TLGY Acquisition Corp (OTC: TLGYF) is a blank-check special purpose acquisition company (SPAC) formed to identify and complete a merger or acquisition with a target business. The company holds IPO proceeds in a trust account, which stood at $6,344,805 as of December 31, 2025, and intends to deploy those funds as consideration or working capital in connection with an initial business combination. As of December 31, 2025, TLGY held $77,415 in cash outside the trust account and carried a working capital deficit of $5,991,280. The company faces a deadline to complete a business combination by April 16, 2026, or an extended date under its amended memorandum and articles of association, after which it would cease operations and liquidate. Auditors have issued a going-concern qualification given insufficient cash and working capital to complete planned activities. No operating revenue is generated; the trust account is invested in U.S. government securities or registered money market funds pending a transaction.

Revenue model

No operating revenue. The company holds IPO proceeds in a trust account invested in U.S. government securities or registered money market funds. Interest earned on the trust account may be withdrawn to pay taxes. All substantive funding is contingent on completing an initial business combination.

Products and services

Blank-check SPAC vehicle. Class A ordinary shares, Class B ordinary shares (founder shares convertible to Class A on a one-for-one basis prior to business combination closing), and warrant liabilities. Contingent rights attached to public shares were detached and cancelled at the Fourth Extension Meeting.

Customers and end markets

Public shareholders holding Class A ordinary shares. No commercial customers or end markets, as the company has no operating business as of December 31, 2025.

Value-chain role

SPAC acquisition vehicle. Raises capital through IPO, holds proceeds in trust, and seeks a target company with which to complete an initial business combination.

Geographic exposure

Incorporated as a Cayman Islands entity filing with the U.S. SEC. No operating geographic footprint disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-31

Industry: Plastic Materials, Synth Resins & Nonvulcan Elastomers