TLGY Acquisition Corporation (TLGY)

TLGY Acquisition Corporation was a special purpose acquisition company, or blank-check company, incorporated in the Cayman Islands. It had no operating business of its own; it raised money from public investors, held the proceeds in a trust account, and set out to find a private company to merge with and take public. Its units, Class A ordinary shares and warrants traded on NASDAQ, with the shares under the ticker TLGY.

The SPAC completed its initial public offering in late 2021, near the peak of the SPAC boom. In June 2023 it announced an agreement to combine with Verde Bioresins, a maker of plant-based plastic resins, at a pro forma value of about $433 million. That deal was delayed several times, and Verde exercised its right to terminate it effective March 12, 2024, a step TLGY accepted while disputing the stated grounds.

With no completed merger, TLGY repeatedly extended its deadline using sponsor deposits into the trust, while many shareholders redeemed their shares for cash. NASDAQ rules require a SPAC to complete a business combination within 36 months of its IPO registration. On December 2, 2024, NASDAQ notified the company that it had missed that limit, and TLGY chose not to request a hearing.

Trading in TLGY on NASDAQ was suspended at the open on December 9, 2024, making December 6 its last day on the exchange, and the securities moved to the over-the-counter market, where the shares were later quoted as TLGYF. The company continued to exist as a shell and kept looking for a target, now under new sponsorship tied to Carnegie Park Capital.

In 2025 TLGY agreed to combine with StablecoinX Assets, a company built around the Ethena digital dollar ecosystem that holds a large position in ENA tokens and plans to provide stablecoin infrastructure and distribution services. TLGY shareholders approved the deal on March 10, 2026. The combination closed in June 2026, and the new parent, StablecoinX Inc., began trading on the NASDAQ Capital Market on June 26, 2026, under the ticker USDE.