Verde Bioresins advances SPAC transaction

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In New York, Verde Bioresins and TLGY Acquisition Corporation, a publicly listed special purpose acquisition company, have filed a registration statement with the U.S. Securities and Exchange Commission that includes a preliminary proxy statement and prospectus for their previously proposed merger.

First announced in June, the proposed combination would list Verde on the Nasdaq under the ticker symbol “VRDE” and values Verde at about $365 million. 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 a feedstock supply deal with Braskem.

 “We have created an alternative solution that is bio-based, recyclable, and landfill biodegradable that is highly scalable and lower cost than other bioplastics,” said Brian Gordon, Chairman of Verde Bioresins.  “From durable goods to single-use items, our versatile solution fits many industrial and consumer applications. Unlike most other bio-based resins, our PolyEarthylene™ resin uses highly scalable commercially available ingredients and is ‘drop-in’ ready with the existing supply chain and large-scale manufacturing facilities. This creates a compelling value proposition as a potential replacement for significant portions of conventional plastic resins.”