Company: TLGYF
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108215
Chunk: 59

Company: TLGY ACQUISITION CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 59
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 with the terms of the Articles, the “Combination Period”) then the Company
will cease all operations, redeem the public shares and thereafter liquidate and dissolve. There is no assurance that our plans to consummate
a Business Combination will be successful within the Combination Period. The working capital deficit, liquidity conditions and mandatory
liquidation raise substantial doubt about the ability to continue as a going concern. The financial statements do not include any adjustments
relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be
unable to continue as a going concern.

Off-balance Sheet Arrangements; Commitments
and Contractual Obligations

As of September 30, 2025, we
did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments or
contractual obligations other than obligations disclosed herein.

27

Contractual Obligations

IPO Registration Rights

In connection with the IPO,
the holders of the Founder Shares (including any Class A ordinary shares issued upon conversion of Class B ordinary shares), private
placement warrants and any warrants that may be issued upon conversion of the working capital loans and loans made to extend our time
period for consummating an initial business combination (and in each case holders of their component securities, as applicable) entered
into a registration rights agreement, which requires us to register a sale of any of our securities held by them on November 30, 2021,
as supplemented by a joinder to the registration rights agreement on June 20, 2024, requiring us to register such securities for resale
(in the case of the Founder Shares, only after conversion to our Class A ordinary shares). Pursuant to the terms of that agreement, the
holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities.
In addition, the holders had “piggy-back” registration rights to include their securities in other registration statements
filed by the Company. We agreed to bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters of our IPO
were entitled to a cash underwriting discount of 2.0% of the gross proceeds of the IPO, or $4,000,000, which was paid at the closing
of the IPO. In addition, the underwriters have agreed to defer underwriting commissions of 3.