Company: TLGYF
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108215
Chunk: 55

Company: TLGY ACQUISITION CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 55
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 the SPAC Merger, Company Merger Sub will merge with
and into SC Assets, with SC Assets continuing as the surviving company (the “Company Merger”, and together with the SPAC
Merger, the “Mergers”), as a result of which the holders of shares of Class A common stock, par value $0.0001 per share,
of SC Assets (the “SC Assets Class A Common Stock”) will receive one share of Pubco Class A Common Stock for each share of
SC Assets Class A Common Stock held by such shareholder and holders of Class B common stock, par value $0.0001 per share, of SC Assets
(the “SC Assets Class B Common Stock”) will receive one share of Pubco Class A Common Stock and one share of Class B common
stock, par value $0.0001 per share, of Pubco (the “Pubco Class B Common Stock” and together with the Pubco Class A Common
Stock, “Pubco Stock”) for each share of SC Assets Class B Common Stock held by such shareholder. As a result of the Mergers
and the other transactions contemplated by the Business Combination Agreement (the “Transactions”), the Company and SC Assets
will become wholly owned subsidiaries of Pubco and Pubco will become a publicly traded company, all upon the terms and subject to the
conditions set forth in the Business Combination Agreement. SC Assets was founded by Young Cho, the Chief Executive Officer and Executive
Director of the Company, and Edward Chen, the managing member of the current sponsors of the Company.

25

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities from inception through September 30, 2025 were organizational activities and those
necessary to prepare for the Initial Public Offering, described below, and, since the completion of our Initial Public Offering, searching
for a target to consummate an initial business combination and activities in connection with our proposed business combinations, including
the Transactions. We do not expect to generate any operating revenues until after completion of our initial business combination. We
generate non-operating income in the form of interest income on cash and cash equivalents held in the trust account. We incur expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence
expenses.

For the three months ended September 30, 2025,
we had a net loss of $22,167,803