Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 1245

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 1245
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ed a draft, dated July 18, 2025, of the Agreement; (b)reviewed a draft, of the Sponsor Support Agreement; (c)reviewed a draft of the PIPE Subscription Agreement; (d)reviewed a draft of the Collaboration Agreement; (e)reviewed a draft of the Token Purchase Agreement; (f)reviewed certain publicly available business and financial information relating to the SPAC and Ethena; (g)reviewed detailed capitalization table information relating to SC Assets that was provided by the management of TLGY, approved for Scalar’s use by TLGY and not publicly available; (h)conducted discussions with members of the senior management of the Company and the SPAC concerning the business, operations, and financial prospects of the Company and the Transactions; (i)reviewed current and historical market prices of the SPAC Class A Ordinary Shares and ENA tokens; (j)reviewed certain pro forma effects relating to the Transactions, including estimated transaction costs and the effects of anticipated financings, that were provided to us by the management of the SPAC; and (k)conducted such other financial studies, analyses and investigations, and considered such other information, as we deemed necessary or appropriate. Limiting Conditions and Assumptions: In performing our analyses and rendering this Opinion, with your consent, we have relied upon and assumed, without assuming liability or responsibility for independent verification, the accuracy and completeness of all information and data that was publicly available or was furnished, or otherwise made available to us or discussed with or reviewed by us. We have further relied upon the assurances of the management of the SPAC that the financial information provided has been prepared on a reasonable basis in accordance with industry practice, and that they are not aware of any information, facts or circumstances that would make any information provided to us inaccurate, incomplete or misleading in any respect. We also have been advised by the SPAC’s senior management, and we have assumed, that the financial projections and other prospective information, including, but not limited to, projections for the timely receipt of governmental, regulatory and other third -partyapprovals, represent a reasonable basis upon which to evaluate the future business and financial prospects of the Company. Without limiting the generality of the foregoing, for the purpose of this Opinion, we have assumed with respect to any estimates, pro forma effects, and other forward -lookinginformation reviewed by us, that such information has been reasonably prepared based on assumptions reflecting the best currently available estimates and good faith judgments of