Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 20

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 20
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 millions of dollars of cash into these vehicles which will then be eventually be turned into the token well if you have a $10 million
market cap company and you put $300 million into it, you know, it's worth significantly more now, but the $300 million, whoever owns that,
obviously should get the vast majority of those shares, right? And that's to be expected and that is theoretically creating, you know,
there's no shareholder value that's necessarily created if that's at NAV because, you know, now you own a smaller percentage of a much
bigger, you know, pool of capital. But, you know, then if there's a premium, etc., like, you're actually better off even though you got
diluted there. If you're that that that original shareholder. What we're talking about in terms of the unlocks. That's actually a very
important point because it really depends on how you define or how you put together your shareholder base. And so in a lot of these cases,
the PIPE investors are hedge funds who are playing like a short-term game. And so they're investing and then they're going to be unlocked
in 30 days, 60 days, 90 days. And the shorter the unlock, frankly, the more kind of what I would call hedge funds who don't have a long-term
view are in these in these PIPE's. And one of the things that actually Tom Lee did really well and it was very interesting is he announced
a share buyback the day that the unlocks were happening for the PIPE investors with the idea that he was essentially trying to absorb
that that sell pressure. And so there are a lot of these like call it um you know capital market games that are happening in the equity
markets which actually look very similar to the stuff we see in crypto. And so they're not actually that different. And so I think the
point you made earlier, okay, well these different types of vehicles, the SPAC vehicle is a different animal. It is the SPACs mostly aren't
trading at a premium to NAV pre you know getting their full SEC registration and they're usually much cleaner. They don't have this other
operating company. They don't have contingent liabilities. They, you know, bringing in new management team is very long-term aligned.
And so what I think what we've seen on the SPAC side is people who are a little bit more focused on long-term alignment and we've