TLGY Acquisition Announces Executive Reshuffle. CFO Search

TLGY Acquisition in an 8-K said Director Hyunchan Cho resigned from the board effective March 31. The resignation did not result from any dispute or disagreement with the company.

On March 28, the SPAC said it received a resignation notice from CFO Steven Norman, who was also a director. His resignation is not the result of any dispute or disagreement with the company, TLGY said.

Current Chairman and CEO Jin-Goon Kim will serve as interim CFO and will assume the roles of principal financial officer and principal accounting officer. The company is conducting a search for a permanent CFO.

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.

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