Pyrophyte Acquisition in an 8-K said shareholders voted to allow the SPAC to push its deadline back to April 2025, while redemptions removed almost $30.5 million from trust, leaving $71.4 million.
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.
