Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 307

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 307
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 or other securities or financial instruments of or relating to TLGY or the Transactions, including the ENA Tokens, which may trade or otherwise be transferable at any time before or after announcement or consummation of the Transactions. Additionally, Scalar expressed no opinion with respect to the exchanged Founder Shares, StablecoinX Warrants, SC Assets Common Stock, or any Earnout Shares. For purposes of Scalar’s opinion and this summary, the Consideration consisted of 700,000shares of StablecoinX Class A Common Stock issued to the Company, 1,756,250 Retained Founder Shares, and 11,500,000 StablecoinX Warrants issued for the TLGY Warrants with a strike price of $11.50 per share, with a value of $12.35 per share of StablecoinX Class ACommon Stock, which is based on (i) the value of the cash held in the Trust Account as of June 30, 2025 which was $6,051,707, dividedby (ii) 489,887, which is the number of outstanding Public Shares subject to redemption as of June 30, 2025. Contemporaneously with the execution and delivery of the Transaction Documents, SC Assets, Ethena, ENA PIPE Investors, and Cash PIPE Investors entered into a PIPE Subscription Agreement, pursuant to which Ethena agreed to contribute $60,000,000 of Locked ENA Tokens at $0.21056 per token, which represents a 30% discount to the ENA Fair Market Value of $0.3008 per token to the Company, calculated in accordance with the Contribution Agreement, in exchange for shares of SC Assets Class B Common Stock to be issued by the Company prior to the Company Merger; the ENA PIPE Investors agreed to contribute ENA Tokens at $0.21056 per token, which represents a 30% discount to ENA Fair Market Value of $0.3008 per token in exchange for shares of SC Assets Class A Common Stock at Closing; and the Cash PIPE Investors agreed to purchase shares of SC Assets Class A Common Stock at Closing. Sponsor Forfeiture Contemporaneously with the entry into the Transaction Documents, the Sponsors, TLGY and SC Assets and, for the limited purposes stated therein, the officers and directors of TLGY, entered into the Sponsor Support Agreement (which was subsequently amended and restated to remove the issuance of Earnout Shares), pursuant to which (among other things), the TLGY Insiders agreed that