Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 281

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 281
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coinX and one independent representative, are appropriate to facilitate effective supervision of the combined company while promoting long -termshareholder value. • Experienced Management Team. It is anticipated that Young Cho, the Chief Executive Officer of TLGY and SC Assets will serve as Chief Executive Officer (or Chief Financial Officer) of StablecoinX following the Closing. In addition to Mr. Cho, StablecoinX is expected to be led by an experienced management team with a track record in blockchain infrastructure, digital -assetoperations, and validator technology. The TLGY Board believes that the equity ownership and transfer restrictions of StablecoinX’s future management team will align management incentives with long -termshareholder interests. 116 • Due Diligence and Fairness Opinion. TLGY, with the assistance of its legal, financial, and technical advisors, conducted due diligence of SC Assets, including review of its proposed validator operations, anticipated token economics and cybersecurity protocols. TLGY’s financial advisor, Scalar, delivered an opinion that, as of the date rendered, the consideration to be received by the Public Shareholders in the Business Combination is fair, from a financial point of view, to such shareholders. • Reasonable Valuation and Negotiated Terms. Following review of market comparables and valuation analyses, the TLGY Board concluded that the aggregate consideration to be paid for SC Assets is reasonable and that the Business Combination Agreement contains customary representations, warranties, covenants, and closing conditions protective of shareholder interests. • Shareholder Flexibility. Public Shareholders may elect to (i) remain holders of StablecoinX Class A Common Stock after the Closing, (ii) sell their TLGY Class A Ordinary Shares in the market, or (iii) redeem their TLGY Class A Ordinary Shares for the pro -ratacash redemption amount, consistent with TLGY’s Organizational Documents. In connection with its evaluation of the Business Combination, the TLGY Board also considered a variety of risks and uncertainties and other potentially negative factors concerning the Business Combination, including the following: • Reliance on the Ethena Ecosystem.StablecoinX will hold ENA Tokens and potentially other Ethena tokens as part of its digital asset treasury strategy. StablecoinX will operate its validator business using the ENA Token it receives from the PIPE and ENA Contribution and, after the Closing, additional discounted ENA Token it may purchase from the Ethena Foundation under the terms of the Collaboration Agreement or accumulates through its staking efforts. Further, during the term of the Collaboration Agreement, StablecoinX