TLGY Acquisition Corporation Faces Delisting from Nasdaq

On December 2, 2024, TLGY Acquisition Corporation (NASDAQ: TLGY) received a notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC stating that the company was not in compliance with Nasdaq IM 5101-2. This was due to the company’s failure to complete an initial business combination within 36 months of the effective date of its registration statement in connection with its initial public offering. Consequently, TLGY Acquisition Corporation is now subject to delisting.

The company has until December 9, 2024, to request a hearing before the Nasdaq Hearings Panel; however, TLGY Acquisition Corporation has decided not to do so. Instead, the company intends to trade on the over-the-counter (OTC) market. Trading of TLGY Acquisition Corporation’s securities on Nasdaq will be suspended at the opening of business on December 9, 2024, with trading on the OTC market expected to commence shortly thereafter.

As an emerging growth company as defined in Rule 405 of the Securities Act of 1933, TLGY Acquisition Corporation has indicated its decision not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

The company’s Principal Executive Offices are located at 4001 Kennett Pike, Suite 302, Wilmington, DE 19807, with telephone number (302) 803-6849. TLGY Acquisition Corporation’s securities, including Units, Class A ordinary shares (TLGY), and redeemable warrants (TLGYW), are listed on The Nasdaq Stock Market LLC.

TLGY Acquisition Corporation’s report was signed on December 5, 2024, by Vikas Desai, the Chief Executive Officer of the company.

This development marks a significant shift for TLGY Acquisition Corporation, moving from Nasdaq to the OTC market as a result of non-compliance with listing regulations.

As per company press releases, investors and stakeholders are encouraged to stay updated with the transition process from Nasdaq to the OTC market for TLGY Acquisition Corporation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TLGY Acquisition’s 8K filing here.

TLGY Acquisition Company Profile

TLGY Acquisition Corporation does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other business combination with one or more businesses. It intends to acquire companies in the biopharma or technology enabled business-to-consumer industries worldwide.