Company: TLGYF
Filing Date: 2025-09-09
Form Type: 425
Source: 0001213900-25-085765
Chunk: 9

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-09
Form: 425
Chunk 9
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 including any dollar-denominated figures or implied valuations, are based on information as of
the date of the signing of the definitive Business Combination Agreement and assume no redemptions from the TLGY trust account. These
terms are subject to change, including as a result of fluctuations in the price of ENA Token prior to closing of the proposed Transactions.
There can be no assurance that the final terms at the closing of the Transactions will reflect the figures referenced herein.

No Offer or Solicitation

This Form 8-K does not constitute
(i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transactions or (ii) an offer
to sell, a solicitation of an offer to buy, or a recommendation to purchase, any securities of TLGY, SC Assets, the combined company or
any of their respective affiliates. No offering of securities shall be made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act, or an exemption therefrom, nor shall any sale of securities in any states or jurisdictions in which
such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction
be affected. No securities commission or securities regulatory authority in the United States or any other jurisdiction has in any way
passed upon the merits of the Transactions or the accuracy or adequacy of this communication.

| Item 9.01. | Financial Statements and Exhibits. |

(d) Exhibits.

| Exhibit No. |     | Description                                                                                                                                                                                          |
| 10.1        |     | Form of Additional PIPE Subscription Agreement (Cash only).                                                                                                                                          |
| 10.2        |     | Form of Additional PIPE Subscription Agreement (Cash and ENA Token).                                                                                                                                 |
| 10.3        |     | Form of Additional PIPE Subscription Agreement (Cash and ENA Token and Pre-Funded Warrant).                                                                                                          |
| 10.4        |     | Token Purchase Agreement, dated as of September 5, 2025, by and between Ethena OpCo Ltd and StablecoinX Assets Inc.                                                                                  |
| 10.5        |     | Amended and Restated Collaboration Agreement, dated as of September 5, 2025, by and among Ethena Foundation, Ethena OpCo Ltd, StablecoinX Inc. and StablecoinX Assets Inc.                           |
| 10.6        |     | Amended and Restated Sponsor Support Agreement,