TLGY Acquisition is a SPAC — a blank check company with no operations of its own — created solely to merge with a private business and take it public. TLGY raised $230M in its December 2021 IPO and placed those proceeds in a trust account. The SPAC model works by issuing "founder shares" to sponsors at nominal cost before the IPO; sponsors profit if a deal closes and those shares appreciate, while public shareholders hold a capital-protected position backed by the trust. TLGY's path to a deal has been rocky: a planned merger with Verde Bioresins fell apart in March 2024, the sponsor changed hands for $1 in June 2024, and TLGY was delisted from Nasdaq in December 2024 for failing to complete a deal within 36 months of its IPO. Heavy shareholder redemptions have reduced outstanding public shares from 23M at IPO to roughly 490,000, leaving only an estimated $6M-7M in the trust. TLGY is now pursuing a business combination with StablecoinX Assets, a crypto-focused company co-founded by TLGY's own CEO, under which both entities would become subsidiaries of a new public holding company called StablecoinX. That deal, signed in July 2025 and amended in January 2026, is pending shareholder approval. TLGY must close a transaction by April 16, 2026, or liquidate and return trust funds — currently approximately $12.95 per share — to shareholders.