Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 3

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 3
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 (3) the current holders of shares of SC Assets Class B Common Stock
(the “Sellers”), (4) the PIPE Investors (as defined below) and (5) the Ethena Foundation (“Ethena”) and (ii) all
shares of Pubco Class B Common Stock will be held only by (1) the TLGY Founder Shareholders, (2) the Sellers and (3) Ethena.

Representations and Warranties

The Business Combination
Agreement contains customary representations and warranties of the parties, which shall not survive the Closing. Many of the representations
and warranties are qualified by materiality or Material Adverse Effect. “Material Adverse Effect” as used in the Business
Combination Agreement means, with respect to any specified person, any fact, event, occurrence, change or effect that has had, or would
reasonably be expected to have, individually or in the aggregate, a material adverse effect upon (i) the business, assets, liabilities,
results of operations, prospects or condition (financial or otherwise) of such person and its subsidiaries, taken as a whole, or (ii)
the ability of such person or any of its subsidiaries to consummate the Transactions, in each case subject to certain customary exceptions.
Certain of the representations are subject to specified exceptions and qualifications contained in the Business Combination Agreement
or in information provided pursuant to certain disclosure schedules to the Business Combination Agreement.

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Covenants

The Business Combination Agreement
also contains pre-closing covenants of the parties, including obligations of the parties to operate their respective businesses in the
ordinary course consistent with past practice, and to refrain from taking certain specified actions without the prior written consent
of certain other parties, in each case, subject to certain exceptions and qualifications. Additionally, the parties have agreed not to
solicit, negotiate or enter into competing transactions, as further provided in the Business Combination Agreement. The covenants do not
survive the Closing (other than those that are to be performed after the Closing).

The Business Combination Agreement
also contains obligations of the parties to use their reasonable best efforts to consummate the Transactions contemplated by the Business
Combination Agreement. This includes certain obligations of SC Assets with regards to carrying out the PIPE (as defined below) in connection
with the Closing. SC Assets is obligated to use reasonable best efforts to consummate the transactions contemplated by the PIPE Subscription
Agreements (as defined below).

Pubco agreed, at