Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 275

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 275
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 $25 million in value to the sponsors, and a Solana treasury strategy company announced on April21, 2025 that allocated its sponsors a 1.75% annual asset management fee on the $100 million in capital it raised, which TLGY estimated had a net present value of $17.5 million. Ethena Labs indicated that it thought the SC Assets valuation was too high and TLGY responded that it believed the $7 million value was fair given the valuations from the recent transactions noted above as well as TLGY’s recent negotiations with Company J where they required at least $20 million upfront for their validator business. After several further discussions, Ethena agreed to a valuation for SC Assets of $7 million, subject to the approval of the Ethena Foundation. • Token Purchase Discount:Ethena Lab’s proposal specified a discount range of 30% -35% for token purchases from the Ethena Foundation based on a 30 -dayVWAP. TLGY responded with a fixed discount of 35%. Over the course of several discussions, the parties agreed on a final discount of 30% for the purchase of locked ENA tokens from the Ethena Foundation. These terms were memorialized in an amended and restated LOI, which was executed on June 6, 2025. Between June 7 and July 5, 2025, the parties worked on drafting the definitive legal documents and conducted a PIPE roadshow process. No placement agent was used during this process. On June 18, 2025, TLGY engaged Scalar LLC, a leading independent valuation firm, to evaluate the transaction and provide an opinion relating to the fairness, from a financial point of view, to the Public Shareholders of the consideration to be received by them in the Business Combination. 113 On June30, 2025, SC Assets was formed to be the node validator business. Initial principal shareholders of SC Assets were Mr.Cho, Mr.Chen, and SVJ. As part of SVJ’s equity ownership in SC Assets, SVJ contributed cash and a perpetual, irrevocable, worldwide, royalty -free, and non -exclusivesoftware license to SVJ’s “Node -as - a-Service” platform software. On August 8, 2025, SC Assets also entered into a managed services agreement with Flow Labs Limited, a subsidiary to SVJ, whereby Flow Labs would provide maintenance support and software development to SC Assets on an ongoing basis. On July