Pyrophyte Acquisition Corp. II (PAII) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 36.65% of current shares
Recent Dilution: 176.2% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
20M
Potential Supply
7.3M
Additional shares possible
Splits
None
Past 2 years

Summary

PAII currently has 20M outstanding shares. with moderate dilution risk from 7.35M authorized shares representing 36.7% potential dilution. The company has significantly diluted shareholders by 176.2% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 20.0M shares outstanding

20M 7.3M
Mar 30, 2026

10-K filing | 20.0M shares outstanding

20M 7.3M
Nov 14, 2025

10-Q filing | 20.0M shares outstanding

20M 7.3M
Sep 02, 2025

10-Q filing | 20.0M shares outstanding

20M 7.3M
Jul 30, 2025

8-K filing: Pyrophyte Acquisition Corp. II consummated its initial public offering of 17,500,000 units at $10.00 per unit, generating gross proceeds of $175,000,000, completed a private sale of 5,050,000 warrants to its sponsor at $1.00 per warrant, generating gross proceeds of $5,050,000, and closed the issuance and sale of an additional 2,541,150 units at $10.00 per unit, generating gross proceeds of $25,411,500; the Sponsor forfeited 30,231 Class B ordinary shares. ($205.46M proceeds)

7.3M 7.3M
Jul 24, 2025

8-K filing: Pyrophyte Acquisition Corp. II consummated its IPO of 17,500,000 units at $10.00 per unit, generating gross proceeds of $175,000,000, completed a private sale of 5,050,000 warrants to its sponsor at $1.00 per warrant, generating gross proceeds of $5,050,000, and closed the issuance and sale of an additional 2,541,150 units at $10.00 per unit, generating gross proceeds of $25,411,500, and the sponsor forfeited 30,231 Class B ordinary shares, resulting in the sponsor holding 7,135,721 founder shares. ($205.46M proceeds)

7.3M 7.3M
Jul 08, 2025

S-1/A filing: This S-1/A filing includes details regarding expenses related to the offering, indemnification of directors and officers, and recent sales of unregistered securities, specifically Class B ordinary shares issued to the sponsor and independent director nominees to cover offering costs.

7.3M 7.3M
Jun 27, 2025

S-1 filing: Initial public offering of 17,500,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant.

7.3M 18M
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