Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 271

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 271
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 governance rights whereby the Ethena Foundation would retain majority voting rights. Given TLGY’s desire to announce an LOI in advance of its upcoming extension meeting to be held on April 15, 2025, the parties agreed to defer the decision on certain commercial items including the size of the locked ENA Token purchase discount, whether and how much equity in the combined company the Ethena Foundation would purchase, and whether Ethena would have any representation on the combined company’s board. On April8, the TLGY Board met to discuss the proposed transaction with the Ethena Foundation. At the meeting the TLGY Board unanimously approved entering into the non -bindingLOI. 111 The non -bindingLOI was executed on April 9, 2025 and on April 10, 2025, TLGY filed a Form 8 -Kannouncing that it had entered into such non -bindingLOI with the Ethena Foundation. Following the announcement, Mr.Cho and Mr.Chen each received a message from the founder of Company J asking if the public disclosure of the non -bindingLOI with the Ethena Foundation meant the opportunity for Company J to be a party to the transaction was no longer available. Edward Chen responded that now that the non -bindingLOI with the Ethena Foundation was signed, TLGY would be looking to advance discussions on identifying a node validator as the target to the transaction. Mr.Chen, however, noted that some of the lingering issues around structuring from their previous discussions remained and that Company J would have to accept TLGY’s proposed terms in order for their discussions to continue. The founder of Company J responded that such a proposal was not a structure that Company J could entertain and discussions between Company J and TLGY formally ended on April 11, 2025. In light of discussions ending with Company J, TLGY planned to increase its engagement with other node validator operators to either acquire a validator or partner and create a new entity. On April 15, 2025, TLGY held its extension meeting at which all proposals were approved, including a proposal to amend the TLGY Organizational Documents to extend the time the company had to complete an initial business combination by up to an additional 12 months On April 17, 2025, Mr.Cho, Mr.Chen, and representatives of Ethena Labs (Mr.Shi and Mr.Rosenberg) met to discuss the outcome of the extension meeting. TLGY also updated Ethena Labs on