Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 292

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 292
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 rights, it would also retain the ability to nominate one member to a five member board of directors of the post -Closingcompany, with TLGY retaining the right to nominate one member and the remaining three independent members being jointly decided upon at a later date prior to Closing. The Ethena Foundation also requested that both parties work towards identifying an appropriate chief executive officer candidate for the post -Closingcompany between the announcement of the transaction and the Closing. The parties also discussed the possibility that Young Cho could serve in such capacity, or in the chief financial officer role given his experience in the digital assets and crypto industries as well as his experience with public companies. TLGY subsequently communicated to the Ethena Foundation that it would be amenable to these proposals. These terms were memorialized in an amended and restated LOI, which was executed on June 6, 2025. Between June 7 and July 5, 2025, the parties worked on drafting the definitive legal documents and conducted a PIPE roadshow process. No placement agent was used during this process. On June 18, 2025, TLGY engaged Scalar LLC, a leading independent valuation firm, to evaluate the transaction and provide an opinion relating to the fairness, from a financial point of view, to the Public Shareholders of the consideration to be received by them in the Business Combination. On June30, 2025, SC Assets was formed to be the node validator business. Initial principal shareholders of SC Assets were Mr.Cho, Mr.Chen, and SVJ. As part of SVJ’s equity ownership in SC Assets, SVJ contributed cash and a perpetual, irrevocable, worldwide, royalty -free, and non -exclusivesoftware license to SVJ’s “Node -as - a-Service” platform software. On August 8, 2025, SC Assets also entered into a managed services agreement with Flow Labs Limited, a subsidiary to SVJ, whereby Flow Labs would provide maintenance support and software development to SC Assets on an ongoing basis. On July 6, 2025, Mr.Young of Ethena Labs informed Mr.Cho and Mr.Chen that several large potential PIPE investors preferred to fund their commitments upfront at the transaction announcement and requested a change to the transaction structure that would accommodate doing so. In response, the parties decided to restructure the PIPE to require upfront funding for those investors paying for their shares in cash or cash -denominatedstablecoins, which would provide investors with exposure to ENA Token’s price performance