Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 130

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 130
---
 in its proxy statement/prospectus that the “net cash per public share” of the SPAC was materially below the price per share ascribed to the combined company’s shares to be issued to the target shareholders in the business combination. While such litigation has been brought against Delaware SPACs in Delaware courts (and TLGY is a Cayman Islands exempted company), and without acknowledging the relevance of the net cash per share information or the merits of any such claim, Public Shareholders should be aware that the net cash available to StablecoinX from the Trust Account and the financings described in this proxy statement/prospectus in respect of each Public Share that is not redeemed will be materially less than the price per share ascribed in the Business Combination Agreement to the shares of StablecoinX Class A Common Stock to be issued to the Sellers due to the expenses attributable to TLGY, dilution from the shares of StablecoinX Class A Common Stock that will be issued upon conversion of the Founder Shares and potential dilution from the Series A Preferred Stock and Series A Preferred Investor Warrants. 33 For illustrative purposes, using an assumed Redemption Price of approximately $12.40 per share, (1) under the No Redemptions Scenario, such amount would be equal to $0.07 per share, which is the quotient of (a) $12.6million, which is the TLGY Closing Cash in the No Redemptions Scenario, including (i) approximately $6.1million in cash from the Trust Account (as of June30, 2025, assuming no redemptions), plus (ii) approximately $18.5million of cash funded pursuant to the PIPE Investments, less (iii) the repayment of promissory notes to the Sponsors of $5.9million, less (iv) the amount of estimated transaction expenses of $6.1million, divided by (b) 180,796,666, which is the sum of (i) 489,887 (which is the number of Public Shares outstanding assuming no redemptions), plus (ii) 160,825,840 (which is the total estimated number of PIPE Shares), plus (iii) 5,444,900 (which is the estimated number of Founder Shares that will remain outstanding upon the Closing, held by the Sponsor and other TLGY Insiders, plus (iv) 14,036,039 (which is the estimated number of Shares to be issued to Ethena pursuant to the Contribution Agreement), and