Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 319

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 319
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 with respect to a redeemed U.S. Holder will depend largely on the total number of TLGY Ordinary Shares treated as held by such U.S. Holder before and after the Redemption. The Redemption generally will be treated as a sale or exchange of the Public Shares (rather than as a distribution) with respect to a redeemed U.S. Holder if the Redemption (1) is “substantially disproportionate” with respect to such U.S. Holder, (2) results in a “complete termination” of such U.S. Holder’s interest in TLGY or (3) is “not essentially equivalent to a dividend” with respect to such U.S. Holder. These tests are explained more fully below. In determining whether any of the foregoing tests are satisfied, a redeemed U.S. Holder must take into account not only the TLGY Ordinary Shares actually owned by such U.S. Holder, but also any TLGY Ordinary Shares that are deemed to be constructively owned by such U.S. Holder. A U.S. Holder may be deemed to constructively own, in addition to TLGY Ordinary Shares owned directly, shares owned by related individuals and entities in which such U.S. Holder has an interest or that have an interest in such U.S. Holder, as well as any TLGY Ordinary Shares that such U.S. Holder has a right to acquire by exercise of an option, which generally would include any TLGY Ordinary Shares which could be acquired pursuant to the exercise of a warrant, including any TLGY Warrant. In order to meet the substantially disproportionate test, the percentage of TLGY’s outstanding voting shares actually and constructively owned by a redeemed U.S. Holder immediately following the Redemption must, among other requirements, be less than 80% of the percentage of TLGY’s outstanding voting shares actually and constructively owned by such U.S. Holder immediately before the Redemption. TLGY Class A Ordinary Shares may not be treated as voting shares for this purpose and, consequently, this substantially disproportionate test may not be applicable to a particular U.S. Holder. There will be a complete termination of a redeemed U.S. Holder’s interest in TLGY if either (1) all of TLGY Ordinary Shares actually and constructively owned (including any TLGY Ordinary Shares deemed to be constructively owned by such U.S. Holder as a result of owning any TLGY Warrants) by such U.S. Holder are redeemed or (2) all of TLGY Ordinary Shares actually owned by such U.S. Holder are redeemed, such U.S. Holder is eligible