Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 259

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 259
---
 PIPE Subscription Agreements with the PIPE Investors, pursuant to which the PIPE Investors agreed to make a private investment in SC Assets by purchasing the PIPE Shares prior to the Company Merger in the aggregate amount of approximately $893 million, of 105 which approximately $349 million will be paid in ENA Tokens (including the $60 million ENA Contribution) prior to the Company Merger, and approximately $544 million was paid in Cash on or prior to the date of the applicable PIPE Subscription Agreements, in each case, pursuant to the terms of the applicable PIPE Subscription Agreements. To the extent the issuance of the PIPE Shares to an Additional PIPE Investor would cause such Additional PIPE Investor to exceed the Beneficial Ownership Limitation, then, such Additional PIPE Investor will receive a portion of their PIPE Shares in the form of SC Assets Class A Common Stock in an amount that would cause such Additional PIPE Investor to meet but not exceed the Beneficial Ownership Limitation, and a Pre -FundedWarrant to purchase the remaining number of PIPE Shares. The Pre -FundedWarrant is exercisable at any time after the original issuance date. In accordance with the terms of the applicable Token Purchase Agreement (as described below), promptly after the date of the applicable PIPE Subscription Agreements, the Net Cash PIPE Proceeds, were used to purchase the Locked ENA Token from Ethena OpCo, which Locked ENA Tokens were deposited into the Custodial Account established for the benefit of the applicable Cash PIPE Investors, with Anchorage serving as Custodian. The Locked ENA Token and the applicable Permitted Expense Amount will be held in the applicable Custodial Account until the earlier of (i) the Closing and (ii) the termination of the Business Combination Agreement and/or the PIPE Subscription Agreements in accordance with their terms. As soon as reasonably practicable following the Closing, the Locked ENA Tokens and the Permitted Expense Amount (net of any fees and expenses related to the applicable Custodial Account) will be released from the Custodial Account and transferred to an account designated by the SC Assets and StablecoinX. In the event that the Closing does not occur prior to the earlier of such date and time as the Business Combination Agreement and/or the PIPE Subscription Agreement is terminated in accordance with their terms, unless otherwise agreed to by the parties, Ethena will promptly (but in no event later than two business days thereafter) unlock a portion of the Locked ENA Token held in the applicable Custodial Account in an amount equal to the ENA Return Amount, and