Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 9

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 9
---
-K, and the foregoing description thereof is qualified in its entirety by reference to the full text of the Collaboration Agreement and the terms of which are incorporated by reference herein.

Contribution Agreement

In connection with the signing
of the Collaboration Agreement, TLGY, SC Assets, Pubco and Ethena also entered into a contribution agreement (the “Contribution
Agreement”), pursuant to which Ethena agreed to contribute $60 million of ENA Tokens, valued at a 30% discount to the fair market
value of such ENA Token on the date of the Contribution Agreement, to SC Assets prior to the Company Merger (the “ENA Contribution”),
in exchange for shares of SC Assets Class B Common Stock, such that immediately following the closing of the Mergers, Ethena will beneficially
own a majority of the voting power of the outstanding shares of Pubco.

The Contribution Agreement
and certain of its provisions will terminate and be of no further force or effect upon the earlier to occur of (i) the termination of
the Business Combination Agreement pursuant to its terms, (ii) the mutual written consent of the parties thereto, (iii) July 21, 2026
or (iv) if any of the conditions to closing as forth therein are not satisfied or waived as of the Closing Date (as defined therein).

The Contribution Agreement is filed as Exhibit 10.2 to this Form 8-K, and the foregoing description thereof is qualified in its entirety by reference to the full text of the Contribution Agreement and the terms of which are incorporated by reference herein.

<div align='center'>4</div>

Token Purchase Agreement

Contemporaneously with the
execution of the Business Combination Agreement and to facilitate the transactions contemplated by the PIPE Subscription Agreements, SC
Assets, solely in its capacity as administrative agent for the Cash PIPE Investors (as defined below) (the “Administrative Agent”)
and Ethena OpCo entered into a token purchase agreement (the “Token Purchase Agreement”), pursuant to which, among other things,
Ethena OpCo agreed to sell the Locked ENA Token to SC Assets, solely in its capacity as Administrative Agent, valued at a 30% discount
to the fair market value of the ENA Token at the signing of the Token Purchase Agreement, which Locked ENA Token will be deposited by
Ethena OpCo into the Custodial Account. The Locked ENA Token may not be transferred for a period of 48 months after the date of the Token