Company: TLGYF
Filing Date: 2025-09-09
Form Type: 425
Source: 0001213900-25-085765
Chunk: 3

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-09
Form: 425
Chunk 3
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 restrictions as follows: (i) 25% of the Additional Locked ENA Token will be unlocked on the 12 month anniversary
of Completion (as defined in the Additional Token Purchase Agreement) and (ii) the remaining 75% of the Additional Locked ENA Token will
be unlocked in 36 equal monthly installments thereafter. The Additional Token Purchase Agreement is in substantially the same form as
the token purchase agreement that was entered into in connection with the Signing PIPE Subscription Agreements.

The foregoing description
of the Additional Token Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full
text of the Additional Token Purchase Agreement filed with this Form 8-K as Exhibit 10.4.

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Amended and Restated Collaboration Agreement

On September 5, 2025,
Pubco, SC Assets, Ethena and Ethena OpCo entered into an amended and restated collaboration agreement (the “A&R Collaboration
Agreement”), which amended and restated the collaboration agreement entered into in connection with the signing of the Business
Combination Agreement, to, among other things, take into account the Additional PIPE Subscription Agreements, the Additional Token Purchase
Agreement and the transactions contemplated thereby, as well as any future additional PIPEs that may occur prior to the Closing.

The foregoing description of the A&R Collaboration
Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the A&R Collaboration
Agreement filed with this Form 8-K as Exhibit 10.5.

Amended and Restated Sponsor Support Agreement

On September 5, 2025, Pubco,
TLGY, SC Assets and certain holders of TLGY’s securities, entered into an amended and restated sponsor support agreement (the “A&R
Sponsor Support Agreement”), which amended and restated the sponsor support agreement entered into in connection with the signing
of the Business Combination Agreement, to, in light of the increased size of the PIPE, make it so that the aggregate number of Retained
Shares (as defined in the A&R Sponsor Support Agreement) to be received by the holders of Founder Shares (as defined therein) and
Private Placement Warrants (as defined therein) would be equal to 3% of the issued and outstanding shares of Pubco Class A Common Stock
at Closing and remove the earnout mechanism.

The foregoing description of the A&R Sponsor
Support Agreement does not pur