Company: TLGYF
Filing Date: 2025-09-09
Form Type: 425
Source: 0001213900-25-085765
Chunk: 2

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-09
Form: 425
Chunk 2
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 Merger (the “PIPE Shares”)
in the aggregate amount of approximately $530 million of which approximately $248 million will be paid in ENA Tokens and approximately
$282 million will be paid in Cash (the “Additional PIPE Subscription Agreements”). To the extent the issuance of the PIPE
Shares to an Additional PIPE Investor would cause such Additional PIPE Investor to own more than 9.90% of the total issued and outstanding
shares of Pubco Class A Common Stock at the Closing (the “Beneficial Ownership Limitation”), then, such Additional PIPE Investor
will receive a portion of their PIPE Shares in the form of SC Assets Class A Common Stock in an amount that would cause such Additional
PIPE Investor to meet but not exceed the Beneficial Ownership Limitation, and a pre-funded warrant to purchase the remaining amount PIPE
Shares (the “Pre-Funded Warrant”). The Pre-Funded Warrant is exercisable at any time after the original issuance date. The
Additional PIPE Subscription Agreements are in substantially the same form as the Signing PIPE Subscription Agreements.

The foregoing description of the Additional PIPE
Subscription Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the form of
Additional PIPE Subscription Agreements filed with this Form 8-K as Exhibit 10.1, 10.2 and 10.3.

Additional Token Purchase Agreement

Contemporaneously with the
execution of the Additional PIPE Subscription Agreements and to facilitate the transactions contemplated by such agreements, SC Assets,
solely in its capacity as administrative agent (the “Administrative Agent”) for the Additional PIPE Investors who paid the
purchase price for their PIPE Shares in Cash (the “Additional Cash PIPE Investors”) and Ethena OpCo entered into a token purchase
agreement (the “Additional Token Purchase Agreement”), pursuant to which, among other things, Ethena OpCo agreed to sell locked
ENA Token (the “Additional Locked ENA Token”) to SC Assets, solely in its capacity as Administrative Agent, valued at $0.29
per ENA token, which Additional Locked ENA Token will be deposited by Ethena OpCo into a separate custodial account established by the
Administrative Agent with Anchorage Digital Bank N.A. for the benefit of the Additional Cash PIPE Investors. The Additional Locked ENA
Token may not be transferred for a period of 48 months after the date of the Additional Token Purchase Agreement, subject to earlier unlock
and release from such transfer