Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 131

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 131
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 (2) under the Maximum Redemptions Scenario, such amount would be equal to $0.04 per share, which is the quotient of (a) $6.5million, which is the TLGY Closing Cash in the Maximum Redemptions Scenario, including (i) approximately $0.0million in cash remaining in the Trust Account (after redemptions of $6.1million under the Maximum Redemptions Scenario), plus (ii) approximately $18.5million of cash funded pursuant to the PIPE Investments, less (iii) the repayment of promissory notes to the Sponsors of $5.9million, less (iv) the amount of estimated transaction expenses of $6.1million, divided by (b) 180,306,779, which is the sum of (i) 0 (which is the number of Public Shares outstanding assuming maximum redemptions), plus (ii) 160,825,840 (which is the total estimated number of PIPE Shares), plus (iii) 5,444,900 (which is the estimated number of Founder Shares that will remain outstanding upon the Closing, held by the Sponsor and other TLGY Insiders, plus (iv) 14,036,039 (which is the estimated number of Shares to be issued to Ethena pursuant to the Contribution Agreement). In either case, such “net cash per public share” would be less than the $10.00 price per share ascribed to the StablecoinX Class A Common Stock to be issued to the Sellers in the Business Combination Agreement. This calculation does not take into account that, upon Closing, SC Assets will be part of StablecoinX along with the cash from the Trust Account and PIPE Investment, and all stockholders of StablecoinX — not just the Public Shareholders — will bear the dilutive impact of the transaction expenses and the shares held by the Sponsor. For additional information, including calculations of the net cash available from the Trust Account per Public Share and calculations of the net tangible book value per share see the sections of this proxy statement/prospectus entitled “Questions and Answers For Shareholders of TLGY — What happens if a substantial number of the Public Shareholders vote in favor of the Business Combination Proposal and exercise their redemption rights?”and “Summary of the Proxy Statement / Prospectus — Dilution”. If a Public Shareholder fails to receive notice of our offer to redeem the Public Shares in connection with the Business Combination, or fails to comply with the procedures for submitting or tender