Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 24

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 24
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 So I do want to ask a bit more about TLGY. But right before we do, I just want to ask you guys keep talking about how you know
MSTR is kind of in its own league. They do have a plan to retire their debt and I wondered like how easy you thought it would be for them
to do that or yeah just what you thought about that plan.

Guy Young:I’m not sure. I've seen
the exact same headline. Is it them rolling over the debt or retiring it entirely? because I think the latter would be quite surprising.

Laura Shin:Oh, okay. So, maybe I have
my facts wrong there.

Rob Hadick: I think I think they're probably
and I'm not I'm not deep on this either, but I think they're probably refinancing and rolling over. They, I do think what has been become
somewhat obvious in the MicroStrategy the recent call it you know week or two is that they are having to figure out different ways to
construct products to go and raise more capital. There's not endless demand for MicroStrategy you know across the capital structure. And
so one of the things we saw that they announced a sort of an interesting new type of product where you're getting basically call it like
Bitcoin yield. It's a it's like a yielding preferred instrument. They're trying to be creative and figuring out new ways to get people
excited about you know potential returns here. But there's not endless demand there. And so they will I think continue to you know figure
out ways to get you call it more leverage within reason. And they do have these maturations on their debt that are coming up over the
next few years. And so there is a you know a bit of an overhang and because they have to go raise if they have to go raise equity capital
to then pay off the debt right like that's actually that's actually quite costly for them. And so what they're going to have to try to
do is raise some other type of less costly instrument to you know roll that over to and continue to increase the Bitcoin per share. And
so there's not endless demand here. And I think that is the one thing that people are missing even when it comes to MicroStrategy.

Laura Shin:All right. So now let's talk
about TLGY. Guy, I'd be so interested to hear and I know you're not the one doing this, but I'm sure you