Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 65

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 65
---
 treatment with respect to you will depend largely on the total number of TLGY Ordinary Shares you are treated as owning before and after the Redemption (including any shares that you are deemed to constructively own as a result of owning TLGY Warrants (including Public Warrants)) relative to all issued and outstanding TLGY Ordinary Shares both before and after the Redemption. For a more complete discussion of the U.S. federal income tax consequences of an exercise of redemption rights, see the section entitled “ Material U.S. Federal Income Tax Considerations — The Redemption”. Q. What are the material U.S. federal income tax consequences of the Mergers? A.It is intended that the Mergers, taken together and as part of an integrated transaction, will be treated as transactions governed by Section 351(a) of the Code. Assuming the Mergers so qualify, you generally should not recognize gain or loss for U.S. federal income tax purposes on the receipt of solely shares of StablecoinX Common Stock issued in the Mergers. However, the Closing of the Business Combination is not conditioned on the receipt of an opinion of counsel or a ruling from the IRS that the Mergers will qualify as transactions governed by Section 351(a) of the Code, none of TLGY, SC Assets, and StablecoinX intends to request an opinion of counsel or a ruling from the IRS regarding the U.S. federal income tax consequences of the Mergers, and there can be no assurance that such an opinion of counsel or a ruling from the IRS can or will be obtained. Consequently, no assurance can be given that the Mergers will qualify as transactions governed by Section 351(a) of the Code, that the IRS will not challenge such qualification or that a court would not sustain such a challenge. Moreover, regardless of whether the Mergers qualify as transactions governed by Section 351(a) of the Code, it is possible that you may recognize gain if your Public Warrants convert into StablecoinX Warrants pursuant to the SPAC Merger. You may also be subject to complex “passive foreign investment company” rules of the Code, which may further impact the U.S. federal income tax consequences of the Mergers to you. For a more complete description of the material U.S. federal income tax consequences of the Mergers, including such consequences if the Mergers do not qualify as transactions governed by Section 351(a) of the Code, see the section entitled “ Material U.S. Federal Income Tax Considerations