Verde Bioresins Enters Planned Business Combination with TLGY Acquisition Corp.

Verde Bioresins, Inc., a full-service bioplastics producer with its innovative and proprietary based PolyEarthylene bioresins, and TLGY Acquisition Corporation (Nasdaq: TLGY),a U.S. publicly-listed blank check company, have entered into a definitive business combination agreement. Upon closing of the business combination in the second half of 2023, the combined company is expected to list its common stock on Nasdaq under the new ticker symbol “VRDE.”

Founded in 2020, Verde is aiming to accelerate the transition to a more sustainable and circular economy with its potentiallt industry-disrupting PolyEarthylene, addressing nearly half of the $600 billion global plastics market that is faced with mounting regulatory pressure for eco-friendly solutions. Verde’s innovative PolyEarthylene products are designed to provide customers with a biobased, biodegradable and recyclable solution derived primarily from plant-based feedstock. PolyEarthylene is cost-competitive, scalable and versatile, making it a sustainable option for a wide range of manufacturing processes, including injection molding, film extrusion, blow molding, and thermoforming, and applications such as rigid packaging.

With reportedly similar performance properties to traditional petroleum based polymers, PolyEarthylene products can be produced in most of the forms and colors desired by prospective customers and can be dropped into existing standard manufacturing processes, making it a versatile and economical choice for prospective customers seeking to reduce their environmental impact while still meeting industry standards and their own cost and efficiency requirements.

According to Brian Gordon, Verde’s chairman, president and COO, the PolyEarthylene products aspire to make a significant impact on the global plastic pollution crisis. Verde plans to facilitate this expansion through potential partnerships with large and highly reputable suppliers, including Braskem. Braskem is a strategic supplier to Verde, and as Verde continues to grow its business, it is expected that  Verde’s relationship with Braskem to continue to expand as well.

The growing demand for sustainable solutions is a driving force behind Verde’s mission and its recently announced partnership with Houston-based Vinmar Polymers America, a division of Vinmar International, is a crucial step forward. With Vinmar’s reputation as a leading global distributor of plastics, Verde believes it is well-positioned to offer its PolyEarthylene products to an even wider range of prospective customers.

Said Gordon, regarding the merger, “Verde intends to become a leader in the global transition to a more sustainable, circular economy. Today represents a significant milestone for Verde. A merger with TLGY – a team with extensive operational and industry expertise across multiple relevant industries and a private equity style approach to value creation – will help us realize the full potential of our breakthrough bioplastics products. We believe the proceeds from the proposed transaction, along with the support of TLGY, will enable us to scale our production capabilities, moving us closer to delivering on the growing interest in our innovative and proprietary bio-resin solution.”