Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 324

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 324
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 the trading prices of their publicly traded equity securities, inherently incorporates, on a current basis, market participants’ assessments of the value of such digital assets. It was further observed that the use of market capitalization data as of July 20, 2025, together with book value of equity data reported as of March 31, 2025, would have resulted in a temporal inconsistency between the measurement dates of such data points. Accordingly, it was determined that, in order to avoid such inconsistency and to ensure that the impact of digital asset valuations was reflected on a consistent basis across both book value of equity and market capitalization, both data points would be utilized as of March 31, 2025. Assumed Value of StablecoinX Class A Common Stock Given TLGY’s nature as a special purpose acquisition company, for purposes of Scalar’s opinion and with TLGY’s consent Scalar assumed a value of $12.35 per TLGY Class A Ordinary Share in calculating the value of the StablecoinX Class A Common Stock to be issued as the Consideration under the Agreement, with such $12.35 per share value being based on (i) the value of the cash held in the Trust Account as of June 30, 2025 which was $6,051,707, divided by (ii) 489,887, which is the number of outstanding Public Shares subject to redemption as of June 30, 2025. In rendering its Opinion, Scalar did not express any view or opinion as to what the value of any StablecoinX Class A Common Stock will be when issued pursuant to the Transactions or the price or range of prices at which any the TLGY Class A Ordinary Shares, the TLGY Class B Ordinary Shares, or other securities or financial instruments of or relating to TLGY or the Transactions, including the ENA Tokens, which may trade or otherwise be transferable at any time before or after announcement or consummation of the Transactions. Additionally, Scalar expressed no opinion with respect to the exchanged Founder Shares, StablecoinX Warrants, SC Assets Common Stock, or any Earnout Shares. For purposes of Scalar’s opinion and this summary, the Consideration consisted of 700,000shares of StablecoinX Class A Common Stock issued to the Company, 1,756,250 Retained Founder Shares, and 11,500,000 StablecoinX Warrants issued for the TLGY Warrants with a strike price of $11.50 per share, with a value of $12.35