Cleary Gottlieb represented TLGY Acquisition Corporation (TLGY) in signing a merger agreement with Verde Bioresins Inc. (Verde).
Upon completion, the merged entity will be publicly traded on NASDAQ under the new ticker symbol “VRDE.” The deal values the pre-transaction enterprise valuation of Verde at approximately $365 million, and Verde’s former shareholders will have the opportunity to receive up to an additional $365 million in equity of the merged entity based on the performance of the merged entity’s stock price.
TLGY is a special purpose acquisition company (SPAC) sponsored by TLGY Sponsors LLC, whose business purpose is to effect a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. TLGY was formed to focus on growth companies through long-term investment in the biopharma and business-to-consumer (B2C) technology sectors.
Verde is a full-service bioplastics company that specializes in sustainable product innovation and the manufacturing of proprietary biopolymer resins, providing comprehensive design and development solutions for companies seeking alternatives to conventional plastics. Verde pioneered PolyEarthyleneTM, an innovative and proprietary bioresin that has the potential to replace traditional petroleum-based plastics and disrupt the plastics industry.