Company: TLGYF
Filing Date: 2025-10-02
Form Type: 425
Source: 0001213900-25-095334
Chunk: 5

Company: TLGY ACQUISITION CORP
Filing Date: 2025-10-02
Form: 425
Chunk 5
---
 StablecoinX management, in terms of getting more ENA
tokens per share for shareholders. And so that's things like we intend to stake our ENA tokens onto the validator network on the Converge
network when it launches. We're also looking at different ways where we can potentially earn yield by maybe even buying USDe and taking
out debt so that we can, well, the debt's got to be at a lower cost than the yield can earn on USDe, but there's things like that we're
thinking about. And then also we have a collaboration agreement with the Ethena Foundation. It's a five-year collaboration agreement where
we have a right of participation to participate in their future discounted token offerings that they provide to the OTC market. So we
can purchase ENA tokens, we purchase tokens at a 30% discount in our previous pipes, but going forward, we have a five year right participation
continue that buy more ENA tokens at a discount, and then that's one way we accrete value to our shareholders. As long as we are buying
these ENA tokens at a healthy discount versus then the shares that we can issue at. If we are issuing shares at a 1x mNav or 1.1x mNav
and we're buying these tokens at 30 or 40% discount, we're accreting value to our shareholders that way. So those are three different
ways we can earn alpha on the ENA token so that we can trade out a premium to your mNav.

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Dan Cecilia (Host):Yeah, no, that makes
a ton of sense. I appreciate the illustration and you simplified it a ton. And I'm actually interested, you're going to go out and it
sounds like you'll go out and actually try and run some defi strategies, so to try and earn a little bit more of the yield. Would you
be using Aave or would you be going out like Pendle is another one I think is interesting, or is that kind of something you're still figuring
out?

Young Cho (TLGY):We're still figuring
that out, and we have to be careful because we are going to be a list of company. So some of these protocols that you mentioned don't
necessarily run the right KYCs, and so we have to be careful on which particular platforms we decide to run these strategies on. But yeah,
I mean