Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 298

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 298
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 TLGY Board considered these restrictions an important mechanism to help support an orderly trading market for StablecoinX’s shares and mitigate post -closingprice volatility. • Negotiated Transaction and Terms of the Business Combination and Ancillary Documents. The TLGY Board considered that the financial and other terms and conditions of the Business Combination Agreement and the Transaction Documents are reasonable. The TLGY Board also evaluated each party’s representations, warranties, covenants, and agreements, as well as the conditions to each party’s obligations and the commitment of each party to complete the Business Combination. • Post -Business Combination Corporate Governance. The TLGY Board considered the corporate governance structure of StablecoinX following the closing, including anticipated board composition, rights of TLGY and SC Assets management, and governance mechanisms designed to support oversight, accountability, and alignment of interests between Public Shareholders and management. The TLGY Board believes that the proposed governance arrangements, including the establishment of an Investment Committee to oversee the capital allocations of StablecoinX after Closing, which consists of one representative from the Ethena Foundation, one representative from StablecoinX 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. • 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. 120 • 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