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Pyrophyte (NASDAQ: PHYT) warns of potential 10-Q filing delay risks

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
NT 10-Q

Rhea-AI Filing Summary

Pyrophyte Acquisition Corp. has notified the SEC that it will not be able to file its Form 10-Q for the quarter ended June 30, 2025 on time. The company states it needs additional time to finalize its financial statements and is seeking a short extension under Rule 12b-25, indicating the report is expected to be filed as soon as practicable, though there can be no assurance it will be within the allowed five-day window. The company also cautions that the ongoing review could result in a material delay in financial reporting and may identify errors or control deficiencies in its accounting practices.

Positive

  • None.

Negative

  • Late Form 10-Q filing for the quarter ended June 30, 2025 due to additional time needed to finalize financial statements, creating near-term reporting uncertainty.
  • Company warns the ongoing review may cause a material delay in financial reporting and could identify errors or control deficiencies in accounting practices.

Insights

Late 10-Q filing and review raise accounting and reporting risk.

Pyrophyte Acquisition Corp. reports it cannot file its Form 10-Q for the quarter ended June 30, 2025 by the deadline because it needs more time to finalize its financial statements. It is relying on the short extension available under Rule 12b-25 and indicates it plans to file as soon as practicable, but explicitly notes there can be no assurance it will meet the five-day extension period.

The company highlights that its ongoing review could lead to a material delay in financial reporting and may uncover errors or control deficiencies in its accounting practices. This introduces uncertainty around the reliability and timing of upcoming financial information, which can affect investor confidence until the 10-Q is filed and any issues are fully described.

The key milestone will be the eventual Form 10-Q for the quarter ended June 30, 2025, which is expected after the prescribed due date and within the five-day extension if the process proceeds as the company currently anticipates.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 12b-25

 

NOTIFICATION OF LATE FILING

 

Commission File Number 001-40957

 

CUSIP Number: G7308P 101

     
(Check One):  

Form 10-K Form 20-F Form 11-K Form 10-Q

Form 10-D Form N-CEN Form N-CSR

   
    For Period Ended: June 30, 2025
   
    Transition Report on Form 10-K
   
    Transition Report on Form 20-F
   
    Transition Report on Form 11-K
   
    Transition Report on Form 10-Q
   
    For the Transition Period Ended:

 

 
 
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: N/A

 

PART I – REGISTRANT INFORMATION

 

Pyrophyte Acquisition Corp.

Full Name of Registrant

 

N/A

Former Name, if Applicable

 

3262 Westheimer Road, Suite 706

Address of Principal Executive Office (Street and Number)

 

Houston, Texas 77098

City, State and Zip Code

 

 

 

 

PART II – RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

  (a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
  (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
  (c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

PART III – NARRATIVE

 

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

 

Pyrophyte Acquisition Corp. (the “Company”) is unable to timely file with the U.S. Securities and Exchange Commission (the “SEC”) its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the “Form 10-Q”). The Company requires additional time to finalize the Company’s financial statements. As a result, the Company is unable to file the Form 10-Q by the prescribed due date without unreasonable effort or expense. While there can be no assurance, the Company anticipates that the Form 10-Q will be filed as soon as practicable.

 

2

 

 

PART IV – OTHER INFORMATION

 

(1)   Name and telephone number of person to contact in regard to this notification:
             
    Sten Gustafson   (281)   701-4234
    (Name)   (Area code)   (Telephone Number)
     
(2)  

Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).

 

Yes No

 

   

 Annual Report on Form 10-K for the year ended December 31, 2024

Quarterly Report on Form 10-Q for the quarter ended March 31, 2025

     
     
(3)   Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? Yes No
     
    If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

Forward-Looking Statements

 

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words and phrases such as “will”, “may”, “should”, “future”, “promptly”, “expect”, “estimate”, “anticipate,” “intends”, “plans”, “subject to”, and “change” and other similar expressions that predict or indicate future events or trends or that are not statements of historical fact. Such statements may include, but are not limited to, the filing of the Form 10-Q and the results of the ongoing review. These statements are based on current expectations on the date hereof and involve a number of risks and uncertainties that may cause actual results to differ significantly. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, including without limitation a material delay in the Company’s financial reporting, including the possibility that the Company will not be able to file its Form 10-Q within the five-day extension permitted by the rules of the SEC, and the possibility that the ongoing review may identify errors or control deficiencies in the Company's accounting practices. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

 

3

 

 

Pyrophyte Acquisition Corp.

(Name of Registrant as Specified in Charter)

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 15, 2025 By: /s/ Sten Gustafson
    Name: Sten Gustafson
    Title: Chief Financial Officer and Director

 

 

4

 

 

FAQ

Why did Pyrophyte Acquisition Corp. (PHYT) file a Form 12b-25?

Pyrophyte Acquisition Corp. filed a Form 12b-25 because it is unable to timely file its Form 10-Q for the quarter ended June 30, 2025 and needs more time to finalize its financial statements.

Which SEC report is Pyrophyte Acquisition Corp. (PHYT) delaying?

The company is delaying its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

How long of an extension is Pyrophyte Acquisition Corp. seeking for its 10-Q?

The company is seeking relief under Rule 12b-25, which allows a Form 10-Q to be filed up to five calendar days after the prescribed due date.

Does Pyrophyte Acquisition Corp. expect to file the delayed 10-Q soon?

The company states that, while there can be no assurance, it anticipates filing the Form 10-Q as soon as practicable following completion of its financial statement finalization.

What risks does Pyrophyte Acquisition Corp. cite related to the late 10-Q filing?

The company notes the risk of a material delay in financial reporting, the possibility it may not file within the five-day extension, and that the ongoing review may identify errors or control deficiencies in its accounting practices.

Who signed the late-filing notification for Pyrophyte Acquisition Corp.?

The notification was signed by Sten Gustafson, who is identified as the company’s Chief Financial Officer and Director.
Pyrophyte Acquisition Corp

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