Company: TLGYF
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108215
Chunk: 39

Company: TLGY ACQUISITION CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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in the change in fair value of the derivative liabilities of $928,588, partially offset by general and administrative costs of $292,166.

For the nine months ended September 30, 2025,
we had net loss of $27,193,664, which was primarily due to a loss in fair value of the derivative liabilities of $26,853,934 and general
and administrative expenses of $1,131,697, partially offset by interest income on funds held in the trust account of $664,199 and the
forgiveness of debt of $127,768.

For the nine months ended September 30, 2024,
we had net income $1,500,153 which was primarily due to the interest income on funds held in the trust account of $2,088,627 and forgiveness
of debt of $608,776 partially offset by a loss in fair value of the derivative liabilities of $193,456, administration fees – related
party of $60,000, and general and administrative costs of $943,794.

Liquidity and Capital Resources

On December 3, 2021, we consummated
our IPO of 20,000,000 units at a price of $10.00 per unit, generating gross proceeds of $200,000,000. Simultaneously with the closing
of our IPO, we consummated the sale of 10,659,500 private placement warrants to our former sponsor at a price of $1.00 per private placement
warrant generating gross proceeds of $10,659,500.

On December 8, 2021, we consummated
the closing of the sale of an additional 3,000,000 Option Units at $10.00 per Option Unit, pursuant to the full exercise of over-allotment
option by the underwriters of our IPO, generating gross proceeds of $30,000,000. We also consummated the closing of the sale of an additional
600,000 private placement warrants at $1.00 per private placement warrant (“Additional Private Placement Warrants”) to our
former sponsor, generating gross proceeds of $600,000. An aggregate of $234,600,000 of the proceeds from our IPO (including the Option
Units) and the private placement with our former sponsor (including the Additional Private Placement Warrants) was placed in the trust
account. We incurred $14,183,689 in transaction costs, including $4,000,000 of