TLGY Acquisition Corporation, a blank check company incorporated in the Cayman Islands, reported a net income of $1.99 million for the fiscal year ending December 31, 2024, a decrease from the $3.45 million net income recorded in the previous year. The company's revenue primarily stemmed from interest income on funds held in trust, which amounted to $2.60 million in 2024, down from $5.07 million in 2023. The decline in profitability is attributed to a significant reduction in interest income and an increase in general and administrative expenses, which totaled $1.13 million for the year, compared to $1.73 million in 2023.
The company has not yet completed a business combination and has generated no operating revenues since its inception. As of December 31, 2024, TLGY Acquisition Corporation had total assets of approximately $44.36 million, with $44.33 million held in a trust account. This represents a decrease from total assets of $66.00 million at the end of 2023, primarily due to redemptions of Class A ordinary shares. During the year, 2,205,658 shares were redeemed, resulting in a cash withdrawal of $25.09 million from the trust account.
In terms of strategic developments, TLGY Acquisition Corporation terminated its merger agreement with Verde Bioresins, Inc. in March 2024, following a notice from Verde exercising its right to terminate the agreement. The company is currently evaluating other potential business combination targets. Additionally, there have been significant changes in the company's management structure, with Young Cho appointed as CEO in December 2024, succeeding Jin-Goon Kim, who remains as chairman of the board.
Operationally, TLGY Acquisition Corporation has faced challenges, including a working capital deficit of $4.42 million as of December 31, 2024. The company has indicated that if it cannot raise additional funds or complete a business combination by April 16, 2025, it will cease operations and liquidate. The company has also experienced a delisting from Nasdaq, with its securities now trading on the over-the-counter market, which may impact liquidity and trading activity.
Looking ahead, TLGY Acquisition Corporation has until April 16, 2025, to complete a business combination, with the possibility of extending this deadline. The company is actively seeking new acquisition opportunities, particularly in the technology-enabled business-to-consumer sector, where it believes its management team's expertise can provide a competitive advantage. However, the ongoing liquidity concerns and the need for additional financing remain critical factors that could influence the company's future operations and ability to execute its business strategy.
About TLGY ACQUISITION CORP
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