Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 1

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 1
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 and I, I hung around. I, I joined a couple of discords.

I wasn't doing this professionally until a few years ago. Uh, joined a
couple discords, met a whole bunch of people in the industry. Kept playing around, you know, was around for defi summer. I still have
some, you know, kimchi and yams on a wallet somewhere. No idea where. Um, and then I was, I was doing, you know, large scale, uh, m and
a and structuring work at a, at a large accounting firm.

Didn't wanna make partner there, decided, Hey, I should probably start
doing this crypto stuff professionally. And so I started my own firm and then, um, happenstance connected me with guy around when he was
starting Ethena. Um, and I helped them through their initial raise and structuring the company. Just been around ever since and went full-time
in-house last January.

Interviewer: Zach, you started out your career in tax law, I believe.
Mm-hmm. Uh, curious to know, how do you use that skillset and your role at Ethena Labs today?

Zach Rosenberg: So, uh, Ethena is not a US company, right? So Ethena
is headquartered in Portugal for a very long time. I was like the entire US nexus of the company. Um, and so, but there's a lot of cross-border
structuring and complex like operational flows involved on the back end of Ethena.

And I think that was, that was where that experience really came in. Um,
'cause in my, you know, my prior life, my, my clients were, you know, the Nestle's of the world with massive organizational charts that
would make Alameda's organizational chart look like child's play. And so I, I had that background, I had that experience coordinating
across jurisdictions and thinking about those cross-border flows.

And that was, I think that was extremely helpful in, in the structuring
framework. Um, for Ethena specifically.

Interviewer: Yeah, so Ethena is a pretty, like, complex product
when you look at the, the financial side of things. So it's not typical sort of TBI backed, stable coin issuer. Um, USDE uses eth collateral
to short e, uh, perpetual futures and hedge, um, keeping the, the coin