Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 273

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 273
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 to a transaction in that range. Mr.Chen said he would bring the topic up with Mr.Cho but noted that the parties needed to make a greater effort to advance discussions given the time that had lapsed since the initial execution of the non -bindingLOI. In a subsequent call with Mr.Cho after the meeting, both Mr.Chen and Mr.Cho agreed that TLGY could accept a discount of 30 -35%, which was subsequently communicated to Ethena labs and the Ethena Foundation. On May 2, 2025, through May21, 2025, TLGY, Ethena Labs and TLGY’s and the Ethena Foundation’s and their respective legal counsels continued to discuss the transaction, including the combined company’s path to a Nasdaq listing. On May7, 2025, following the TLGY Board’s discussion and approval of its Form 10 -Q, the TLGY Board held an executive session at which Mr.Cho provided the TLGY Board with a detailed update on the progress of the negotiations with Ethena Labs, and the Ethena Foundation including Mr.Chen’s recent meeting with Mr.Young of Ethena Labs. Mr.Cho also updated the Board that Mr.Cho and Mr.Chen were in discussions with various node validator service providers to potentially partner and stand up a new validator business that could serve as the merger target. 112 On May8, 2025, Mr.Cho and Mr.Chen held a call with Mr.Aly to further discuss the potential to purchase a software license for SVJ’s node validation software and what a managed services agreement might entail. At the end of the call, Mr. Aly agreed to send a proposal that provided a detailed operational and cost plan for Mr.Cho and Mr.Chen to consider. On May 21, 2025, Ethena Labs, on behalf of the Ethena Foundation, outlined a proposal to TLGY for the remaining key commercial terms that were outstanding. Between May 21, 2025 and May 28, 2025, the parties negotiated these remaining key commercial terms including: • Sponsor Economics:Ethena labs proposed that the TLGY Insiders forfeit 90% of their Founder Shares with 5% being retained at the Closing and the remaining 5% subject to price -basedearnout hurdles of $15 and $20 per share after the Closing and forfeit all of their Private Placement Warrants. In exchange for such forfeitures, the TLGY Insiders would have