Pyrophyte Acquisition II (PAII)
Market Price (3/30/2026): $10.09 | Market Cap: $233.8 MilSector: Financials | Industry: Multi-Sector Holdings
Pyrophyte Acquisition II (PAII)
Market Price (3/30/2026): $10.09Market Cap: $233.8 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 4.1% | Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% | Key risksPAII key risks include [1] failing to complete a timely business combination, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -62% |
| Low stock price volatilityVol 12M is 4.1% |
| Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -62% |
| Key risksPAII key risks include [1] failing to complete a timely business combination, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Pyrophyte Acquisition II (PAII) stock has remained largely at the same level since 11/30/2025 because of the following key factors:
1. Absence of a Definitive Business Combination Announcement.
Pyrophyte Acquisition II (PAII) is a Special Purpose Acquisition Company (SPAC) formed for the purpose of identifying and merging with an operating business. As of the specified period (since November 30, 2025), there has been no announcement of a definitive agreement for a business combination with a target company. The lack of a specific merger target or deal terms prevents significant speculative price movements, causing the stock to trade steadily.
2. Trading Near Trust Value.
PAII's stock price has remained largely at its initial offering price of $10.00 per unit, with its 52-week range showing a high of $10.17 and a low of $9.92. This stability is characteristic of SPACs prior to a definitive business combination, as investors typically have the option to redeem their shares for their pro-rata portion of the $10.00 per unit held in the trust account, limiting downside risk and keeping the share price anchored near this value.
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1. Absence of a Definitive Business Combination Announcement.
Pyrophyte Acquisition II (PAII) is a Special Purpose Acquisition Company (SPAC) formed for the purpose of identifying and merging with an operating business. As of the specified period (since November 30, 2025), there has been no announcement of a definitive agreement for a business combination with a target company. The lack of a specific merger target or deal terms prevents significant speculative price movements, causing the stock to trade steadily.
2. Trading Near Trust Value.
PAII's stock price has remained largely at its initial offering price of $10.00 per unit, with its 52-week range showing a high of $10.17 and a low of $9.92. This stability is characteristic of SPACs prior to a definitive business combination, as investors typically have the option to redeem their shares for their pro-rata portion of the $10.00 per unit held in the trust account, limiting downside risk and keeping the share price anchored near this value.
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Stock Movement Drivers
Fundamental Drivers
The 0.7% change in PAII stock from 11/30/2025 to 3/29/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.08 | 10.15 | 0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | � | 0.0% |
| Net Income Margin (%) | � | � | 0.0% |
| P/E Multiple | � | � | 0.0% |
| Shares Outstanding (Mil) | 23 | 23 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| PAII | 0.7% | |
| Market (SPY) | -5.3% | 5.6% |
| Sector (XLF) | -10.0% | -0.9% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| PAII | ||
| Market (SPY) | 0.6% | 8.2% |
| Sector (XLF) | -10.8% | 7.8% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| PAII | ||
| Market (SPY) | 9.8% | 8.2% |
| Sector (XLF) | -7.1% | 7.8% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| PAII | ||
| Market (SPY) | 69.4% | 8.2% |
| Sector (XLF) | 40.5% | 7.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PAII Return | - | - | - | - | -1% | 1% | -0% |
| Peers Return | 5% | 1% | 6% | ||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| PAII Win Rate | - | - | - | - | 50% | 67% | |
| Peers Win Rate | 92% | 33% | |||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| PAII Max Drawdown | - | - | - | - | -3% | -0% | |
| Peers Max Drawdown | -0% | 0% | |||||
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[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 3/27/2026 (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.
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About Pyrophyte Acquisition II (PAII)
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
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- Business Combination Facilitation: Pyrophyte Acquisition II (PAII) is a special purpose acquisition company (SPAC) formed with the sole purpose of identifying, acquiring, and merging with one or more private operating businesses to bring them public.
AI Analysis | Feedback
Pyrophyte Acquisition II (PAII) is a Special Purpose Acquisition Company (SPAC) that was incorporated on May 1, 2025. Its purpose is to effect a business combination with one or more operating businesses. As of the provided information, PAII has not yet selected any business combination target and has not initiated any substantive discussions. Therefore, it does not currently have any operating business, products, or customers.
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Pyrophyte Acquisition II (symbol: PAII) Management Team:Bernard J. Duroc-Danner, Ph.D.
