Company: TLGYF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001213900-25-086376
Chunk: 3

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-10
Form: 425
Chunk 3
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, I think
it was Friday, raised $500 million, started buying back a couple hundred million. Walk me through the second raise for the debt.

Guy Young:Yeah, it was really just re-running the same structure
that we had in place there in the first one. So just so people are aware, this is quite unique, I think, in terms of its structure, in
terms of what was built together with TLGY and StablecoinX. So essentially, what’s happening is like investors are buying locked tokens,
and then the proceeds of the locked tokens that are going into the vehicle are recycled in as spot purchases on the open market.

I think the market responded extremely well to that structure, and
it was actually a new one that we brought to market that didn’t really exist in the same format before we came out with the first raise.
And I think the reason for that is that a lot of these vehicles are being set up in a way where they’re kind of just extra liquidity for
either, you know, VCs to put in tokens and then, or the cash that’s actually coming in just goes to the foundation as an OTC and sort
of sits in a side pocket on the side. So I think a lot of the time you see these raises and then people are like, why should I care?

The foundation just raised 200 million and sitting with them and nothing’s
happening afterwards. So I think the piece that the market responded to reasonably well was actually the foundation saying, we’re getting
alongside you and sort of bidding in the open market alongside you. So yeah, that was sort of like the basic structure.

It was just, you know, a repeat of the same structure at a larger size
in terms of what was completed now. And I think the other thing that looks structurally quite different in this vehicle is actually, it
was actually a SPAC rather than some of the shells that you’re seeing coming to market now. The fundamental difference here is actually
the time to the liquidity, the timing in the market is much longer for a SPAC.

So it’s typically somewhere between a three to four months process
until the shares are actually trading in the quid. There are a bunch of different reasons for why we thought that was the right thing
to do. And I think you’ve seen some news come out this week.

You might have seen the NASDAQ was getting a bit upset with some of
the in-kind contributions with our