Verde Bioresins to go public

In New York, Verde Bioresins and TLGY Acquisition Corporation, a publicly-listed blank check company, have announced a definitive merger agreement that will list Verde Bioresins on the Nasdaq under the ticker symbol “VRDE.”

Verde has developed a bioresin called PolyEarthylene that can be seamlessly integrated into existing plastics manufacturing processes. Applications of Verde’s PolyEarthylene can address nearly half of the global plastics market. The company has a distribution deal with Vinmar and feedstock supply deal with Braskem.

The proposed business combination values Verde at $365 million and is subject to approval by TLGY’s stockholders and satisfaction of other conditions. Assuming no further redemptions, the transaction is expected to provide gross proceeds of over $78 million to Verde.