Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 1129

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 1129
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 which, all such shares of Company Class A Stock shall cease to be outstanding and shall automatically be canceled and shall cease to exist. (j)At the Effective Time, immediately following the SPAC Merger and the ENA Contribution, each issued and outstanding share of Company Class B Stock (excluding Treasury Shares) shall be converted automatically into one share of Pubco Class A Stock and one share of Pubco Class B Stock, following which, all such shares of Company Class B Stock shall cease to be outstanding and shall automatically be canceled and shall cease to exist. The Pubco Public Warrants and Pubco Class A Stock issued in the Transactions in excess of the shares issued for the Total Gross Proceeds and to SPAC Public Shareholders for the cash in the Trust Account include 700,000shares of Pubco Class A Stock issued to the Company, 1,756,250 Retained Founder Shares, and 11,500,000 Pubco Public Warrants issued for the SPAC Public Warrants with a strike price of $11.50 per share (the “ Dilutive Shares” together with the Permitted Expense Amount, the “ Consideration”). Annex M-2 Scalar’s Procedures and Processes: In arriving at our Opinion, among other things, we have: (a)reviewed a draft, dated July 18, 2025, of the Agreement; (b)reviewed a draft, of the Sponsor Support Agreement; (c)reviewed a draft of the PIPE Subscription Agreement; (d)reviewed a draft of the Collaboration Agreement; (e)reviewed a draft of the Token Purchase Agreement; (f)reviewed certain publicly available business and financial information relating to the SPAC and Ethena; (g)reviewed certain historical financial information and other data relating to the Company that were provided to us by the management of the SPAC, approved for our use by the SPAC and not publicly available; (h)reviewed certain internal estimates and other data relating to the business and financial prospects of the Company that were provided to us by the management of the SPAC, approved for our use by the SPAC and not publicly available; (i)conducted discussions with members of the senior management of the Company and the SPAC concerning the business, operations, and financial prospects of the Company and the Transactions; (j)reviewed current and historical market prices of the SPAC Class A Ordinary Shares and ENA tokens; (k)reviewed certain financial and market data of the Company that