Pyrophyte Acquisition said it deposited $960,000 into trust to push its deadline to April 29. The total value of the trust as of April 22 is approximately $101.7 million, the SPAC said.
Pyrophyte has also called an April 26 meeting for shareholders to vote on the second extension amendedment, which would move the deadline back to April 29, 2025.
If approved, the company said it would deposit the lesser of 2.25 cents a share or $90,000 into trust for each month required, beginning on April 30.
Pyrophyte has a deal with Canada-based Sio Silica. The target aims to become a global leader in the production and supply of environmentally and ethically produced high-purity quartz silica. The merger agreement with Pyrophyte has an implied enterprise value of $708 million and equity value of $758 million.
Announced last November, the deal includes approximately $150 million of gross capital including equity, debt, royalties and Sio’s cash on hand and an additional $10 million expected flow-through equity from a variety of institutional and individual accredited investors.
The transaction proceeds are expected to fully fund the construction of the first phase of Sio’s extraction and processing facility in Winnipeg, Manitoba. Upon closing Sio Silica shares and warrants are expected to list on the New York Stock Exchange under the tickers SIOS and SIOS WS. Read more.
