---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-033546"
form_type: "8-K"
ticker: "TLGYF"
cik: "0001879814"
company_name: "TLGY ACQUISITION CORP"
filed_at: "2025-04-10T23:59:59+00:00"
generated_at: "2026-05-23T17:31:29.001488+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# TLGY signs LOI to acquire validator business for Ethena; $100M ENA token deal

## Summary
- Non-binding LOI with Ethena Foundation to acquire a validator business for proof-of-stake services on the Converge network.
- TLGY gains right to purchase up to $100M of ENA tokens at a discount; funded by trust cash and PIPE from Ethena.
- Sponsors to forfeit majority of founder shares for earnout shares tied to long-term performance, reducing dilution.
- Proposed five-year partnership term; no assurance a definitive agreement will be reached.

## SEC filing metadata
- accession: 0001104659-25-033546
- form_type: 8-K
- ticker: TLGYF
- cik: 0001879814
- company_name: TLGY ACQUISITION CORP
- filed_at: 2025-04-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1879814/000110465925033546/0001104659-25-033546-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1879814/000110465925033546/tm2512016d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-033546
- JSON: https://secwatch.observer/filing/0001104659-25-033546.json
- Plain text: https://secwatch.observer/filing/0001104659-25-033546.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.