TLGY Acquisition in a regulatory filing said shareholders yesterday voted in favor of reducing the SPAC’s monthly deposit required for deadline extensions, which the company had proposed.
The amount was reduced to the lesser of $60,000 or 2 cents a share from $110,000 monthly (3.3 cents a share).
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. Read more.
