Verde Bioresins, Inc. entered into a letter of intent to acquire TLGY Acquisition Corporation (NasdaqGM:TLGY) from a group of shareholders for approximately $780 million in a reverse merger transaction on January 7, 2023. Verde Bioresins, Inc. entered into a definitive business combination agreement to acquire TLGY Acquisition Corporation from a group of shareholders for approximately $780 million in a reverse merger transaction on June 21, 2023. Upon closing of the business combination, the combined company will change its name to ?Verde Bioresins, Corp.? and is expected to list its common stock on Nasdaq under the new ticker symbol ?VRDE.?

The transaction subject to regulatory approvals, the registration statement shall have become effective, TLGY shall have at least $5,000,001 of net tangible assets, TLGY and Verde shareholder approvals, listing of shares of the resulting issuer on NASDAQ, execution of the ancillary agreements and resignation of TLGY officers and directors. The boards of directors of both TLGY and Verde have unanimously approved the proposed business combination. The transaction is expected to be completed in the second half of 2023. As of January 8, 2024, TLGY Acquisition notified Continental Stock Transfer & Trust Company of its intention to extend the period of time that the Company has to complete its initial business combination (the ?Termination Date?) by an additional month for the period from January 17, 2024 to February 16, 2024, subject to sponsor or its affiliates or designees depositing $110,000 (the ?Extension Deposit?) into the trust account. On January 10, 2024, TLGY Acquisition sponsor or its affiliates or designees deposited the Extension Deposit into the trust and as a result the Termination Date was extended by one month until February 16, 2024. On March 12, 2024, TLGY sponsor or its affiliates or designees deposited $110,000 into the trust and as a result, the period of time that TLGY has to complete its initial business combination was extended by one month from March 17, 2024 to April 16, 2024.

Denise Shiu and Adam Brenneman of Cleary Gottlieb Steen & Hamilton LLP are serving as legal advisor to TLGY and TLGY Sponsors. Marcum Bernstein & Pinchuk LLP is serving as auditor to TLGY Acquisition Corporation. Daniel Zimmermann, Michael E. Gilligan, Glenn R. Pollner, Julie Hogan Rodgers, Ciara R. M. Baker, R. Scott Kilgore, Dimitry Lensky, Yvonne Elosiebo and Meghan M. Walsh of Wilmer Cutler Pickering Hale and Dorr LLP are serving as legal advisors and EisnerAmper LLP is serving as auditor to Verde. Gateway Group is serving as Investor Relations and Public Relations for the proposed business combination. Continental Stock Transfer & Trust Company acted as a Transfer Agent/Registrar to TLGY Acquisition Corporation. Etterna Consulting Limited acted as financial due diligence provider to TLGY Acquisition.

Verde Bioresins, Inc. cancelled the acquisition of TLGY Acquisition Corporation (NasdaqGM:TLGY) from a group of shareholders in a reverse merger transaction on March 18, 2024.