Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 277

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 277
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 StablecoinX Class A Common Stock equal to a fixed percentage of the pro forma outstanding shares of StablecoinX Class A Common Stock at Closing. TLGY initially proposed that the TLGY Insiders should retain a fixed percentage of 5%, which Ethena Labs, at the direction of the Ethena Foundation, countered with a fixed percentage of 3% that the parties eventually agreed upon. To facilitate the additional PIPE, the parties also negotiated and prepared an amended and restated Collaboration Agreement, the Additional PIPE Subscription Agreements and the Additional Token Purchase Agreement. On August15, 2025, Ethena Lab also suggested that SC Assets engage Cohen to serve as placement agent to help support the Additional PIPE. Between August 15 and August19, 2025, SC Assets and Cohen negotiated the terms of the placement agent engagement letter. On August19, 2025, SC Assets and Cohen signed an engagement letter, pursuant to which, among other things, Cohen was engaged to act as a capital markets advisor in connection with the Business Combination and placement agent for SC Assets in connection with the Additional PIPE. In connection with such services and only if the Closing occurs, Cohen is entitled to receive a fee equal to (i) $1.5million paid in unlocked ENA Token valued at a 5% discount to the 7 -DayTWAP at the signing of the Initial PIPE Subscription Agreement and (ii) 4.5% of the gross proceeds introduced by Cohen received by SC Assets in the Additional PIPE. From August 16 to September5, 2025, TLGY, SC Assets, Ethena Labs, at the direction of the Ethena Foundation, and Cohen discussed the Additional PIPE opportunity with investors. On September5, 2025, the parties executed the amended and restated Sponsor Support Agreement, amended and restated Collaboration Agreement, the Additional PIPE Subscription Agreements and the Additional Token Purchase Agreements. 114 The TLGY Board’s Reasons for the Approval of the Business Combination In evaluating the proposed business combination with SC Assets, the TLGY Board consulted with TLGY’s management and its financial, legal, and other professional advisors. Prior to approving the Business Combination, the TLGY Board was made aware that Young Cho and Edward Chen were the co -foundersand owners of SC Assets and that they have potential conflicts of interest with respect to the Business Combination. See the section entitled “ –Interests of Certain TLGY Persons in the Business Combination” for additional information. On July 20,