TLGY Acquisition Corporation reported a net loss of $38,289 for the first quarter of 2025, a significant decline compared to a net income of $291,033 in the same period of the previous year. The company's total expenses for the quarter were $136,233, down from $268,294 in the prior year, primarily due to reduced general and administrative costs. The company earned $466,024 in interest income from its cash and investments held in a trust account, a decrease from $864,194 in the previous year, reflecting lower interest rates and reduced cash balances.
As of March 31, 2025, TLGY Acquisition Corporation had total assets of $45,058,203, which included $44,978,629 in cash and investments held in the trust account. This represents a slight increase from total assets of $44,359,714 at the end of 2024. The company’s liabilities also increased, totaling $6,506,117, compared to $5,769,339 at the end of the previous year. The increase in liabilities was attributed to a rise in convertible promissory notes payable to current sponsors, which increased from $1,257,325 to $1,587,325.
In terms of operational developments, TLGY Acquisition Corporation has not yet completed any business combinations since its inception. The company is actively seeking potential targets for acquisition. Notably, the company terminated its merger agreement with Verde Bioresins, Inc. in March 2024, and has since been evaluating other business combination opportunities. The company has also undergone significant changes in its management structure, with several leadership transitions occurring in late 2024 and early 2025.
The company’s outlook remains uncertain, as it faces a working capital deficit of $4,651,163 and must complete a business combination by May 16, 2025, or risk liquidation. TLGY Acquisition Corporation has extended its deadline for completing a business combination multiple times, with the most recent extension approved by shareholders in April 2025. The company is currently focused on identifying suitable acquisition targets and raising additional funds to support its operations and potential business combinations.
About TLGY ACQUISITION CORP
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