Chief Executive Officer and DirectorDr. Bernard J. Duroc-Danner has served as the Chief Executive Officer of Pyrophyte Acquisition Corp. II since May 2025. He also held the position of Chief Executive Officer for Pyrophyte Acquisition Corp. ("Pyrophyte I") from March 2023 and served as the chairman of its board of directors since October 2021. Since 2018, Dr. Duroc-Danner has co-founded, developed, and assisted in funding various technology and operating companies within the global energy industry. He founded EVI, Inc.
Sten L. Gustafson
Chief Financial Officer and DirectorMr. Sten L. Gustafson has been the Chief Financial Officer of Pyrophyte Acquisition Corp. II since May 2025. Additionally, he has served as the Chief Financial Officer of Pyrophyte I since March 2023 and as a member of its board of directors since February 2021. Prior to these roles, Mr. Gustafson was the Chief Executive Officer of Pyrophyte I from February 2021 to March 2023. He is recognized as an accomplished executive in the energy services industry, an investment banker, and a corporate securities attorney.
Per Hornung Pedersen
Independent DirectorJamie E. Saxton, Jr.
Independent DirectorDr. Matteo Pasquali, Ph.D.
Independent DirectorAI Analysis | Feedback
The key risks to Pyrophyte Acquisition II (PAII), a special purpose acquisition company (SPAC) that has not yet identified a business combination target, primarily stem from its inherent structure and operational stage. The most significant key risks are:- Inability to complete an initial business combination: As a blank-check company, Pyrophyte Acquisition II's sole purpose is to acquire or merge with one or more businesses. Since the company was incorporated on May 1, 2025, and has not yet selected a target, there is a substantial risk that it may not be able to identify and successfully complete a business combination within the typical timeframe (often 18-24 months) or any extended period. If it fails to do so, the company would be forced to liquidate, and public shareholders would receive their initial investment back, potentially less any expenses.
- Competition for acquisition targets: Pyrophyte Acquisition II intends to focus its search on companies in the energy sector. However, the market for attractive acquisition targets, particularly in growing segments of the energy ecosystem, is highly competitive. Numerous other SPACs, private equity firms, and strategic buyers are also seeking promising companies, which could make it difficult for PAII to identify and secure a suitable business combination on favorable terms.
- Potential for shareholder dilution: Should Pyrophyte Acquisition II successfully complete a business combination, existing public shareholders may experience significant dilution. This can occur through various mechanisms, including the issuance of new shares to the target company's owners, private investment in public equity (PIPE) transactions, and the exercise of warrants held by the SPAC's sponsors or other investors.
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Share Issuance
- Pyrophyte Acquisition II closed its Initial Public Offering (IPO) on July 18, 2025, selling 17,500,000 units at $10.00 per unit, raising gross proceeds of $175 million.
- The company also issued an additional 2,541,150 units at $10.00 per unit on July 24, 2025, from the underwriters' partial exercise of their over-allotment option, generating $25,411,500 in gross proceeds.
- Concurrently with the IPO, Pyrophyte Acquisition II completed a private placement of 5,050,000 warrants to its sponsor, Pyrophyte Acquisition II LLC, at $1.00 per warrant, resulting in gross proceeds of $5,050,000.
Inbound Investments
- Pyrophyte Acquisition II LLC, the company's sponsor, made an investment of $5,050,000 through a private placement of 5,050,000 warrants.
Outbound Investments
- Pyrophyte Acquisition II has not yet selected any business combination target nor initiated any substantive discussions, directly or indirectly, with any potential target.
Capital Expenditures
- For the three months ended September 2025, Pyrophyte Acquisition II reported $0.00 million in capital expenditures for the purchase of property, plant, and equipment.
Trade Ideas
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| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
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| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.26 |
| 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 | - |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.2 |
| P/S | - |
| P/EBIT | 44.4 |
| P/E | 60.2 |
| P/CFO | -133.4 |
| Total Yield | 1.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | - |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.2% |
| 3M Rtn | 0.6% |
| 6M Rtn | 1.9% |
| 12M Rtn | 2.2% |
| 3Y Rtn | 2.7% |
| 1M Excs Rtn | 7.9% |
| 3M Excs Rtn | 8.8% |
| 6M Excs Rtn | 5.4% |
| 12M Excs Rtn | -9.1% |
| 3Y Excs Rtn | -59.1% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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