Company: TLGYF
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108215
Chunk: 43

Company: TLGY ACQUISITION CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 43
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 Mizuho Securities USA LLC (“Mizuho Waiver”), pursuant to which Mizuho agreed to waive the Deferred Underwriting
Fees and agreed to forfeit all of the 300,300 Class B ordinary shares received by it as compensation in connection with the IPO. The
Company believes that Mizuho was acting as a representative of all of the underwriters on the IPO when it waived the Deferred Underwriting
Fees. The forfeiture of the 300,300 Class B ordinary shares was completed on June 30, 2025 and is reflected in the condensed statement
of changes in shareholders deficit.

Legal Fees

The Company has an agreement
in place whereby if its prior legal counsel for the Company’s IPO assists in the initial business combination, payment of their
charges plus a success premium to be agreed is contingent on a successful de-SPAC closing or recovery under certain cost coverage provisions
in the merger agreement. In connection with the Securities Transfer Transaction, the Company entered into a waiver with the Company’s
prior legal counsel on May 2, 2024. Pursuant to the waiver, the Company shall pay its prior legal counsel a sum of $130,000 as full and
final payment for all remaining costs and expenses of all kinds and nature incurred under and pursuant to their engagement, solely in
the event of a consummation by the Company of its initial business combination. In accordance with ASC 805, Business Combinations, this
fee will not be recorded until such time as a Business Combination is consummated.

Verde Bioresins Termination Agreement

On May 4, 2024, Verde entered
into a mutual release agreement with the Company, Merger Sub and the former sponsor, pursuant to which, a mutual release, waiver and
discharge was agreed in respect of all claims and obligations arising out of or relating to the Termination Agreement, the Merger Agreement
and all ancillary agreements and that all payments made by Verde for extending the period of time to consummate a business combination
by the Company shall not be repayable by the Company to Verde and all promissory notes issued by the Company to Verde, including the
Verde Extension Loans, shall be deemed to have been voided and cancelled. Solely in the event of a consummation by the Company of its
initial business combination, the Company shall pay Verde a sum of $83,125, as full and final payment of such loans.

Critical Accounting Estimates
and Policies:

The preparation