Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 309

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 309
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133

Scalar noted that the Consideration value on a per share basis calculated based on the pro forma ownership, as described above, was within the reference ranges calculated in the selected companies analysis described above, which in Scalar’s view supported its assessment of the financial fairness of the Consideration. Implied Pro Forma Share Value Analysis Utilizing pro forma ownership information provided by TLGY management and the assumptions and weighting described above, Scalar calculated the implied pro forma value of a share of StablecoinX Class A Common Stock after giving effect to the Transactions. This analysis took into consideration the impact of the pro forma dilution described above in calculating the Total Value of the Consideration. These calculations are summarized below:

| Selected Companies Analysis 
 Low                         |     | Implied Pro Forma Value per 
 SPAC New Common Share       | Middle |     |   |  High |     |   |       |
|:----------------------------|:----|:----------------------------|-------:|:----|:--|------:|:----|:--|------:|
| Book Value multiple         |     | $                           |  11.69 |     | $ | 12.70 |     | $ | 13.71 |

Scalar noted that the assumed value of a share of StablecoinX Class Common A Stock of $12.35 was within the reference ranges calculated in the selected companies analysis described above, which in Scalar’s view supported its assessment of the financial fairness of the Consideration. General The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary set forth above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Scalar’s opinion. In arriving at its fairness determination, Scalar considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, Scalar made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the above analyses as a comparison is directly comparable to SC Assets or the Transactions. Scalar’s financial analyses and opinion were only one of many factors taken into consideration by the TLGY Board in its evaluation of the Transactions. Consequently, the analyses described above should not be viewed as determinative of the views of the TLGY Board or management of TLGY with respect to the Consideration or as to whether the TLGY Board would have been willing to determine