Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 11

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 11
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 Account)
will be released from the Custodial Account and transferred to an account designated by the SC Assets and Pubco. In the event that the
Closing does not occur prior to the earlier of such date and time as the Business Combination Agreement or the PIPE Subscription Agreement
is terminated in accordance with their terms, unless otherwise agreed to by the parties, Ethena will promptly (but in no event later than
two business days thereafter) unlock a portion of the Locked ENA Token held in the Custodial Account in an amount equal to the ENA Return
Amount and the ENA Return Amount together with the Permitted Expense Amount (net of any fees and expenses related to the Custodial Account)
will promptly be released (but in no event later than four business days after such termination date), on a pro rata basis, to the Cash
PIPE Investors. To the extent any PIPE Investors who paid for their PIPE Shares with ENA Token had already delivered their ENA Token in
accordance with the terms of the PIPE Subscription Agreement, such ENA Token would be promptly returned to such PIPE Investor.

The closing of the PIPE is
contingent upon the satisfaction of all closing conditions to consummate the Transactions and the PIPE Investors’ consent to any
amendments, modifications or waivers to the terms of the Business Combination Agreement that would reasonably be expected to materially
and adversely affect the economic benefits of the PIPE Investors, among other customary closing conditions.

Pursuant to the PIPE Subscription
Agreements, TLGY and Pubco have agreed to use commercially reasonable efforts to cause the shares of Pubco Class A Common Stock into which
the PIPE Shares will be converted upon consummation of the Company Merger to be registered on the Registration Statement. To the extent
that any such shares of Pubco Class A Common Stock are unable to be included on the Registration Statement, Pubco has agreed to certain
obligations to register and maintain the registration of the PIPE Shares, including that, within 30 calendar days after the Closing, Pubco
will file with the SEC (at Pubco’s sole cost and expense) a registration statement registering the resale of the PIPE Shares, and
Pubco shall use its commercially reasonable efforts to have such registration statement declared effective as soon as practicable after
the filing thereof, but no later than 60 calendar days after the Closing, which may be extended to 90 calendar days if the SEC reviews
and comments on the registration statement.

The PIPE Subscription Agreements
and certain of