Company: TLGYF
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108215
Chunk: 45

Company: TLGY ACQUISITION CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 45
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 public warrants from the Units, the public warrant quoted market price was used as the fair value as of each relevant date. The fair
value of the private placement warrants was determined using a Black-Scholes-Merton model.

Class A Ordinary Shares Subject to Possible
Redemption

We account for our ordinary
shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic
480 “Distinguishing Liabilities from Equity.” Class A Ordinary shares subject to mandatory redemption (if any) are classified
as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features
redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within our control) is classified as temporary equity. At all other times, ordinary shares are classified as shareholders’
equity. Our Class A ordinary shares feature certain redemption rights that are considered to be outside of our control and subject
to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption is presented as temporary
equity, outside of the shareholders’ equity section of our balance sheet.

Net Income per Ordinary
Share

Net income per ordinary share
is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. We apply the two-class
method in calculating earnings per share. The net income is allocated to each class of shares using an allocation of total shares, which
is then divided by the total shares for the respective class.

We did not consider the effect
of the warrants issued in connection with the initial public offering and the private placement in the calculation of diluted loss per
share because their exercise is contingent upon future events. As a result, diluted net loss per ordinary share is the same as basic
net loss per ordinary share. Accretion associated with the redeemable Class A ordinary shares is excluded from loss per ordinary share
as the redemption value approximates fair value.

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting
Standards Update 2023-07 – Segment Reporting – “Improvements to Reportable Segment Disclosures” (“ASU
2023-07”). This update requires public entities to disclose its significant segment expense categories and amounts for each reportable
segment. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years.
As of December 31