Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 524

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 524
---
 Cho was appointed as the CEO of the Company. On January 3, 2025, Kwong Cho Ho was appointed as the CFO of the Company. Mizuho Deferred Underwriting Fee Waiver The underwriters in the IPO, of which Mizuho served as the representative, agreed to defer $8,650,000 in underwriting fees payable, which fees are payable upon the completion of the initial business combination (“Deferred Underwriting Fees”). In May 2024, we entered into a certain waiver with Mizuho (“Mizuho Waiver”), pursuant to which Mizuho agreed to waive the Deferred Underwriting Fees and agreed to forfeit all of the 300,300 founder shares it received as compensation in connection with the IPO. We believe that Mizuho was acting as the representative of all of the underwriters on the IPO, however, as a precautionary effort, we are in the process of obtaining a written confirmation from all other underwriters on the IPO, to confirm that the Deferred Underwriting Fees were waived under the Mizuho Waiver. We target to receive this waiver before the fourth quarter of 2025. As of the date of this Annual Report, the forfeiture of the 300,300 Class B ordinary shares has not yet been completed. Change in Auditor On June 27, 2024, the Company dismissed Marcum Asia CPAs LLP (“Marcum Asia”) as its independent registered public accounting firm to audit the Company’s financial statements, effective immediately. The dismissal of Marcum Asia was approved by the Audit Committee of the Company’s Board of Directors (the “Audit Committee”). On June 28, 2024, the Company engaged WithumSmith+Brown, PC (“Withum”) as its new independent registered public accounting firm. The engagement of Withum was approved by Audit Committee. F-40 TLGY ACQUISITION CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024 NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (cont.) Liquidity, Capital Resources, and Going Concern As of December 31, 2024, the Company had cash of $3,769 and working capital deficit of $4,419,764. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014 -15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, “Management has determined that the if the