Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 6

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 6
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 who were very on board with that
and, you know, that that was something that they want, right? They want this to be a long-term, a long-term partnership, a long-term,
um, strategy on, on their end. It's not a quick MNav flip like a lot of the other vehicles you see in the market today.

<div align='center'>4</div>

And the, the goal is to control any, you know, negative, negative, reflexive
impact on the back end. If and when the market does turn.

Interviewer: Yeah. I'm curious about that because you guys took
a, a substantial, or the, the, um, Ethena took a substantial amount of control over, as you mentioned, the disposition and kind of the
governance of the public entity.

Mm-hmm. And then you obviously have the Ethena Foundation governance playing
a role as well. And I, I've been very curious about this just from like a SEC disclosures perspective. You know, it's like Matt Levine's
kind of like. Everything seems to be an opportunity for like securities fraud and there's like, you know, conflicts.

I think there are a lot of other projects that may mismanage some of that
exposure. Uh, it seems like you guys have a, a pretty clean structure set up so far. How do you think about the public company's role
and the foundation's role in this new flexibility and kind of managing the treasury and incentives and things like that?

Zach Rosenberg:At the, just at the public company level or just
broad?

Interviewer:At, at both. I, yeah. And, and you can, you know, tell
us, uh, I guess the, the lack of involvement on the governance of the foundation side that you have, but, um, but yeah, it, like, just
as, as, as two kind of symbiotic vehicles working together.

Zach Rosenberg:Mm-hmm. Yeah, I mean, ul ultimately the vehicle
is intended to be like a face for the ecosystem in these, like, more traditional markets, right?

Like, uh, most traditional players are still very, the, the whole concept
is still very far. And like, what, what the hell is a foundation? Like what is the point of this thing? What do you mean it's got no owners?
Like, what, what do you, like