Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 21

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 21
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 seen
the you know PIPE's into the Opcos people are a little bit more focused on short-term you know capital structure financial alchemy type
games.

Laura Shin:But I guess TLGY is a mixture
of both. So it kind of has like both elements.

Guy Young:But the time to market for TLGY
is quite a bit more extended than what you're seeing with some of these vehicles. So the expectation is once it's gone through its process,
it's probably still 3 months out from being fully finalized. So I think it's much more in the bucket that Rob was describing of the former,
which is a long-term vehicle rather than short-term trying to get 30 days to liquidity type of setup.

Laura Shin:Oh, I see. So now let's talk
about some of the other ways companies are funding corporate treasuries. So there's convertible debt. Can you like explain how that works
and you know what you think of that in comparison to you know what we just discussed SPACs or PIPE's?

<div align='center'>11</div>

Rob Hadick:The convertible debt piece
is these are what we're not seeing the convertible debts happen like at time of formation right and so what we're seeing at time of formation
is like straight equity so whether it's a PIPE or whether it's you know call it a you know call it a private investment into a private
company that will eventually be taken public by a SPAC it's usually typically straight common equity. Maybe there's some warrants coverage
in there. But it's not a it's not the convertible debt piece. It's not typically it's typically not preferred either. It's not convertible
into you know something else that's kind of higher up on the capital structure. The convertible debt or the preferred we're typically
seeing call it as these vehicles get a little bit more mature, as they get a little bit bigger because it's much easier to raise that
type of capital if you are a bigger if you have a bigger capital base essentially, right? And so like on the debt side, what we're mostly
seeing, nobody has a lot of debt on their on their treasury company today other than MicroStrategy. That's the only one that has a real
amount of debt. The others aren't quite there yet. They don't have the operating history. They don't have the comfort from an investor
pool or investor base who actually cares a lot more about their downside protection