Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 293

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 293
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 between announcement and closing. From July 8 to July 21, 2025, Perkins and Ropes revised the transaction documents to reflect such changes. On July 20, 2025, the TLGY Board convened to review the proposed transaction. Mr.Cho presented the final terms, including the merger with SC Assets (an entity owned by Mr.Cho and Mr.Chen) at a $7 million valuation, the collaboration agreement with the Ethena Foundation, and PIPE commitments totaling $363 million (including the $60 million ENA Contribution). The Representatives from Perkins and Scalar were also in attendance. The TLGY Board discussed the potential conflicts of interest given that SC Assets was owned by members of TLGY management and the Current Sponsor. Management explained the valuation was determined through arms -lengthnegotiations with Ethena Labs and the Ethena Foundation and was consistent with comparable transactions. Scalar also presented the findings of their fairness opinion to the TLGY Board, and the TLGY Board approved the Business Combination Agreement and the transactions contemplated thereby. The Business Combination was publicly announced on July 21, 2025. On or about August 15, 2025, Guy Young of Ethena Labs, at the direction of the Ethena Foundation, contacted Mr.Chen to discuss raising additional PIPE financing to support the combined company’s accumulation of ENA Token at Closing. Mr.Chen discussed the opportunity with Mr.Cho and agreed to pursue the second PIPE on the condition 117 that the forfeiture and earnout mechanism provided in the initial Sponsor Support Agreement was restructured to compensate the TLGY Insiders for the additional dilution they would experience from the additional PIPE raise and the increased challenges TLGY would face in achieving the previously agreed upon earnout hurdles in light of the significant amount of ENA Token that the combined company would now own at Closing. Between August 15 and August19, 2025, the parties negotiated an amended and restatement to the Sponsor Support Agreement to remove the earnout structure entirely and instead the TLGY Insiders would receive a certain number of StablecoinX Class A Common Stock equal to a fixed percentage of the pro forma outstanding shares of StablecoinX Class A Common Stock at Closing. TLGY initially proposed that the TLGY Insiders should retain a fixed percentage of 5%, which Ethena Labs, at the direction of the Ethena Foundation, countered with a fixed percentage of 3% that the parties eventually agreed upon. To facilitate the additional PIPE, the parties also negotiated and prepared an amended