Company: TLGYF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001213900-25-086376
Chunk: 4

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-10
Form: 425
Chunk 4
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 shareholder votes and that kind of stuff. I think we’re starting to see a bit of the cracks now of
people taking shortcuts with a few of these things. And I think the view that we took was that it’s harder to raise money when the liquidity
profile is longer, obviously, but we wanted to set it up for something that we thought was built for the long term.

And so yeah, we didn’t take the same path that everyone else did with
a vehicle that could get to market with a much shorter liquidity profile.

Host:How much, the big difference from your first DAT to the
second DAT, I guess the same debt but different raise is that the MNAVs have drastically compressed. How big of an impact did that have
on the second raise?

Guy Young:I’d say a little bit of an impact but not an enormous
one. I think if people were trading this to get in and out within a month, I think they would be a bit more sensitive to what’s happening
week to week in terms of the markets. I think fundamentally here, a lot of people were actually just using this as a good way to get an
entry onto Ethena with a longer term view of we want to be long Ethena and like the growth of like the secular growth of the narrative
that it sits within for a longer period of time.

<div align='center'>3</div>

So I’d actually say like the capital that’s sitting within our DATs
is like 80% extremely long term venture capital rather than some of the guys who are playing extremely short like flip games around the
MNAV within a month. So I’d say obviously people are looking at these things in the market and I think this week was particularly weak
for some of the ETH vehicles in terms of how they’re trading. But I think ultimately people are getting in here with a longer term view
than like a month so it didn’t have that large of an impact.

Host:Yeah I was talking to these guys who the team of another
DAT that’s been a pretty big one that’s coming to market but the MNAVs compressing of a bunch of these Eth DATs has basically like probably
50% of the funding has been ripped from this DAT. And the thing I was telling this team is like you probably just saved yourself a bunch
of headache that was going to come in 90 to 120 days because, you know, so what’s your guess on how these things