Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 269

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 269
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 Carnegie, introduced Mr.Chen to the Chief Financial Officer of Company K, a large centralized crypto -exchange. On March 24, 2025, Mr.Chen, Mr.Yang and the Chief Financial Officer of Company K held a conference call to discuss the digital asset treasury strategy and the potential to use TLGY as the listing vehicle. The call ended with the Chief Financial Officer of Company K offering to make introductions to various foundations he thought could be potential partners. On March 25, 2025, the Chief Financial Officer of Company K introduced Mr.Chen and Mr.Yang to Guy Young, the founder of Ethena Labs, S.A. (“ Ethena Labs”), which serves as a service provider to the Ethena Foundation. On March 27, 2025, an introductory meeting was held between Mr.Cho, Mr.Chen, Mr.Yang, and Steven Shi, Head of Institutional Growth and Zach Rosenberg, General Counsel, as representatives of Ethena Labs, where the parties discussed the potential benefits of a digital asset treasury strategy for the Ethena Foundation and the Ethena ecosystem. Ethena Labs made clear at this meeting that any future discussions with representatives of Ethena Labs, as a service provider to the Ethena Foundation, would ultimately be on a basis in which the Ethena Foundation management team would need to be consulted and approve, including, among other things, the terms and conditions of the digital asset treasury strategy transaction structure and the terms of the Related Agreements, negotiated by representatives of Ethena Labs. Following a series of calls between March 31 and April 1, 2025, the parties continued to discuss high level transaction structure, the legal and regulatory issues to consider, the feasibility of governance rights and equity ownership of the digital asset treasury company by the Ethena Foundation, and the timing of a joint public announcement if the parties were to sign an LOI. In order to expedite discussions, TLGY sent the Ethena Foundation an NDA, which was subsequently executed on April 1, 2025, along with an initial draft of a non -bindingLOI. On April 1, 2025, Mr.Cho, and Mr.Chen held a conference call with the founder of Company J to discuss the opportunity with the Ethena Foundation, with TLGY expressing that if Company J wanted to participate in the transaction as the operating company, terms between Company J and TLGY would need to be finalized quickly. The parties discussed