Recent Updates — PAII

Pyrophyte Acquisition Corp. II entered into a definitive Business Combination Agreement with Sakuu Corporation on October 14, 2026. The transaction implies a pre-money equity value of $600 million for Sakuu. Upon closing, Pyrophyte will domesticate as a Delaware corporation and change its name to Sakuu Holdings, Inc., while Sakuu becomes a wholly owned subsidiary. Sakuu's equityholders will receive 60,000,000 newly issued shares of the combined company. The deal is subject to shareholder approvals and customary closing conditions. Pyrophyte Acquisition Corp. II is a special purpose acquisition company focused on energy transition targets.