Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 18

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 18
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 the PIPE aspect and Rob, you probably are aware because I know you're, you know, seeing all these come
across your desk. Some of these companies that are doing these PIPE's, the dilution is really high. I actually don't know what it is for
TLGY. So, hopefully we'll find that out in this episode. But, you know, the actually there were three like pretty egregious ones really.
No, actually there's well it depends on how you want to define that but more like six I guess but Sharplink when they did their PIPE that
inflated the supply by 8,900%. Which that's pretty incredible. Upexi inflated its by 2,700%. Strive 2,200%. Nakamoto 1,900%, Bitmine 1,300%
and SRM which is the TRX vehicle by almost 1,200%. So there were some others, you know, that that still had dilutions, but you know, these
were all the really big ones. And as far as I understand, what happens in that situation is if the kind of like liquid amount, you know,
is, you know, just or I shouldn't call it the liquid amount, but whatever was originally trading that is owned by retail is whatever.
Now it's after the PIPE now it's a small fraction and then the rest is just all these whales. It's sort of like what in crypto, you know,
we would think of as like a Ripple situation where Ripple is this massive entity. They own a huge amount of supply. So, we have actually
seen that when they become I forget what it is that happens. I think it's like there's some registration that allows these investors to
finally sell and they may not all sell at that time, but just like knowledge that it's possible has caused a lot of these stocks to drop
in price. So I was wondering you know when you were or you know when you were thinking about how you were going to create this TLGY structure
like were you thinking about that and you know how did you think about the potential for how the structure would impact the price?

Guy Young:So I think the key piece to
focus on from outside at least was the point that Rob was touching on which is like the sponsor economics that you're baking into the
deal not being egregious from the outset. So I think we've seen a pretty negative reaction on some of the vehicles that just had you know