TLGY Acquisition Corp, a special purpose acquisition company (SPAC), has announced an extension of its deadline to complete a business combination. On Monday, the company informed Continental Stock Transfer & Trust Company about its decision to push the termination date from July 17, 2024, to August 16, 2024.
This extension allows TLGY Acquisition Corp an additional month to finalize its initial business combination. To facilitate this extension, the company's sponsor or its affiliates were required to deposit an additional $60,000 into the company's trust account. This deposit, referred to as the Extension Deposit, was successfully made on Tuesday, ensuring that the deadline is extended to the new date in August.
The deposit into the trust account and the subsequent extension of the deadline are in line with the company's strategic efforts to finalize a business combination. TLGY Acquisition Corp is categorized under the industry class of plastics, materials, synthetic resins, and nonvulcanizable elastomers, and it is incorporated in the Cayman Islands, with a fiscal year-end on December 31.
The company's securities, including units, Class A ordinary shares, and redeemable warrants, are listed on The Nasdaq Stock Market under the symbols TLGYU, TLGY, and TLGYW, respectively. Each redeemable warrant is exercisable for one Class A ordinary share at an exercise price of $11.50 per share.
The details of this corporate action are based on a recent filing with the Securities and Exchange Commission. This extension provides TLGY Acquisition Corp with more time to identify a suitable target for its initial business combination, which is a critical step in the life cycle of a SPAC. The company is led by Chairman and Chief Executive Officer Vikas Desai, who signed off on the SEC filing dated today.
In other recent news, TLGY Acquisition Corporation has reported significant developments. The company has entered into material definitive agreements with CPC Sponsor Opportunities I, LP and CPC Sponsor Opportunities I (Parallel), LP. As part of these agreements, the company issued unsecured promissory notes to the lenders, enabling it to borrow substantial amounts. The lenders also have an option to convert the unpaid principal balance of the notes into warrants for purchasing Class A common stock of TLGY Acquisition Corporation.
In a parallel development, TLGY Acquisition Corp announced a change in its independent registered public accounting firm. Dismissing Marcum Asia CPAs LLP, the company's Audit Committee approved the engagement of WithumSmith+Brown, PC (Withum) as its new accountant. The change was reported in an 8-K filing with the U.S. Securities and Exchange Commission. Notably, there were no disagreements or reportable events between TLGY and Marcum Asia during the two most recent fiscal years and the subsequent interim period.
These are key updates from the company, reflecting recent strategic decisions and changes in its financial structure and auditing procedures.
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