Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 272

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 272
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 their conversations with Company J and that representatives of TLGY and Carnegie had begun conversations with several node validation providers as potential partners to create a new validator business that Mr.Cho and Mr.Chen would principally capitalize and own. TLGY and Ethena Labs discussed potential white -labelnode validation providers. TLGY and Ethena Labs also discussed next steps with respect to the outstanding commercial issues that had not been finalized when they signed the initial LOI, with Ethena Labs indicating that the Ethena Foundation needed more time to consider the open points. On April 22, 2025, Mr.Rosenberg of Ethena Labs emailed Mr.Cho and Mr.Chen advising that Ethena Labs had had further conversations with the Ethena Foundation’s legal counsel, Ropes & Gray LLP (“ Ropes”) regarding the open commercial points and that Ropes would reach out to TLGY’s legal counsel, Perkins Coie LLP (“ Perkins”) to discuss further. Later that day, Ropes and Perkins held a preliminary call to discuss the transaction, including the expected timeline to closing given that the potential target operating business could be a newly formed validator business, and the pathway to listing the combined company’s securities on Nasdaq in light of the fact that TLGY’s securities were then trading on the OTC Markets. On April 25, 2025, through a mutual acquaintance, Mr.Chen was introduced to Ahmed J. Aly, the owner of Flow Labs, a node validator operator. Mr.Chen discussed with Mr. Aly the opportunity to partner and create a new node validator business using Flow Labs’ technology. During these conversations, Mr. Aly suggested that Flow Labs’ parent entity, Schulz von Jacob Ltd. (“ SVJ”), may be willing to provide a software license to its node validation software in exchange for equity in the newly formed validator business. Mr. Aly also suggested that, if necessary, Flow Labs could enter into an arrangement to provide management services for the validators. The parties agreed to stay in contact and continue the conversation after discussions with the Ethena Foundation advanced. On May 2, 2025, Mr.Chen met with Mr.Young of Ethena Labs at an industry conference in Dubai to discuss the status of the transaction with TLGY. During the meeting, Mr.Young of Ethena Labs noted that the Ethena Foundation could not accept a discount greater than 30 -35% on the locked token purchase from the Ethena Foundation, and asked if TLGY would be amenable