SCHEDULE: First Trust Entities Divest TLGY Acquisition Corp Shares

First Trust Merger Arbitrage Fund and its affiliates have fully divested their beneficial ownership in TLGY Acquisition Corp's Class A Ordinary Shares.

Summary

• First Trust Merger Arbitrage Fund (VARBX), First Trust Capital Management L.P. (FTCM), First Trust Capital Solutions L.P. (FTCS), and FTCS Sub GP LLC (Sub GP) have filed an Amendment No. 1 to their Schedule 13G.
• As of June 30, 2025, the Reporting Persons collectively owned 0 shares of TLGY Acquisition Corp's Class A Ordinary Shares.
• The aggregate amount beneficially owned by each Reporting Person is 0.00, representing 0.00% of the class.
• The filing indicates a complete divestment of their previous beneficial ownership in the issuer's securities.

Sentiment

Score: 3

Explanation: The complete divestment by a major institutional investor, particularly a merger arbitrage fund, signals a lack of perceived future value or opportunity in the issuer's shares, which is generally a negative indicator for the company.

Negatives

• The complete divestment by First Trust Merger Arbitrage Fund and its affiliates may signal a lack of confidence or the conclusion of their investment thesis regarding TLGY Acquisition Corp.

Risks

• Reduced institutional investor support for TLGY Acquisition Corp.
• Potential negative impact on investor sentiment and share price due to the exit of a significant institutional holder.

Future Outlook

No forward-looking statements or guidance were provided in this beneficial ownership report.

Industry Context

The complete exit of a merger arbitrage fund from a Special Purpose Acquisition Company (SPAC) like TLGY Acquisition Corp often indicates that the fund no longer perceives a viable arbitrage opportunity or has lost confidence in the SPAC's ability to complete a favorable business combination, or that the combination has occurred and the arbitrage play is complete.

Stakeholder Impact

• Shareholders may perceive this divestment as a negative signal, potentially impacting investor confidence and share price.

Key Dates

Recommendation

The complete divestment of all shares by First Trust Merger Arbitrage Fund and its affiliates indicates that these sophisticated investors no longer see value or a viable arbitrage opportunity in TLGY Acquisition Corp. This action by a fund specifically focused on such opportunities serves as a strong negative signal for the issuer's future prospects and potential share price performance.

Keywords

TLGY Acquisition Corp, First Trust, Schedule 13G, beneficial ownership, divestment, Class A Ordinary Shares, SPAC, institutional investor