Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 58

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 58
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 and shares of StablecoinX Class B Common Stock, which will have one vote per share. Holders of StablecoinX Class A Common Stock will be entitled to receive distributions in proportion to the number of shares of StablecoinX Class A Common Stock held by them, to the extent there are any, whereas holders of StablecoinX Class B Common Stock will have no economic rights. In addition, the shares of StablecoinX Class A Common Stock will be listed for trading and will be freely transferable, subject to the terms of the Lock -UpAgreements (as defined herein) and any restrictions pursuant to applicable laws, while the shares of StablecoinX Class B Common Stock will not be listed or freely transferable. Immediately following the completion of the Business Combination, (1) all shares of StablecoinX Class A Common Stock will be held by (a) the Public Shareholders, (b) the TLGY Insiders, (c) the Sellers, (d) the PIPE Investors and (e) Ethena and (2) all shares of StablecoinX Class B Common Stock will be held only by (a) Ethena, (b) the TLGY Insiders, and (c) the Sellers. Assuming the fair market value of ENA Token at Closing of $0.2547 per token, the fair value of ENA Token ending December 22, 2025, it is expected that, in each of the No Redemption Scenario, 50% Redemption Scenario and Maximum Redemption Scenario, (1) Ethena will own approximately 5,080,329 shares of StablecoinX Class B Common Stock, representing approximately xviii 65.4% of the voting power, (2) the TLGY Insiders will own an aggregate of approximately 1,994,251 shares of StablecoinX Class B Common Stock, representing approximately 25.6% of the voting power, and (3) the Sellers will own an aggregate of 700,000shares of StablecoinX Class B Common Stock, representing approximately 9.0% of the voting power, in each case, of the capital stock of StablecoinX. Public Shareholders and the PIPE Investors will have no voting power in StablecoinX immediately following the Closing. See the question and answer below entitled “ How will the number of shares of StablecoinX Common Stock to be issued to the TLGY Insiders, PIPE Investors and Ethena in connection with the Business Combination be impacted by changes in the price of EN