TLGY ACQUISITION CORP
TLGY · OTC
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from TLGY Sponsors LLC, listed on OTC in December 2021.
- What it's doing now
- It agreed in November 2023 to buy StablecoinX Inc., a stablecoin infrastructure and treasury management company. The deal valued that business at about $698.5M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- StablecoinX Inc.
- Industry
- Financials — stablecoin infrastructure and treasury management
- Deal value
- $699M
- announced 13 November 2023
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 3 December 2021
- size not on file · 102.0% of each $10 unit into trust
- Headquarters
- MAPLES CORPORATE SERVICES LIMITED, P.O.B, GRAND CAYMAN, KY1-1104
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Cho Young (Director) · Favilla Christina M (Director) · Javeri Niraj (Director)
- Listed securities
- TLGY common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 15 April 2026 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
7 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
redemption rate not stated in the filing
redemption rate not stated in the filing
Show the earlier 4 milestones
- 3 December 2021IPOpassed
IPO size not on file
- 13 November 2023Deal announcedpassed
Combination with StablecoinX Inc.
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- StablecoinX Inc.$699M · announced 13 November 2023closedFinancialspost-close USDESEC primary
Who has already taken their money back
3 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
3.63M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Apr 15, 2026Extensionno rate statedredeemed 0.014M sh0001213900-26-045658
Show the other 2 cash-out events
- Mar 10, 2026Tenderno rate statedredeemed 0.388M sh0001213900-26-056223
- Apr 15, 2025Extensionno rate statedredeemed 3.23M sh0001410578-25-001609
The score
deterministic, from filed fieldsTLGY is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 294 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
TLGY ACQUISITION CORP was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker TLGY. The company priced its initial public offering on December 3, 2021, pursuant to a 424B prospectus filed under SEC file number 333-260242, which was part of an S-1 registration statement filed on October 14, 2021, registering shares sold for cash. The registrant was assigned SEC CIK 0001879814 and SIC industry code 2821 (Plastic Materials, Synth Resins & Nonvulcan Elastomers), and described itself as a blank-check company in its pricing prospectus. The vehicle completed a business combination and no longer files, as established by an 8-K filed on July 2, 2026, in which the successor registrant StableCoinX Inc. (USDE, USDEW) reported the completion of the acquisition naming TLGY ACQUISITION CORP.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The redemption tender deadline of 5:00 p.m. on April 13, 2026 falls two days before the meeting, so a holder must decide before seeing the vote outcome - miss it and the trust claim is forfeited for this cycle. The board will implement the Extension only if it determines the StablecoinX deal cannot close by April 16, 2026, meaning the extension is a fallback rather than a plan, and the deal has already been pending since July 21, 2025.
The filing states plainly that the Business Combination is not subject to a minimum cash condition, so it can close however heavy the redemptions — and little is left to redeem: trust held $6,210,376.00 over 489,887 public shares at September 30, 2025, $12.68 per share, with an illustrative redemption price of approximately $13.05 per public share at the record date. StablecoinX Class B stock will be held by the Ethena Foundation, the TLGY insiders and the Sellers, and a collaboration agreement gives StablecoinX a right to participate in future ENA Token offerings.
The sequence is the substance here: redemption and unit separation happen BEFORE the SPAC Merger, so the share count entering the combination is settled by the redemption outcome, not fixed by this document. The 68,287,395 registered Class A shares and 11,500,000 warrants are the ceiling, not an expectation. The sponsor's Class B shares convert one-for-one into Class A under a Sponsor Support Agreement, so the founder stake becomes ordinary Class A rather than retaining a separate class.
The registered ceiling in this version is 77,975,019 Class A shares and 11,500,000 warrants. The ordering matters to a holder: redemption of tendered public shares happens BEFORE the SPAC Merger, so the equity entering the combination is determined by how many holders redeem, not by any figure in this document. The board unanimously approved and determined the combination to be in the best interests of TLGY and its shareholders. No vote date and no redemption deadline are stated in this portion.
The registered ceiling in this baseline version is 192,996,666 Class A shares against 11,500,000 warrants. That share figure is the maximum this registration statement can issue and is materially larger than the warrant line, so the equity, not the warrants, is where the dilution sits. The structure leaves both the SPAC and the target as subsidiaries of a new Delaware public company rather than merging one into the other. No vote date and no redemption deadline are set.
