Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 308

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 308
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 (i) the holders of Private Placement Warrants will irrevocably surrender and transfer to StablecoinX, without any further right thereto, and consent to the termination and cancellation of, the Private Placement Warrants, in exchange for the right to receive the Warrant Earnout Shares, and (ii) the Founder Shareholders will irrevocably surrender and transfer to StablecoinX, without any further right thereto, and consent to the cancellation of, the exchanged Founder Shares, in exchange for (a) a number of shares of StablecoinX Class B Common Stock equal to the number of Retained Founder Shares and (b) the right to receive the Founder Share Earnout Shares (the “Sponsor Forfeiture”). Scalar expressed no opinion with respect to the Sponsor Forfeiture. Selected Companies Analysis Scalar calculated SC Assets’ book value for comparison purposes by starting with the ENA Contribution Amount, ENA PIPE Gross Proceeds (as defined in the Business Combination Agreement), and Locked ENA purchase amount, applying the appropriate discounts to ENA Fair Market Value, then adding Cash in the Trust Account and deducting the pro forma liabilities provided by SC Assets. 132

Scalar reviewed certain financial data for selected companies with publicly traded equity securities that Scalar deemed relevant for purposes of this analysis based on various factors, including their product offerings within the digital asset industry and their business model. The financial data reviewed included: •Market Capitalization as a multiple of Equity Book Value as of the last twelve months, or “ LTM Book Value”; The selected companies and corresponding financial data included the following:

| ($ in millions)                
 Selected Companies             |     | Market         
 Capitalization |          |     | LTM Book 
 Value    |          |     | Market          
 Capitalization/ 
 LTM Book        
 Value           |
|:-------------------------------|:----|:---------------|---------:|:----|:---------|---------:|:----|:----------------|
| Bit Digital, Inc.              |     | $              |    368.5 |     | $        |    376.4 |     | 1.0x            |
| Bitfarms Ltd.                  |     |                |    435.3 |     |          |    661.1 |     | 0.7x            |
| BTCS Inc.                      |     |                |     30.3 |     |          |     17.7 |     | 1.7x            |
| Cipher Mining Inc