Company: TLGYF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001213900-25-086376
Chunk: 1

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-10
Form: 425
Chunk 1
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 is that I
made many mistakes when it came to fundraising in the last two years. I think this is the first time that I’ve ever started a business,
raised capital for what I’m doing, and I think naturally you make mistakes when it is your first time. I think the summary of that is
that we raise too much at too low a price, which should be pretty obvious to most people.

Host:You raise too much money at too low of a valuation?

Guy Young:Yeah, exactly.

Host:But isn’t that a circumstance of like you were a startup,
so you couldn’t get a high valuation?

Guy Young:Yeah, no, I think that’s fair. We actually didn’t
need as much money as we did raise. I think that there was a bit of raising was kind of at the bottom of the bear market, and it was a
question of like, is there even a VC market that’s left here in like 18 months?

And so kind of over raised at the wrong time. So I think like I’ll
admit that we basically made mistakes, but you can sort of like course correct these things obviously three time. I think the big issue,
though, is that, and it’s something that’s been spoken about quite a bit, is that there’s just not enough capital on liquid markets to
actually carry these tokens from TGE and through their life cycle after that.

So there’s a ton of VC capital that’s willing to get in private markets,
but actually like the gross aggregate liquid fund cash that’s sitting around, I think, is anywhere between 10 to 15 billion dollars. So
that covers like two olds basically in terms of their emissions schedule for like some of these bigger olds that exist in the market now.
And so I think the fundamental thing is that even if you look at like total old notional market cap, where did it peak in 2021 and then
2024, it was basically the same number, which is $1.2 trillion.

And to me, that was an indication of like, maybe that’s how much money
there is in the world for people to just be punting, you know, retail money, just punting, like what is 95% vaporware. And the view I
have is that basically, you need to mature at some point where these things become investible by tri-fi, where there’s real pools of capitals
that are willing to carry these things further through their life