TLGY Acquisition Corp Annual Report - How They Did This Year

I’ve put together this plain-English guide to help you understand TLGY Acquisition Corp’s performance. Think of this as a cheat sheet to help you decide if this company fits your investment goals.

1. What does this company do?

TLGY is a "blank check" company, also known as a SPAC. It has no products, factories, or services. It exists only to raise money from investors to buy a private company. TLGY originally raised $276 million by selling 27.6 million units at $10.00 each.

2. The Big News: A Potential Target

TLGY plans to merge with StablecoinX and SC Assets. This is the "main event" investors are waiting for. The merger aims to turn this shell company into a business focused on digital asset infrastructure. Until the deal closes, TLGY remains a shell with no active business or sales.

3. Financial Health

Since they don't sell products, they have no sales or profit. They are essentially a holding tank for cash.

• Market Value: As of June 30, 2025, the company’s market value was about $6.5 million. This is significantly lower than the original $10.00 price, reflecting investor concerns and the uncertain timeline.
• Cash Burn: The company spent about $1.2 million this year on administrative, legal, and consulting fees. To cover these costs, they rely on loans from their sponsors. They now owe over $2.5 million in these working capital loans.

4. Major Changes & Risks

• Leadership: In June 2024, the original sponsor was replaced by a new group. This group took over the founder shares and the company’s debt.
• The "Clock" Risk: SPACs have a limited time to find a company to buy. TLGY has extended its deadline several times, now aiming for late 2025. If they fail to close the deal, they must return the remaining cash to shareholders. This amount may be significantly less than $10.00 per share.
• Dilution: The company uses loans from sponsors to stay afloat. These loans can often be converted into shares. If this happens, more shares are issued, which reduces your ownership percentage.
• No Business Yet: You are betting on management’s ability to close this specific merger. The deal requires regulatory approval and shareholder votes. If the deal fails, they must find a new target or shut down.

5. Future Outlook

The goal for the coming year is to close the merger. Watch for the S-4 filing, which will include the target company’s financial audits and final merger terms. Until then, the share price will move based on whether investors think the deal will actually happen.

6. Should you invest?

This isn't a traditional stock. You aren't buying a company with a history of sales; you are buying into a high-stakes negotiation. If you believe in the StablecoinX merger, that is the reason to invest. If you prefer companies with proven profits, this is likely not for you. It is a "win or lose" bet on a single merger.

Final Tip: Before making a move, keep a close eye on the company's official filings for the S-4 document. That will be the most important piece of information to confirm if the merger is moving forward as planned.