Company: TLGYF
Filing Date: 2025-09-08
Form Type: 8-K
Source: 0001213900-25-085171
Chunk: 0

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-08
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry                                  

As previously announced, on July 21, 2025, TLGY Acquisition Corp.,
a Cayman Islands exempted company (“ TLGY”), StablecoinX Assets Inc., a Delaware corporation (“ SC Assets”), StablecoinX
Inc., a Delaware corporation, (“ Pubco”), StablecoinX SPAC Merger Sub LLC, a Delaware limited liability company and a wholly-owned
subsidiary of Pubco, and StablecoinX Company Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco, entered
into a business combination agreement (as amended, restated, modified, supplemented or waived from time to time, the “ Business Combination
Agreement”, and the transactions contemplated thereby, the “ Transactions”). Contemporaneously with the execution of
the Business Combination Agreement, TLGY, SC Assets and Pubco entered into subscription agreements (the “ Signing PIPE Subscription
Agreements”) with certain investors, pursuant to which such investors agreed to make a private investment in SC Assets by purchasing
shares of Class A common stock of SC Assets (the “ SC Assets Class A Common Stock”) prior to the Company Merger (as defined
in the Business Combination Agreement) (such transactions, the “ PIPE”) in the aggregate amount of approximately $363 million,
of which approximately $101 million will be paid in native protocol governance token of the Ethena protocol (“ ENA Token”)
(including the $60 million contribution by the Ethena Foundation (“ Ethena”)) and approximately $262 million will be paid in
cash, USDC or USDT (collectively, “ Cash”). The shares of SC Assets Class A Common Stock will automatically become shares of
Class A common stock of Pubco (the “ Pubco Class A Common Stock”) in connection with the closing of the Transactions (the “ Closing”).

Additional PIPE Subscription Agreements