Company: TLGYF
Filing Date: 2025-09-09
Form Type: 425
Source: 0001213900-25-085765
Chunk: 1

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-09
Form: 425
Chunk 1
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 transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐

| Item 1.01. | Entry                                 
 into a Material Definitive Agreement. |

As previously announced, on July 21, 2025, TLGY Acquisition Corp.,
a Cayman Islands exempted company (“TLGY”), StablecoinX Assets Inc., a Delaware corporation (“SC Assets”), StablecoinX
Inc., a Delaware corporation, (“Pubco”), StablecoinX SPAC Merger Sub LLC, a Delaware limited liability company and a wholly-owned
subsidiary of Pubco, and StablecoinX Company Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco, entered
into a business combination agreement (as amended, restated, modified, supplemented or waived from time to time, the “Business Combination
Agreement”, and the transactions contemplated thereby, the “Transactions”). Contemporaneously with the execution of
the Business Combination Agreement, TLGY, SC Assets and Pubco entered into subscription agreements (the “Signing PIPE Subscription
Agreements”) with certain investors, pursuant to which such investors agreed to make a private investment in SC Assets by purchasing
shares of Class A common stock of SC Assets (the “SC Assets Class A Common Stock”) prior to the Company Merger (as defined
in the Business Combination Agreement) (such transactions, the “PIPE”) in the aggregate amount of approximately $363 million,
of which approximately $101 million will be paid in native protocol governance token of the Ethena protocol (“ENA Token”)
(including the $60 million contribution by the Ethena Foundation (“Ethena”)) and approximately $262 million will be paid in
cash, USDC or USDT (collectively, “Cash”). The shares of SC Assets Class A Common Stock will automatically become shares of
Class A common stock of Pubco (the “Pubco Class A Common Stock”) in connection with the closing of the Transactions (the “Closing”).

Additional PIPE Subscription Agreements

On September 5, 2025, TLGY,
SC Assets and Pubco entered into additional PIPE subscription agreements with certain investors, including Ethena OpCo Ltd (“Ethena
OpCo”) and Guy Young, founder of Ethena Labs, SA (the “Additional PIPE Investors”), pursuant to which such Additional
PIPE Investors have agreed to purchase shares of SC Assets Class A Common Stock prior to the Company