Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 4

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 4
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 or prior
to the Closing, to amend and restate its organizational documents on terms that are satisfactory to SC Assets, TLGY and Ethena, as described
in the Business Combination Agreement.

TLGY and Pubco agreed, as
promptly as practicable after completion of SC Assets’ audited financial statements, to jointly prepare and file with the U.S. Securities
and Exchange Commission (the “SEC”), a registration statement on Form S-4 (as amended or supplemented from time to time, the
“Registration Statement”) in connection with the registration under the Securities Act of 1933, as amended (the “Securities
Act”) of the issuance of the shares of Pubco Class A Common Stock to the TLGY shareholders, the Sellers, the PIPE Investors and
Ethena, including a proxy statement/prospectus for the purpose of TLGY soliciting proxies from the TLGY shareholders to (i) approve (the
“TLGY Shareholder Approval”), at an extraordinary general meeting of TLGY shareholders (the “Extraordinary General Meeting”),
among other things, the Business Combination Agreement, the Transactions and related matters and (ii) provide the TLGY Public Shareholders
the opportunity to have their TLGY Public Shares redeemed in accordance with the terms of TLGY’s amended and restated memorandum
and articles of association.

The parties also agreed to
take all necessary action so that effective as of the Closing, the board of directors of Pubco will consist of five individuals, one of
which is to be designated by Ethena, one of which is to be designated by the Sellers, and the final three of which are to be designated
by the mutual agreement of Ethena and the Sellers.

Conditions to the Parties’ Obligations to Consummate the Merger

Pursuant to the Business
Combination Agreement, the obligations of the parties to consummate (or cause to be consummated) the Transactions are subject to a number
of customary conditions for special purpose acquisition companies, including, among others, the following: (i) the receipt of the TLGY
Shareholder Approval, (ii) the consummation of the Transactions not being prohibited by applicable law, (iii) effectiveness of the Registration
Statement, (iv) the shares of Pubco Class A Common Stock having been approved for listing on The Nasdaq Stock Market LLC (“Nasdaq”),
the New York Stock Exchange or another national stock exchange, subject to notice of issuance, and (v)