of Managing Director and head of the oilfield services practice.
Per Hornung Pedersen Independent Director
Mr. Pedersen is a highly experienced veteran in the renewable energy industry. He has spent the past 20 years working as a senior executive and an independent director in leading global companies across the renewable energy industry value chain.
Matteo Pasquali Independent Director
Dr. Matteo Pasquali serves on the Board of Directors for Pyrophyte Acquisition Corp. II. Background details regarding his career prior to this role are not publicly available in the provided search results.
AI Analysis | Feedback
Pyrophyte Acquisition II (PAII) is a Special Purpose Acquisition Company (SPAC) that completed its initial public offering in July 2025. As a "blank check" company, its primary business is to acquire and merge with an existing private company within a specified timeframe. This unique structure gives rise to several key risks:Key Risks to Pyrophyte Acquisition II (PAII)
- Failure to Complete a Business Combination: The most significant risk for PAII is its inability to identify and successfully merge with a suitable target company within the mandated timeframe, typically 24 months. If a business combination is not completed, the company's trust fund could be liquidated, and funds would be returned to investors, often at or near the initial public offering price. This would result in the loss of any invested capital beyond the trust amount, as well as the opportunity cost for investors.
- Risks Related to Target Company Selection and Valuation: Since PAII has not yet selected a target company for acquisition, there is inherent uncertainty regarding the quality and valuation of any future business combination. The success of PAII depends heavily on its management team's ability to identify a suitable company in the energy sector and negotiate an acquisition at a favorable valuation. An ill-conceived or overpriced acquisition could lead to poor financial performance post-merger.
- Exposure to Commodity Price Swings in the Energy Sector: PAII aims to acquire companies within the energy sector, which can be susceptible to volatile commodity prices. While the company intends to focus on "defensible assets" such as supply-constrained minerals and proprietary technology, potential target companies, and by extension PAII's future business, could be negatively impacted by significant fluctuations in commodity markets.
AI Analysis | Feedback
- Intense competition from well-funded and more technologically advanced companies in the nascent Advanced Air Mobility (AAM) market, potentially leading to rapid market share capture by rivals.
- Significant and evolving regulatory hurdles and certification delays from aviation authorities for new aircraft designs like the TriFan 600, which could impede or prolong the path to commercialization.
AI Analysis | Feedback
nullAI Analysis | Feedback
Pyrophyte Acquisition II (PAII) is a Special Purpose Acquisition Company (SPAC) that completed its initial public offering in July 2025 and is currently in the "Pre-Deal" stage, actively seeking a target company for acquisition. As such, its future revenue growth drivers are intrinsically linked to the strategic focus and growth prospects of the business it ultimately acquires. PAII's stated objective is to combine with companies within the energy sector, specifically those providing critical minerals and materials, equipment, and/or technologies that support the entire energy ecosystem, from traditional to renewable energy solutions. Based on this investment thesis, the expected drivers of future revenue growth for a company acquired by Pyrophyte Acquisition II over the next 2-3 years include: * Growing Demand for Energy Transition Technologies and Materials: The global shift towards decarbonization and sustainable energy solutions is expected to drive significant demand for critical minerals, advanced materials, and innovative technologies that support renewable energy generation, energy storage, and grid infrastructure. An acquired company operating in these areas would benefit from this expanding market. * Expansion within the Energy Supply Chain: Pyrophyte Acquisition II explicitly targets "differentiated companies that constitute critical links in the supply chain of the energy ecosystem." Revenue growth would be driven by the acquired entity's ability to increase its market share within its specific supply chain niche, or by broadening its offerings to address additional critical components or services required in the evolving energy sector. * New Market Penetration (Geographic and Application-Specific): An acquired business, particularly one with global ambitions as indicated by PAII's interest in pursuing "global businesses", could achieve revenue growth by entering new geographical markets or by adapting its existing products and services for new applications within the diverse energy landscape (e.g., expanding a technology from one renewable energy segment to another). * Technological Innovation and New Product Development: For a company focused on providing "equipment, and/or technologies" within the dynamic energy sector, continuous innovation and the successful launch of new, more efficient, or cost-effective products and services will be crucial. This would allow the company to capture new segments of demand and maintain competitiveness. * Strategic Consolidations and Partnerships: Post-acquisition, the combined entity could drive revenue growth through further strategic acquisitions of complementary businesses or by forming partnerships. These actions could expand its product portfolio, enhance technological capabilities, or broaden its market reach, thereby increasing its overall revenue generation potential.AI Analysis | Feedback
Share Issuance
- Pyrophyte Acquisition II completed its initial public offering (IPO) on July 18, 2025, issuing 17,500,000 units at $10.00 per unit, raising $175 million in gross proceeds.
- The company subsequently sold an additional 2,541,150 units through an over-allotment option at $10.00 per unit, generating an additional $25,411,500 and bringing the total gross IPO proceeds to $200.4 million.
- Concurrently with the IPO, PAII issued 5,050,000 warrants to its sponsor, Pyrophyte Acquisition II LLC, through a private placement at $1.00 per warrant, resulting in gross proceeds of $5,050,000.
Inbound Investments
- The company received $5,050,000 from its sponsor, Pyrophyte Acquisition II LLC, through the private placement of 5,050,000 warrants at $1.00 per warrant.
- A total of $200,411,500 from the initial public offering and the simultaneous private placement of warrants was placed into a trust account for a future business combination.
Outbound Investments
- Pyrophyte Acquisition II was formed in 2025 as a blank check company with the primary objective of completing a merger, asset acquisition, or similar business combination with one or more businesses.
- The company expects to target opportunities within the energy sector, focusing on companies that provide critical minerals, materials, equipment, and technologies supporting the energy ecosystem.
- As of December 2025, Pyrophyte Acquisition II has not yet completed an outbound investment or business combination.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Pyrophyte Acquisition II
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.21 |
| Mkt Cap | 0.2 |
| Rev LTM | 0 |
| Op Inc LTM | -1 |
| FCF LTM | -1 |
| FCF 3Y Avg | -0 |
| CFO LTM | -1 |
| CFO 3Y Avg | -0 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/14/2025 | 10-Q (09/30/2025) |
| 06/30/2025 | 09/02/2025 | 10-Q (06/30/2025) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.