Deleting the $5,000,001 net tangible asset floor removes the only structural brake on redemptions — with it gone, public shareholders can redeem down to almost nothing and the deal can still close, so remaining holders bear whatever trust depletion follows. Redemptions are paid from trust including interest, net of taxes and up to $100,000 reserved for dissolution expenses; shares must be tendered by 5:00 p.m. Eastern on April 11, 2025. Non-redeeming holders get a pro-rata distribution of redeemable warrants before closing.
Show 2 more material filings
Closing is staged across three separate dates rather than one. On the First Closing Date, the eighth business day after the conditions are satisfied or waived, TLGY redeems the Class A ordinary shares tendered for redemption. The Domestication becomes effective on the Second Closing Date, the next business day after both the certificate of domestication and the de-registration application have been filed. The Merger becomes effective on the Third Closing Date, the second business day after the certificate of merger is filed. A redeeming holder is cashed out before either step takes effect.
Closing is not one moment but three. On the First Closing Date TLGY redeems the Class A ordinary shares tendered for redemption and files its certificate of domestication and Cayman de-registration application; the Domestication takes effect the next business day, the Second Closing Date; and the Merger takes effect on the second business day after the certificate of merger is filed, the Third Closing Date. A holder's redemption is therefore settled as a Cayman shareholder, days before the merger itself. The 13,068,182 contingent rights are registered as a class of their own.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
- What changed vs 2025-11-10trust $44.3M → $8.7M -80%deadline 2025-11-16 → 2026-05-16
trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $44.3M$8.7M
- Combination deadline
- 2025-11-162026-05-16
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 490K · unchanged
SpacBrain reads this as $35,650,000 left the trust between the two filings.
The clause …“of 5.5% of the gross proceeds of the Option Units of 3,000,000 units, or $8,650,000 in aggregate, which will be paid to the underwriters from the funds held in the Trust Account upon and concurrently with the completion of our”…
SpacBrain reads this as 181 days later than the previous record.
The clause …“to raise additional funds to alleviate liquidity needs or complete an initial Business Combination by May 16, 2026 (or such later date as may be extended in accordance with the terms of the Articles, the “Combination Period”) then the”…
The clause …“Board’s (“FASB”) ASC Topic 205-40, “ Presentation of Financial Statements—Going Concern” , management has determined that the Company’s liquidity condition, working capital deficit, and the requirement to complete a Business”…
The clause …“future events. As of March 31, 2026 and December 31, 2025, there were 489,887 Class A ordinary shares subject to possible redemption in the amount of $ 6.5 million and $ 6.3 million, respectively, at redemption value per Public”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Show the other 10 filings
outside date1 moved
- Outside date
- 2026-04-212026-07-21
SpacBrain reads this as 91 days later than the previous record.
The clause …“(the “Second BCA Amendment”), effective as of April 21, 2026, to extend the Outside Date (as defined in the Business Combination Agreement) to July 21, 2026. The foregoing description of the Second BCA Amendment does not purport to be”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: TLGY Acquisition Corporation called an extraordinary general meeting for 11:00 a.m. Eastern Time on April 15, 2026, record date March 20, 2026, to extend the Current Termination Date of April 16, 2026. The stated purpose is to provide time to complete the proposed business combination with StablecoinX Assets, Inc. and StablecoinX Inc. under a business combination agreement entered July 21, 2025. Why it matters: The redemption tender deadline of 5:00 p.m. on April 13, 2026 falls two days before the meeting, so a holder must decide before seeing the vote outcome - miss it and the trust claim is forfeited for this cycle. The board will implement the Extension only if it determines the StablecoinX deal cannot close by April 16, 2026, meaning the extension is a fallback rather than a plan, and the deal has already been pending since July 21, 2025.
What changed vs 2025-04-07trust $44.8M → $6.5M -85%deadline 2025-04-16 → 2026-04-16trust account, combination deadline2 moved
- Trust account
- $44.8M$6.5M
- Combination deadline
- 2025-04-162026-04-16
SpacBrain reads this as $38,300,000 left the trust between the two filings.
The clause …“in the Trust Account may be only a small fraction of the approximately $6.5 million held in the Trust Account as of the record date. TO EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST SUBMIT A REQUEST IN WRITING THAT WE REDEEM YOUR”…
SpacBrain reads this as 365 days later than the previous record.
