Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 88

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 88
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 any other transaction outside the normal course of StablecoinX’s business. In addition, the parties to the Collaboration Agreement agreed to take various actions in connection with and in furtherance of the transactions contemplated by the PIPE Subscription Agreements, including, but not limited to (i) using the Net Cash PIPE Proceeds to purchase Locked ENA Tokens from Ethena OpCo in accordance with the terms of the applicable Token Purchase Agreement, and Ethena OpCo agreed to deposit such Locked ENA Token into the applicable Custodial Account, (ii) Ethena agreed, in the event that the consummation of the Transactions does not occur, to unlock a portion of the Locked ENA Token held in the applicable Custodial Account in an amount equal to equal to (x) the applicable Net Cash PIPE Proceeds divided by(y) the seven day time weighted average price of ENA Token on Binance and Bybit as of the applicable PIPE Subscription Agreements reference date (the “ ENA Return Amount”), (iii) the parties agreed to release the Locked ENA Token to StablecoinX in the event that the Closing occurs and (iv) the parties agreed to provide joint instructions to the Custodian to effectuate each of the foregoing transactions. The initial term of the Contribution Agreement is five years and will automatically renew for successive one -yearperiods unless Ethena delivers written notice of non -renewalwithin 90 days of the end of the term. If the Contribution Agreement is terminated, the Ethena Representative will resign from the Investment Committee and the board of directors of StablecoinX and Ethena will forfeit any shares of StablecoinX Class B Common Stock then held by it for no consideration. Contribution Agreement Concurrently with the execution of the Business Combination Agreement, TLGY, SC Assets, StablecoinX and Ethena entered into the Contribution Agreement, pursuant to which Ethena agreed to contribute $60 million of Locked ENA Token, valued at $0.21056 per token, which represents a 30% discount to the fair market value of $0.3008 per token on the date of the Contribution Agreement, to SC Assets prior to the Company Merger, in exchange for shares of SC Assets Class B Common Stock. As a result of the ENA Contribution and the Company Merger, immediately following the Closing, Ethena will beneficially own a majority of the voting power of the outstanding shares of StablecoinX Common Stock. 4 PIPE Subscription Agreements On July 21,