Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 290

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 290
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 negotiated these remaining key commercial terms including: • Sponsor Economics:Ethena Labs proposed that the TLGY Insiders forfeit 90% of their Founder Shares with 5% being retained at the Closing and the remaining 5% subject to price -basedearnout hurdles of $15 and $20 per share after the Closing and forfeit all of their Private Placement Warrants. In exchange for such forfeitures, the TLGY Insiders would have the right to receive an additional 3 million shares subject to KPI -basedearnout hurdles linked to ENA Token per share growth metrics. Ethena Labs also proposed that any shares received by the TLGY Insiders at Closing would be subject to a 6 -monthlockup with no early release mechanism. TLGY countered with a proposal for the forfeiture of 90% of the Founder Shares held by the TLGY Insiders, with the full 10% retained being available at Closing, and the possibility to retain more Founder Shares based on the size of the PIPE. TLGY agreed to the forfeiture of all of the Private Placement Warrants but proposed that such warrants should be exchanged for approximately 2 million of additional earnout shares at Closing. TLGY also proposed that the earnout shares be split into two buckets, with 50% being subject to KPI -basedearnout hurdles, as previously suggested, and the remaining 50% being subject to price -basedhurdles based on a 200%, 300%, 400% and 500% increase in the price of ENA Token. TLGY agreed to Ethena Lab’s proposed lockup restrictions. After several rounds of negotiation, the parties agreed to a transaction structure whereby the TLGY Insiders would forfeit 90% of their Founder Shares with the remaining 10% available at Closing and the ability to retain additional Founder Shares based on size of the PIPE. The TLGY Insiders would also forfeit all of their Private Placement Warrants. In exchange for such forfeitures, the TLGY Insiders would receive a total of up to 3.6 million earnout shares, with 50% being tied to KPI -basedhurdles, and 50% being tied to share -pricehurdles. All shares received by the TLGY Insiders would be subject to a 6 -monthlockup restriction. • TLGY Public Shareholder Dilution and SC Assets Valuation:Ethena Lab’s proposal did not initially specify a value for SC Assets, the to be formed