Pyrophyte Acquisition filed with the SEC to offer 17.5 million units at $10 each. A unit consists of one Class A ordinary share and one-half of a warrant.
The new SPAC in the filing said it intends to target companies that serve the rapidly growing segments in the energy transition ecosystem.
Pyrophyte is led by CEO and Director Sten L. Gustafson, who since 2018 has served as chairman of the publicly traded Norwegian company, Golden Energy Offshore and has also served as an independent director for Western Rare Earths, the U.S. subsidiary of Australian rare earth mining company, American Rare Earths.
UBS is sole book-running manager. The underwriters have an over-allotment option to purchase up to an additional 2.625 million units.
Pyrophyte inteds to apply for a listing on the NYSE under PHYT.U. Read more.
