TLGY Acquisition in an 8-K said it deposited $60,000 into trust to push its deadline back one month to June 16.
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 shareholders last month approved a reduction in the monthly deposit the SPAC must make for extensions. The amount was lowered to the lesser of $60,000 or 2 cents a share from the previous $110,000 monthly (3.3 cents a share).
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.
The SPAC is working to finalize a deal with Verde Bioresins. Verde is engaged in sustainable product innovation and full-service bioplastics production. The deal was announced in June at a pro forma equity value of $433 million. Read more.
