Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 326

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 326
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     |                |  1,206.8 |     |          |    893.5 |     | 1.4x            |
| MARA Holdings, Inc.            |     |                |  3,976.9 |     |          |  3,639.5 |     | 1.1x            |
| MicroStrategy Incorporated     |     |                | 75,081.8 |     |          | 32,221.2 |     | 2.3x            |
| Riot Platforms, Inc.           |     |                |  2,493.5 |     |          |  2,789.7 |     | 0.9x            |
| Semler Scientific, Inc.        |     |                |    347.4 |     |          |    161.7 |     | 2.1x            |

Taking into account the results of the selected companies analysis, Scalar applied selected multiple ranges of 0.90x to 1.10x LTM Book Value to corresponding financial data for SC Assets. The selected companies analysis indicated implied total equity value reference ranges for SC Assets of approximately $461,026,258 to $563,476,538 based on equity book value, and respectively divided by the fully diluted shares, $11.69 to $13.71, as compared to the Consideration value at an assumed per share value of StablecoinX Class A Common Stock of $12.35 (as described and calculated above), which is $42,655,330 . Scalar noted that the Consideration value on a per share basis was within each of the above ranges, which in Scalar’s view supported its assessment of the financial fairness of the Consideration. Pro Forma Consideration Analysis Utilizing pro forma ownership information provided by TLGY management and the assumptions described above (including assuming a value of $12.35 per share of StablecoinX Class A Common Stock), Scalar calculated the aggregate implied value of the pro forma shares outstanding (other than the StablecoinX Class A Common Stock that is not held by Excluded Parties). The Public Warrants (which will be exchanged for the StablecoinX Warrants) have an exercise price of $11.50 and therefore are in -the -moneybased on the Pro Forma Consideration per Share. These calculations are summarized below:

|                                                 |     | Pro Forma       
 Consideration   
 per Share (Net) |        |     |       

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