Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 23

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 23
---

outstanding dilutive instruments or contingent liabilities or other types of concerns that could make that adverse to shareholders. And
so those are the three ways of which these you know things are going public or the DATs are being put together. Almost all of those are
whether it's a PIPE or whether it's you know call it cash and trust at a SPAC plus you know some sort of investment there that they're
raising common equity upfront with maybe some sort of call it warrant coverage in the in the SPAC case. And then there's okay well what
are the ways these things raise capital after they're already trading and that's what we're talking you were mentioning here a little
bit. Well, there's convertible debt, there's convertible preferred, there's common equity that people are hitting these at-the-market
offerings, which is what Tom Lee did in in Bitminer. Those are frankly they’re really sophisticated and kind of confusing capital
structures for, you know, retail investors to understand. So, one of the things that I'll say, and this is actually not, this is not a
company that's raised, you know, call it a bunch of different types of financing, but if you looked at the Sonnet Therapeutics vehicle,
which was the HYPE vehicle that was put together by, I think, or invested in by Paradigm and Galaxy and a couple of others, there was
a significant amount of warrants at a bunch of different very low strike prices that people didn't really understand. And so what you
saw in that vehicle was that on day one it traded up to $18 a share. I think it is sub $3 a share today. I haven't I haven't looked or
sub $4 a share. And part of what happened is you had all of these retail this retail excitement of people go invest into that vehicle
on the day it started publicly trading without understanding that there was going to be significant dilution at a $1.25 per share which
is where the warrant strike was. And so I say that to mean that these are actually very complicated financial capital structures that
are hard to understand that people need to do deep diligence on before they invest in these things early on and why you see actually a
lot of the interest in MicroStrategy and others coming from actually sophisticated institutional investors and not necessarily retail
holders.

<div align='center'>12</div>

Laura Shin:Yeah, you're right. Now it's
below $3.