Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 5

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 5
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 the PIPE having been fully funded
in accordance with the PIPE Subscription Agreements. The obligations of the parties to consummate (or cause to be consummated) the Transactions
are also subject to, among other things, (i) Ethena having completed the ENA Contribution (as defined below) in accordance with the Contribution
Agreement (as defined below), (ii) the completion of the purchase of the Locked ENA Tokens (as defined below) from Ethena OpCo Ltd (“Ethena
OpCo”) in accordance with the terms of the Token Purchase Agreement (as defined below), (iii) the Collaboration Agreement (as defined
below) being in full force and effect and (iv) the Token Purchase Agreement (as defined below) being in full force and effect.

The obligations of TLGY to
consummate (or cause to be consummated) the Transactions are also subject to, among other things (i) the representations and warranties
of SC Assets, Pubco, SPAC Merger Sub and Company Merger Sub being true and correct, subject to the applicable materiality standards contained
in the Business Combination Agreement, (ii) material compliance by SC Assets, Pubco, SPAC Merger Sub and Company Merger Sub with their
respective pre-closing covenants, and (iii) no occurrence of a Material Adverse Effect with respect to SC Assets or Pubco.

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The obligations of SC Assets,
Pubco, SPAC Merger Sub and Company Merger Sub to consummate (and cause to be consummated) the Transactions are also subject to, among
other things: (i) the representations and warranties of TLGY being true and correct, subject to the applicable materiality standards contained
in the Business Combination Agreement, (ii) material compliance by TLGY with its applicable pre-closing covenants, (iii) no occurrence
of a Material Adverse Effect with respect to TLGY since the date of the Business Combination Agreement which is continuing and uncured,
and (iv) each covenant and requirement having performed in all material respects under the Sponsor Support Agreement (as defined below).

Termination Rights

The Business Combination Agreement
contains certain termination rights, including, among others, that the Business Combination Agreement may be terminated as follows: (i)
upon the mutual written consent of TLGY and SC Assets, (ii) by either TLGY or SC Assets if the Closing has not occurred on or before six