---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-065921"
form_type: "8-K"
ticker: "TLGYF"
cik: "0001879814"
company_name: "TLGY ACQUISITION CORP"
filed_at: "2025-07-21T23:59:59+00:00"
generated_at: "2026-05-18T05:18:23.894209+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# TLGY Acquisition Corp. merges with StableCoinX Assets in $363M PIPE-backed deal

## Summary
- PIPE of ~$363M (~$262M cash, ~$101M in ENA tokens including $60M from Ethena Foundation).
- Post-merger, Pubco to provide infrastructure & staking for Ethena Protocol; locked ENA tokens for 48 months.
- Ethena contributes $60M ENA tokens at 30% discount, receiving majority voting power of Pubco Class B common.
- Net cash PIPE proceeds (~$259.5M) to buy locked ENA tokens; custody with Anchorage Digital until close.
- No termination fee; TLGY bears costs for Registration Statement and Nasdaq listing.

## SEC filing metadata
- accession: 0001213900-25-065921
- form_type: 8-K
- ticker: TLGYF
- cik: 0001879814
- company_name: TLGY ACQUISITION CORP
- filed_at: 2025-07-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1879814/000121390025065921/0001213900-25-065921-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1879814/000121390025065921/ea0249618-8k425_tlgyacq.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-065921
- JSON: https://secwatch.observer/filing/0001213900-25-065921.json
- Plain text: https://secwatch.observer/filing/0001213900-25-065921.txt

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