The clause …“order to extend the period of time to consummate a Business Combination until April 16, 2026, which is paid but unused (due to an additional extension payment, based on the Third Extension Payment, made prior to April 16, 2026) may be”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2025-03-05trust $66.0M → $44.3M -33%deadline 2025-04-16 → 2026-04-16shares 3.72M → 490K -87%
trust account, combination deadline, redeemable shares +23 moved · 2 with no prior record of ours
- Trust account
- $66.0M$44.3M
- Combination deadline
- 2025-04-162026-04-16
- Redeemable shares
- 3.72M490K
- Going-concern doubt
- stated · unchanged
- Mandate language
- we intend to focus on targets in the technology enabled busi…not matched in this filing
SpacBrain reads this as $21,654,638 left the trust between the two filings.
The clause “Trust Account At December 31, 2025 and 2024, the Company had $ 6.3 million and $ 44.3 million in cash and investments held in the Trust Account, respectively. The Company’s portfolio of investments held in the Trust Account are invested”…
SpacBrain reads this as 365 days later than the previous record.
The clause …“to raise additional funds to alleviate liquidity needs or complete an initial business combination by April 16, 2026 (or up to April 16, 2026 if the period of time to consummate a business combination is extended to the fullest extent”…
SpacBrain reads this as 3,227,320 shares are no longer redeemable.
The clause “00,000,000 shares authorized, 5,344,700 and 0 issued and outstanding (excluding 489,887 and 3,717,207 shares subject to possible redemption) at December 31, 2025 and 2024, respectively 534 — Class B ordinary shares, $ 0.0001 par value,”…
The clause …“working capital deficit, liquidity conditions and mandatory liquidation raise substantial doubt about the ability to continue as a going concern. The financial statements do not include any adjustments relating to the recovery of the”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
TLGY Sponsors LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/2 · 102.0% of the $10 unit
from 424B4 0001193125-21-346884
Trading & liquidity
Company profile
Directors & officers
- Cho YoungDirector
- Favilla Christina MDirector
- Javeri NirajDirector
- Kwong Cho HoChief Financial Officer
- Kim Jin GoonDirector
- Klix EnriqueDirector
- Chen Edward Tsun-Wei10% owner
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
11 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- WOLVERINE ASSET MANAGEMENT LLCwith 4 other reporting persons on the same schedule9.8% · SC 13G/AOct 16, 2024 stale
- First Trust Capital Management L.P.with 1 other reporting person on the same schedule9.0% · SC 13GNov 14, 2024 stale
- MIZUHO FINANCIAL GROUP INC8.0% · SC 13GNov 14, 2024 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule7.2% · SC 13GFeb 14, 2024 stale
- Westchester Capital Management, LLCwith 2 other reporting persons on the same schedule7.1% · SC 13GFeb 14, 2024 stale
- Polar Asset Management Partners Inc.5.4% · SC 13GNov 14, 2024 stale
- METEORA CAPITAL, LLCwith 1 other reporting person on the same schedule3.9% · SC 13G/AAug 9, 2024 stale
- Sculptor Capital LP0.0% · SC 13G/AFeb 14, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 9, 2024 stale
- HIGHBRIDGE CAPITAL MANAGEMENT LLC0.0% · SC 13G/AFeb 7, 2024 stale
- Castle Creek Arbitrage, LLCwith 4 other reporting persons on the same schedule0.0% · SC 13G/AJan 10, 2024 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault deal note — StablecoinX Inc. (TLGY)
vault-note · /vault/deals/stablecoinx-inc
- Vault note — TLGY (TLGY ACQUISITION CORP)
vault-note · /vault/tickers/TLGY
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail6 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 2821 (Plastic Materials, Synth Resins & Nonvulcan Elastomers). The screen found it by filing SHAPE instead — S-1 2021-10-14 → 8-A12B 2021-11-26 → 424B4 2021-12-03 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2821 + self-described blank check in 424B4 0001193125-21-346884; 424B 0001193125-21-346884 priced 2021-12-03 under S-1 0001193125-21-298628 (file 333-260242, an offering for cash); common ticker TLGY off 10-Q 0001104659-23-093036 (2023-08-17); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-260242, which belongs to S-1 0001193125-21-298628 (2021-10-14) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-12-03). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-26-074559 (2026-07-02) — the successor registrant StableCoinX Inc. (USDE, USDEW) (CIK 0002080215) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "TLGY ACQUISITION CORP" — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "TLGY Sponsors LLC" sourced from prospectus definition (10-K/A) acc 0001410578-24-001530.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> CRYPTO, on DEFM14A 0001213900-26-017535: "StablecoinX agreed that its business would be to provide infrastructure, staking and other products and services to the Ethena Protocol"