Tue, Aug 20, 1:08 PM (147 days ago)
For the quarter ended June 30, 2024, TLGY Acquisition Corporation reported a net income of $11,307, a significant improvement from a net loss of $947,538 in the same period in 2023. This positive shift is attributed to interest income of $663,042 and a debt forgiveness of $608,665, despite losses on the fair value of derivative liabilities totaling $817,066. The company ended the quarter with cash of $41,096 and cash held in a trust account of $42.9 million, down from $66 million at year-end 2023. The working capital deficit increased to $3.65 million, raising concerns about liquidity and going concern status, given the impending deadline for a business combination by April 2025. Total liabilities decreased to $6.1 million, with significant reductions in accounts payable and accrued expenses. TLGY is navigating uncertainties, including market volatility and geopolitical risks, as it seeks a merger target. The company has also made adjustments to its financial reporting, particularly regarding convertible promissory notes, which resulted in restatements for previous periods.