Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 5

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 5
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 approach is that phrase.

One thing that framed the whole data approach for us is the way we approach
our product relative to the way a lot of other people approach it. Most other people are trying to take things that happen in Tradify
and bring it on chain. We are packaging up something that exists in crypto and we are trying to figure out how to export it to the rest
of the world.

Right? And part of that is how, how do we get. To tr like, uh, traditional
markets exposure to these assets, including the governance token, um, as well as, you know, U-S-D-E-S-U-S-C. And so we wanted, we want
to do that in a responsible way that makes sense and that doesn't lead to abject disaster on the back end.

And so we, we were lucky to find, um, you know, we were approached by,
uh, uh, TLGY Acquisition Corp and, and their sponsors a while ago, like before. Um, the craze even happened. There's an, there's an 8-K
from back in April that has the, uh, the initial LOI that was signed with the foundation. That's public information.

Um, really obviously picked up as, as the market for these started picking
up. Um, but ultimately the goal was to do something as sustainable as possible for the ecosystem while still building that, uh, public
market vehicle for more broad exposure to, to the token. And what do I mean by that? What I, what I mean by that is, um, again, this is
in the documents.

The Ethena Foundation participated itself. The Ethena Foundation has a
voting interest in the post-closing entity, a pretty significant voting interest. And there was an investment committee established where
the foundation appointed member. The sponsor appoints a member where there's essentially, you know, collective decision making in terms
of when purchases, um, are recommended and when they're not.

And then on the back end, the foundation has a veto, right, for any sales
of ENA by the company in the future. And that, um, you know, that that enables this more, you know, call it permanent capital sort of
vehicle, but it also ensures long-term alignment of the vehicle with the ecosystem. Um, and that, that was very important on the Ethena
side.

And, um, luckily the, we had partners