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TLGY Acquisition Corp Releases Q3 2023 10-Q Report

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TLGY Acquisition Corp, a special purpose acquisition company (SPAC) focused on identifying and merging with target businesses, has released its Form 10-Q report for the third quarter of 2023. The report highlights the company's financial performance and operational activities, including a significant proposed business combination.

Financial Highlights

  • Net Income: $3.32 million, primarily due to a change in fair value of derivative liabilities and interest income on funds held in Trust.
  • Net Income Per Share, Class A ordinary shares subject to possible redemption: $0.25 for the three months ended September 30, 2023.
  • Net Income Per Share, Class B ordinary shares: $0.25 for the three months ended September 30, 2023.

Business Highlights

  • Proposed Business Combination: On June 21, 2023, TLGY Acquisition Corporation entered into a Merger Agreement with Virgo Merger Sub Corp. and Verde Bioresins, Inc., marking a significant step towards a business combination as outlined in the company's strategic objectives.
  • Operational Focus: The company remains focused on identifying and evaluating target businesses for a potential merger or acquisition, leveraging proceeds from its IPO and private placement to finance these activities.
  • Trust Account Management: As of September 30, 2023, the company managed $80,118,438 in investments held in a trust account, which are intended to be used for completing an initial business combination.
  • Cash Management: The company had $58,555 in cash outside the trust account as of September 30, 2023, designated for operational activities such as due diligence and business evaluations.
  • Future Outlook: The management is actively pursuing a business combination within the specified timeframe, with plans to utilize the trust account funds and additional capital sources to support the transaction.

SEC Filing: TLGY Acquisition Corp Releases Q3 2023 [ OTC:TLGYF ] - 10-Q - Nov. 14, 2023