TLGY Acquisition today announced the filing of a Form S-4 with the SEC, outlining its proposed merger with Verde Bioresins. The target is engaged in sustainable product innovation and full-service bioplastics production with its proprietary bioresins, known as PolyEarthylene.
If apprved, upon closing the combined company is expected to list stock and warrants on the Nasdaq under new ticker symbols VRDE and VRDEW.
Announced in June, the deal has a pro forma equity value of $433 million.
TLGY raised $230 million in a December 2021 IPO, although redemptions in February erased about 75% of the trust.
Assuming no further TLGY redemptions, the proposed business combination would result in gross proceeds consisting of the $78 million in cash held in TLGY’s trust. Additionally, Verde’s controlling shareholder has committed to making a PIPE investment in TLGY at the closing of the business combination, subject to certain conditions. Read more.
