Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 102

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 102
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 prospectus for the IPO identified the general criteria and guidelines that TLGY believed would be important in evaluating prospective target businesses, although TLGY also indicated it may enter into a business combination with a target business that does not meet these criteria and guidelines. The TLGY Board considered these criteria in its evaluation of SC Assets, which include (i) SC Assets’ validator -basedbusiness model, (ii) SC Assets’ management team, (iii) SC Assets’ long -termpartnership with the Ethena Foundation, (iv) SC Assets’ potential to scale such that the profit contribution from existing business offsets fixed costs and is prepared to reinvest in high return on capital 17

opportunities, (v) review of due diligence investigation of the Ethena ecosystem and the digital asset industry more broadly and valuation analyses, (vi) review of other business combination opportunities reasonably available to TLGY and (vii) review of selected public companies. For a description of the TLGY Board’s reasons for the approval of the Business Combination and the unanimous recommendation of the TLGY Board, see the subsection entitled “ The Business Combination Proposal — The TLGY Board’s Reasons for the Approval of the Business Combination”. Sources and Uses for the Business Combination The following tables summarize the sources and uses for funding the Business Combination (i) assuming that none of the outstanding Public Shares are redeemed in connection with the Business Combination (the “ No Redemption Scenario”), (ii) assuming that 50% of the outstanding Public shares are redeemed in connection with the Business Combination (the “ 50% Redemption Scenario”) and (ii) assuming that all of the outstanding Public Shares are redeemed in connection with the Business Combination (the “ Maximum Redemption Scenario”). For an illustration of the number of shares and percentage interests outstanding under each scenario see the section entitled “ Unaudited Pro Forma Condensed Combined Financial Information”. No Redemption Scenario

| Sources of Funds                                      |     |   |             |     | Uses                                                                               |     |   |             |
|:------------------------------------------------------|:----|:--|------------:|:----|:-----------------------------------------------------------------------------------|:----|:--|------------:|
| SC Assets Equity Rollover(1)                          |     | $ |   7,000,000 |     | SC Assets Equity Rollover(1)                                                       |     | $ |   7,000,000 |
| TLGY’s Cash and Investments in Trust Account          |     |   |   6,072,600 |     |