Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 17

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 17
---
 look at. That said, I think, you know, I've obviously seen the, you know, dozens and dozens
of these vehicles getting launched and they've crossed our desk and we've looked at a few of them and I will tell you, being very thoughtful
around things like, okay, you know, who is the management team? Are they somebody who can be a good evangelist? Are they somebody who
can, you know, go and raise capital from, you know, sophisticated investors? That's probably I would say the number one most important
thing and are they and do you believe there someone who can actually run a good capital markets playbook? I think on top of that a lot
of these vehicles I think are really exploitive in terms of like the amount of fees that these sponsors are taking out the amount of fees
that maybe even like call it the management comp companies or the asset management agreements are taking out. I mean, we're seeing some
of these things launched with, you know, call it an extra 20 25% dilution of just new capital that is going for fees that are going to
the people that are working on these things, the bankers, the lawyers, the sponsors, the asset managers. And in many of those cases, frankly,
these are just people trying to make money very quickly. And so what I would tell people is the number one thing you should be looking
at is this a long-term aligned vehicle that is not trying to make a bunch of money just on the fact that they can launch this thing and
take, you know, 25% of the shares, but are they trying to do something where they're creating long-term shareholder value and they're
aligning their incentives with long-term shareholder value as well and not with how much money can I make on the launch of this thing?
And so that's actually been for me one of the biggest and most important points. And I think a one of the reasons we've seen a lot of
exhaustion on the most recent wave of these digital asset treasury companies.

<div align='center'>9</div>

Laura Shin:So this is a perfect segue
for us to talk about some of the different structures that are being used or different ways to set up these companies. So you know TLGY
is doing a SPAC. There's also a PIPE aspect that you know private investment and public equity that I talked about. We actually wrote
an article here at Unchained about