Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 10

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 10
---

Purchase Agreement, subject to earlier unlock and release from such transfer restrictions as follows: (i) 25% of the Locked ENA Token
will be unlocked on the 12 month anniversary of the Closing and (ii) the remaining 75% of the Locked ENA Token will be unlocked in 36
equal monthly installments thereafter.

The Token Purchase Agreement is filed as Exhibit 10.3 to this Form 8-K, and the foregoing description thereof is qualified in its entirety by reference to the full text of the Token Purchase Agreement and the terms of which are incorporated by reference herein.

PIPE Subscription Agreements

Contemporaneously with
the execution of the Business Combination Agreement, certain investors (the “PIPE Investors”) have agreed to make a
private investment in SC Assets by purchasing shares of SC Assets Class A Common Stock prior to the Company Merger (the “PIPE
Shares”) in the aggregate amount of approximately $363 million, of which approximately $101 million will be paid in ENA Tokens
(including the $60 million ENA Contribution) and approximately $262 million will be paid in cash, USDC or USDT (collectively,
“Cash”) pursuant to the terms of the PIPE subscription agreements (the “PIPE Subscription Agreements” and
the transactions contemplated by the PIPE Subscription Agreements, the “PIPE”).

As described above and in
accordance with the terms of the Token Purchase Agreement, promptly after the date of the PIPE Subscription Agreements, the net Cash proceeds
from the PIPE, less up to $2.5 million of transaction expenses (the “Permitted Expense Amount” and such net amount, the “Net
Cash PIPE Proceeds”), will be used to purchase the Locked ENA Token from Ethena OpCo, which Locked ENA Token will be deposited into
a custodial account (the “Custodial Account”) established for the benefit of the PIPE Investors who paid for their PIPE Shares
in Cash (the “Cash PIPE Investors”), with Anchorage Digital Bank N.A. serving as custodian (the “Custodian”).
The Locked ENA Token and the Permitted Expense Amount will be held in the Custodial Account until the earlier of (i) the Closing and (ii)
the termination of the Business Combination Agreement and/or the PIPE Subscription Agreements in accordance with their terms.

As soon as reasonably practicable
following the Closing, the Locked ENA Tokens and the Permitted Expense Amount (net of any fees and expenses related to the Custodial