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.