Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 14

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 14
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 Registration Rights Agreement

Concurrently with the Closing,
each TLGY Founder Shareholder, each Seller, Ethena, TLGY and Pubco shall enter into a registration rights agreement that will amend and
restate the registration rights agreement entered into at the time of TLGY’s initial public offering (the “Amended and Restated
Registration Rights Agreement”), pursuant to which Pubco will (i) assume the registration obligations of TLGY under such registration
rights agreement, with such rights applying to the shares of Pubco Class A Common Stock and (ii) provide registration rights with respect
to the resale of shares of Pubco Class A Common Stock held by Ethena, each TLGY Founder Shareholder and each Seller.

The form of Amended and Restated Registration Rights Agreement is filed as Exhibit 10.8 to this Form 8-K, and the foregoing description thereof is qualified in its entirety by reference to the full text of the form of the Amended and Restated Registration Rights Agreement and the terms of which are incorporated by reference herein.

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| Item 3.02. | Unregistered Sale of Equity Securities. |

The disclosure set forth
above in Item 1.01 of this Form 8-K is incorporated by reference herein, to the extent applicable. The securities of Pubco that may be
issued in accordance with the terms of the PIPE Subscription Agreements and the Contribution Agreements will not be registered under the
Securities Act, in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated
thereunder.

| Item 7.01. | Regulation FD Disclosure. |

On July 21, 2025, TLGY and
SC Assets issued a joint press release announcing that they had entered into the Business Combination Agreement. A copy of the press release
is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Attached as Exhibit 99.2 and
incorporated into this Item 7.01 by reference herein is the investor presentation for the PIPE, which investor presentation will be used
by TLGY, SC Assets and Pubco with respect to the Business Combination.

The information in this Item
7.01, including Exhibits 99.1 and 99.2, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange