Investor Presentation October 2021
INVESTOR PRESENTATION / OCTOBER 2023
APPENDIX 3: TLGY WARRANT STRUCTURE
DESIGNED TO HELP MITIGATE REDEMPTION
Implied Upside For One Non-Redeeming Common Share Post-DeSPAC
(Net of the transaction common price of $10/share)
$20.0
Upside for not redeeming as downside
protection: provided that the transaction
is not perceived to be highly overpriced or
per share price is not expected to drop
sharply, redemption is expected to be
mitigated at higher rates.
$14.1
Upside for not
$10.0
$4.4
$2.6
$7.8
Redemption value: ~$0.9
$0.0
Trust Cash
Unredeemed
$80M
$40M
$20M
$10M
Implied Redemption
0%
50%
75%
87%
(% of total trust cash)
Implied Additional Value of One Unredeemed Common Share Post-DeSPAC
redeeming
(assuming
common value at
$10.9/share)
Trust Cash After Redemption
$80M¹
$40M
$20M
Implied Redemptions
0%
50%
75%
Common Shares & Warrants of TLGY Public Shareholders post
Redemption
Common Shares Post Redemption
7.3M
3.7M
1.8M
Non-Detachable Public Warrants
5.75M
5.75M
5.75M
Economics per One Common Share for Unredeemed Shares
One Common Share
1.00
1.00
1.00
TLGY Non-Detachable Public Warrants
0.79
1.57
3.14
per One Common Share
Preemptive Warrant Conversion: The non-redeeming public shareholders
have a right to convert the non-detachable warrants to common shares at a
ratio of 5 to 1
• TLGY's pooling structure is designed to create an expectation of escalating value for not redeeming
common just as expectation for redemption reaches high percentages.
• With resized trust cash of $80M1, expectation for potential upside for not redeeming can start at $1.62 and
escalate as expectation for redemption rises further (even beyond $10/share), potentially acting as a
counterbalance.
•If $40M is unredeemed, for example, non-redeeming investors are expected to do better than redeeming at
$10.9 provided that the post-closing price is above $8.3/share (1.31 shares x $8.3 = $10.9).
•If only $10M is unredeemed, non-redeeming investors are expected to do better above per share price of
$4.8 and have an escalating upside above $4.8.
• Provided that the Proposed Transaction is perceived to be fairly priced at $10.9/share, the expectations of
meaningful downside protection and higher upside could provide certain counterbalance to redemption
pressures.
# of Common Shares Converted from
Non-Detachable Warrants at Closing
Total Implied Shares of One
Unredeemed Common Share
Implied Value of One Unredeemed
Common Share Post-DeSPAC²
(Assuming $10.9 per Share for Common)
0.16
0.31
0.63
1.16
1.31
1.63
$12.6
$14.4
$17.8
Note 1: The SPAC size at Closing is estimated to be $80M to simplify calculations; actual amount is expected
to be around $78M in Q2 and around $80M by Q4 of 2023 (7.318M shares)
2: Trading price for a common share close to closing (also close to redemption date) is likely to be
around or higher than the redeeming value of trust cash at closing, which is expected to be around
$10.9 per share by Q4; trading around $10.9 mid-September.
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