So with $360M raised, the company will hold ~10% of supply. The company (TLGY otc ticker) will have a market cap of ~$600M post-merge, representing mNAV of 1.6x (see math next tweet). Can't find where to buy TLGY; merger will relist it under new ticker on nasdaq
Capital with conviction With $260 million of committed cash financing, TLGY's latest PIPE round reflects the highest cash-to-asset-market-cap among any other publicly listed crypto treasury company
Napkin math for TLGY: * 5.83M shares before = $80M market cap * +36M new shares, assuming $360M raised at $10/share * New market cap = $585M * ENA holdings = $360M (at current prices) * mNAV = 1.6x Lots of assumptions bc they haven't shared PIPE details so ymmv
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