This is East Stone's third attempt to reach the altar after terminating a deal with JHD Holdings in April and calling off a deal with Ufin Holdings before that.
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 transaction includes an approximately $2.1 billion cash contribution by the SPAC and a $2.5 billion fully committed PIPE with an investor lock-up provision that binds holders beyond the closing. The transaction includes the largest ever SPAC-related common stock PIPE, the companies said at the time of the merger announcement in February.