Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 26

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 26
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 PIPE Proceeds less up to $2.5 million of permitted transaction expenses (the “ Permitted Transaction Expenses” and such net amount, the “ Initial Net Cash PIPE Proceeds”), which Locked ENA Token was deposited by Ethena OpCo into a separate custodial account (the “ Custodial Account”) established by the Administrative Agent for the benefit of the Initial Cash PIPE Investors at Anchorage National Bank N.A. (“ Anchorage”), with Anchorage serving as custodian (the “ Custodian”), on or shortly after the date of the Initial Token Purchase Agreement (the “ Initial Token Purchase Date”). The Locked ENA Token purchased pursuant to the Initial Token Purchase Agreement may not be transferred for a period of 48 months after the Initial Token Purchase Date, subject to earlier unlock and release from such transfer restrictions as follows: (i) 25% of the Locked ENA Token will be unlocked on the 12month anniversary of the Initial Token Purchase Date and (ii) the remaining 75% of the Locked ENA Token will be unlocked in 36 equal monthly installments thereafter. A copy of the Initial Token Purchase Agreement is attached to this proxy statement/prospectus as Annex H -1. On September 5, 2025, TLGY, SC Assets and StablecoinX entered into additional subscription agreements with certain investors, including Ethena OpCo and Guy Young, founder of Ethena Labs, S.A. (the “ Additional PIPE Investors” and, together with the Initial PIPE Investors, the “ PIPE Investors”), pursuant to which such Additional PIPE Investors agreed, subject to the terms and conditions set forth therein, to purchase 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 aggregate PIPE proceeds paid in cash thereunder, the “ Additional Cash PIPE Proceeds” and, together with the Initial Cash PIPE Proceeds, the “ Cash PIPE Proceeds”) on or prior to the date of such subscription agreements (as they may be further amended, modified, supplemented or otherwise modified from time to time in accordance with their terms, the “ Additional PIPE Subscription Agreements” and, together with the Initial PIPE Subscription Agreements, the “ PIPE Subscription Agreements” and the transactions contemplated thereby, the “ PIPE”). 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 Stable