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In a recent filing with the Securities and Exchange Commission, TLGY Acquisition Corp (NASDAQ:TLGY) announced an extension of the deadline to complete its initial business combination. The new termination date is now set for September 16, 2024, providing the company with an additional month beyond the original deadline.
The extension was triggered by a condition that required the company's sponsor or its affiliates to deposit $60,000 into the trust account. This deposit was made on Monday, successfully pushing the deadline from August 17, 2024, to the new date in September.
TLGY Acquisition Corp is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, with its principal executive offices located in Wilmington, DE. SPACs like TLGY are formed to raise capital through an initial public offering (IPO) with the purpose of acquiring an existing company.
The company's securities, including units, Class A ordinary shares, and redeemable warrants, are traded on The Nasdaq Stock Market. Each unit consists of one Class A ordinary share and half of one redeemable warrant, with each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share.
In other recent news, TLGY Acquisition Corp has made noteworthy strides in its business operations. The company has extended its merger deadline from July 17, 2024, to August 16, 2024, depositing an additional $60,000 into its trust account to facilitate this extension.
Simultaneously, TLGY Acquisition Corp has entered into material definitive agreements with CPC Sponsor Opportunities I, LP and CPC Sponsor Opportunities I (Parallel), LP.
As part of these agreements, the company issued unsecured promissory notes to the lenders, enabling it to borrow significant amounts. These lenders also have an option to convert the unpaid principal balance of the notes into warrants for purchasing Class A common stock.
In another development, TLGY Acquisition Corp announced a change in its independent registered public accounting firm, dismissing Marcum Asia CPAs LLP and engaging WithumSmith+Brown, PC as its new accountant.
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