Fri, May 17, 8:32 PM (157 days ago)
TLGY Acquisition Corporation's Form 10-Q for the quarter ended March 31, 2024, reveals key financial metrics and business updates. The company reported a net income of $980,498, driven primarily by $864,194 in interest income from investments and a $689,465 gain from the change in fair value of convertible notes. Total expenses for the quarter were $268,294, including administrative fees and general expenses. The company's cash and investments in the trust account totaled $67.15 million, up from $65.95 million at the end of the previous quarter. Current liabilities stood at $1.77 million, with a working capital deficit of $1.70 million. Significant events include the termination of a merger agreement with Verde Bioresins, Inc. on March 18, 2024, and ongoing efforts to identify new business combination targets. The company also faces substantial doubt about its ability to continue as a going concern if it fails to complete a business combination by April 16, 2025. Subsequent events include sponsor loans and extensions to the business combination deadline, as well as a change of control in the sponsor entity. The company has also received a Nasdaq delisting notice but plans to appeal.