Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 22

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 22
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 than they necessarily do about the upside. And so
the investors are different in that slug than the common equity. Common equity guys are all, you know, just playing the upside that the
convertible debt guys, they're much more worried about, you know, what the bounds of their outcomes are.

Laura Shin:And are there any other structures
that you feel like investors should kind of be aware of and know how to analyze in terms of, you know, what when they think about what
the value of any of these companies should be?

Rob Hadick:So, so there's I think there's
two things we're maybe kind of conflating a little bit in this conversation. One is the type of structure that happens at the launch,
right? And so at launch, we have these, you know, call it PIPE's into already operating public companies. So like in Sharplink's perspective,
it's like a gaming casino business that you know was a micro cap and they put you know a bunch of cash into that. They put some Ethereum
into that. They went and took that cash and they bought Ethereum. And that has a call a fully different public company and operating business
that is different from what they're doing on the ETH side. They raised, you know, essentially common equity into that and then they've,
you know, trying to figure out how to raise additional types of capital. Then there's call it the reverse merger or reverse takeover that
we're seeing where you take, you know, call it a private company and you bring it public by reverse merging it into a public company.
Frankly, I think that's probably the worst of the three things that I'm about to say because your time to market isn't really that much
quicker than a SPAC and you also still are taking the risk of call it the contingent liabilities and the operating company of the PIPE
side. And then the third is the SPAC. So, you know, a SPAC is essentially a public company that has raised a pot of cash that is going
to de-SPAC or merge with a typically a private company. In that case usually the private company is either you know something that has
a long operating history or what's happening in StablecoinX or if we're seeing in some of these others is that it's a new brand new clean
company that is doing something like validating potentially but and is getting audited but doesn't have a long history of you know potentially