Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 328

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 328
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AC New Common Share       | Middle |     |   |  High |     |   |       |
|:----------------------------|:----|:----------------------------|-------:|:----|:--|------:|:----|:--|------:|
| Book Value multiple         |     | $                           |  11.69 |     | $ | 12.70 |     | $ | 13.71 |

Scalar noted that the assumed value of a share of StablecoinX Class Common A Stock of $12.35 was within the reference ranges calculated in the selected companies analysis described above, which in Scalar’s view supported its assessment of the financial fairness of the Consideration. General The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary set forth above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Scalar’s opinion. In arriving at its fairness determination, Scalar considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, Scalar made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the above analyses as a comparison is directly comparable to SC Assets or the Transactions. Scalar’s financial analyses and opinion were only one of many factors taken into consideration by the TLGY Board in its evaluation of the Transactions. Consequently, the analyses described above should not be viewed as determinative of the views of the TLGY Board or management of TLGY with respect to the Consideration or as to whether the TLGY Board would have been willing to determine that different consideration was fair. The consideration for the Transactions was determined through arm’s -lengthnegotiations between the TLGY and SC Assets and was approved by the TLGY Board. Scalar did not advise the TLGY Board during these negotiations, nor did it recommend any specific amount of consideration to TLGY or the TLGY Board or that any specific amount of consideration constituted the only appropriate consideration for the Transactions. The foregoing summary does not purport to be a complete description of the analyses performed by Scalar in connection with the fairness opinion and is qualified in its entirety by reference to the written opinion of Scalar attached hereto as Annex M. Scalar and its affiliates are engaged in transaction advisory, financial reporting, litigation consulting, tax and other financial and non -financialactivities and services for various persons and entities