Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 364

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 364
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a has agreed to contribute $60,000,000 (the “ ENA Contribution Amount”) of native protocol governance tokens of the Ethena Protocol (the “ ENA Tokens”) in exchange for shares of SC Assets Class B Common Stock. The number of ENA Tokens to be contributed is established at 284,954,407.29 and is calculated 160 as the ENA Contribution Amount divided by $0.21056, which is the volume -weightedaverage of all ENA/USDT spot trades executed on Binance and Bybit during the thirty (30) consecutive calendar days (the “ 30 -Day VWAP of ENA Tokens”) ending two (2) days prior to the date of signing the Contribution Agreement (or $0.3008) multiplied by 1 minus 30%. The number of shares of SC Assets Class B Common Stock to be issued to Ethena at the Closing pursuant to the Contribution Agreement will be calculated as follows: (A) the ENA Contribution Amount divided by (B) (x) $10.00 multiplied by (y) a fraction, the numerator of which is (i) the 30 -DayVWAP of ENA Tokens ending two (2) days prior to the date of signing the Contribution Agreement (or $0.3008), and the denominator of which is (ii) the 30 -DayVWAP of ENA Tokens ending two (2) days prior to the Closing Date. Since the 30 -DayVWAP of ENA Tokens on the Closing Date which is needed to determine the number of shares of SC Assets Class B Common Stock to be issued to Ethena will not be known prior to the Closing Date, the Company has estimated the number of such shares to be issued using the 30 -dayVWAP of ENA Tokens ending December 22, 2025 for purposes of these pro forma financial statements (or $0.2547). ii.On July 21, 2025, SC Assets, TLGY, StablecoinX and certain investors (the “ Initial PIPE Investors”) entered into PIPE Subscription Agreements (as they may be further amended, modified, supplemented or otherwise modified from time to time in accordance with their terms the “ Initial PIPE Subscription Agreements”) whereby the Initial PIPE Investors have agreed to contribute (i) an aggregate of $261,886,135 consisting of (x) $100,902,801 in cash and (y) $160,983,334 U.S