TLGY Acquisition in an 8-K said it moved its completion deadline to April 16 and arranged for the deposit of $110,000 into trust in consideration to shareholders for the additional time.
The SPAC is working to finalize a deal with Verde Bioresins. Verde is engaged in sustainable product innovation and full-service bioplastics production with its bioresins, known as PolyEarthylene.
The deal was announced in June at a pro forma equity value of $433 million.
TLGY raised $230 million in a December 2021 IPO, although redemptions in February last year 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.
