Pyrophyte Acquisition Corp. II (NYSE: PAII) announced on October 14, 2026, the execution of a definitive Business Combination Agreement with Sakuu Corporation, a Silicon Valley-based energy storage manufacturer. The agreement, unanimously approved by the boards of both companies, outlines a transaction that implies a pre-money equity value of $600 million for Sakuu.
Under the terms of the agreement, Pyrophyte will undergo a domestication, transferring its domicile from the Cayman Islands to Delaware and changing its name to Sakuu Holdings, Inc. Following this change, Sakuu will merge with and into Pyrophyte’s wholly-owned subsidiary, Merger Sub, Inc., with Sakuu surviving as a wholly-owned subsidiary of the new entity.
The transaction consideration for Sakuu’s equityholders consists of 60,000,000 newly issued common shares of the post-closing company, calculated by dividing $600,000,000 by a share price of $10.00. This exchange ratio will also apply to the conversion of Sakuu’s common and preferred stock, as well as outstanding options, warrants, and convertible notes, subject to specific rounding and anti-dilution provisions.
The agreement includes a management incentive pool that may issue additional shares if the post-closing common stock achieves a closing sale price of $12.50 or $15.00 per share over specified periods. Upon closing, the combined company is expected to be listed on the New York Stock Exchange under the ticker symbol "SAKU." The proceeds from the business combination are intended to support the continued development and commercialization of Sakuu’s Kavian Platform, a dry-battery printing technology expected to be commercially available in the second quarter of 2027.
