Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 12

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 12
---
 down in value based on ENA’s
price performance during the pendency of the transaction.

PIPE investors who participate in this financing
will receive a floating number of shares at closing based off of the value of ENA holdings at closing priced at $10 per share. This is
by design so that existing public shareholders of TLGY will benefit from the lower risk profile of having mNAVs stay fixed at $10 regardless
of ENA’s short-term trading and resulting share issuance.

Based on these commitments and purchases, StablecoinX
is expected to launch with approximately 1.7 billion ENA tokens, which based on ENA’s current price of $0.50, is currently worth
over $800 million in value. For public investors, this means StablecoinX will be a company of scale with the ability to pursue other value-enhancing
opportunities over time.

It’s important to note that the TLGY team
is aligned with investors and shareholders and believe in the long-term value that StablecoinX can generate. For this reason, TLGY sponsors
are forfeiting 70% of their founder shares and 100% of the private warrants in exchange for long-term earnouts that are tied to the successful
execution of StablecoinX’s business objectives.

Finally, we believe the value to shareholders
is attractive, as the deal represents a 0.76 mNAV at $10 per share. Said another way, a 1x mNAV is approximately $13 per share, which
is above TLGY’s last reported trust value per share. As noted previously, this will hold true regardless of how many shares are
issued to PIPE investors.

This slide provides a quick summary of the transaction
overview, including the breakdown of pro forma ownership, assuming no appreciation in ENA pricing. As noted previously, PIPE investors
will be issued more or less shares if ENA price goes up or down, which in essence means their equity ownership in StablecoinX will flex
until the merger closing.

With that, I will turn it over to Young for closing
marks.

<div align='center'>9</div>

Young Cho: Thanks Ted. So we are
extremely excited to bring StablecoinX to the public markets for all the reasons discussed throughout this presentation. In summary, we
are excited for the opportunity to invest early in the Stablecoin ecosystem that is expected to grow from a $265 billion TAM to a $1.9
trillion TAM by 2030.

And we are