TLGY Acquisition Corp Extends Merger Deadline Author: Investing.com

TLGY Acquisition Corp., a special purpose acquisition company (SPAC), announced an extension of the deadline to complete its business combination. On Monday, the company informed Continental Stock Transfer & Trust Company of its decision to extend its dissolution date from July 17, 2024 to August 16, 2024.

The extension gives TLGY Acquisition Corp. an additional month to finalize its initial business combination. To facilitate the extension, the company’s sponsor or its affiliates were required to deposit an additional $60,000 into the company’s escrow account. That deposit, known as an extension deposit, was successfully made Tuesday, providing an extension to a new August date.

The deposit into the escrow account and the subsequent extension of time are consistent with the company’s strategic efforts to complete the business combination. TLGY Acquisition Corp is classified in the Plastics, Materials, Synthetic Resins and Non-Vulcanizable Elastomers industry and is incorporated in the Cayman Islands with a fiscal year ending on December 31.

The company’s securities, including units, Class A common stock and redeemable warrants, are listed on the Nasdaq Stock Market under the symbols TLGYU, TLGY and TLGYW. Each redeemable warrant is exercisable for one share of Class A common stock 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. The extension gives TLGY Acquisition Corp. more time to identify a suitable target for an initial business combination, a key step in the life cycle of a SPAC. The company is led by Chairman and CEO Vikas Desai, who signed off on the SEC filing dated today.

In other recent news, TLGY Acquisition Corporation announced significant developments. The company has entered into significant definitive agreements with CPC Sponsor Opportunities I, LP and CPC Sponsor Opportunities I (Parallel), LP. Under these agreements, the company has issued unsecured notes to the lenders, enabling them to lend substantial amounts. The lenders also have the option to exchange the unpaid principal balance of the notes for warrants to purchase shares of Class A common stock of TLGY Acquisition Corporation.

At the same time, TLGY Acquisition Corp announced a change in its independent registered accounting firm. In firing Marcum Asia CPAs LLP, the firm’s Audit Committee approved the hiring of WithumSmith+Brown, PC (Withum) as its new accounting firm. 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 past two fiscal years and the subsequent transition period.

Below you will find key information about the company, reflecting recent strategic decisions and changes to its financial structure and audit procedures.

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