Company: TLGYF
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108215
Chunk: 63

Company: TLGY ACQUISITION CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 63
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 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, 2024, the Company reported its operations as a single reportable segment, noting no disaggregation of Company activities,
management or allocation of resources by geographic region, business activity or organizational method, thus this new guidance does not
affect the disclosures.

Management does not believe
that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our
financial statements.

29

JOBS Act

The JOBS Act contains provisions
that, among other things, relax certain reporting requirements for qualifying public companies. We qualify as an “emerging growth
company” and under the JOBS Act are allowed to comply with new or revised accounting pronouncements based on the effective date
for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result,
we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for
non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new or revised
accounting pronouncements as of public company effective dates.

Additionally, we are in the
process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain
conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions we may not
be required to, among other things, (i) provide an independent registered public accounting firm’s attestation report on our system
of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required
of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement
that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the report of the