Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 289

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 289
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 May 2, 2025, Mr.Chen met with Mr.Young of Ethena Labs at an industry conference in Dubai to discuss the status of the transaction with TLGY. During the meeting, Mr.Young of Ethena Labs noted that the Ethena Foundation could not accept a discount greater than 30 -35% on the locked token purchase from the Ethena Foundation, and asked if TLGY would be amenable to a transaction in that range. Mr.Chen said he would bring the topic up with Mr.Cho but noted that the parties needed to make a greater effort to advance discussions given the time that had lapsed since the initial execution of the non -bindingLOI. In a subsequent call with Mr.Cho after the meeting, both Mr.Chen and Mr.Cho agreed that TLGY could accept a discount of 30 -35%, which was subsequently communicated to Ethena labs and the Ethena Foundation. 115 On May 2, 2025, through May21, 2025, TLGY, Ethena Labs and TLGY’s and the Ethena Foundation’s and their respective legal counsels continued to discuss the transaction, including the combined company’s path to a Nasdaq listing. On May7, 2025, following the TLGY Board’s discussion and approval of its Form 10 -Q, the TLGY Board held an executive session at which Mr.Cho provided the TLGY Board with a detailed update on the progress of the negotiations with Ethena Labs, and the Ethena Foundation including Mr.Chen’s recent meeting with Mr.Young of Ethena Labs. Mr.Cho also updated the Board that Mr.Cho and Mr.Chen were in discussions with various node validator service providers to potentially partner and stand up a new validator business that could serve as the merger target. On May8, 2025, Mr.Cho and Mr.Chen held a call with Mr.Aly to further discuss the potential to purchase a software license for SVJ’s node validation software and what a managed services agreement might entail. At the end of the call, Mr. Aly agreed to send a proposal that provided a detailed operational and cost plan for Mr.Cho and Mr.Chen to consider. On May 21, 2025, Ethena Labs, on behalf of the Ethena Foundation, outlined a proposal to TLGY for the remaining key commercial terms that were outstanding. Between May 21, 2025 and May 28, 2025, the parties