Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 19

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 19
---
20-30% dilution that Rob was talking about baked in from the beginning and I think the dilution point that you were making there it really
depends on like the capital base of the company on a pre and then post money basis for like the cash and ink kind tokens that are coming
through. So I think it's quite hard to make an apples to apples comparison there across these vehicles when like the key number for me
is really like how much is being taken off the table from like a sponsor perspective on day one on the dilution. So I think from that
perspective it was in market or slightly below in terms of what was sitting there for the management team that was running it and I think
the point that you're making around you know large holders and then when they you know eventually come to unlock I think it's actually
not too dissimilar funnily enough from what we see with like low float high FTV tokens where you sort of have this period where the team
and the investors aren't locked. People are trading around it like crazy. It'll go up to crazy valuations during that period of time but
because people are aware that there's no supply hitting the market and then I think it's just kind of gravity kicking in at some point
which is when you're coming towards those unlocks some of these investors were just up such crazy multiples on some of the vehicles that
you were mentioning that obviously there's going to be some profit taken coming into it so I think it might have just been a function
of the market being relatively nascent some of the retail investors mispricing these assets to like truly crazy premiums to NAV before
these investors were becoming unlocked and then you know gravity just sort of doing its thing when those unlocks came through. So I don't
think it's too dissimilar from what you see on like the low flow high FTV token complaints that we've seen over the last few years.

<div align='center'>10</div>

Rob Hadick:Laura, maybe just I want to
make a fine point there. The dilution that you were talking about was these, you know, PIPEs into operating companies. That's to be expected
because what is happening is you have a, you know, a public company that has a $10 million market cap or equity value essentially, right?
And people are putting call it you know 300 I think in SBET’s case it was $300 million I might have that number wrong but hundreds
of