What happened to TLGY's SPAC shareholders?

Holders handed back for cash 99.6% of the shares that TLGY Acquisition Corp. sold to the public, most of them more than a year before its merger with StablecoinX Inc. TLGY was a special purpose acquisition company, or SPAC, a listed shell company formed to merge with a private business. It sold 23,000,000 units at $10.00 each in its initial public offering, or IPO, in December 2021 and put $10.20 a unit into a trust account, here the trust. Each unit held one Class A share, here a public share, half a warrant to buy a share and a contingent right to more warrants. At certain votes a holder could redeem public shares, handing them back for a pro rata part of the trust in cash.

At four votes from February 2023 to April 2025, all before TLGY agreed on July 21, 2025 to merge with StablecoinX, holders redeemed 22,510,113 public shares, 97.9% of those sold. They redeemed 13,817 more at a fifth vote in April 2026 and 379,721 in connection with the merger, paid at the June 25, 2026 closing. In all, 22,903,651 public shares brought about $247.9 million, an average of $10.82 a share. The cash a share, the cash paid divided by the shares redeemed, rose with each redemption, from $10.40 at the February 2023 vote to about $13.35 at the merger, as the trust earned income and took in deposits from TLGY's sponsors, the firms behind it.

The 96,349 public shares that were never redeemed, 0.42% of those sold, each became one share of StablecoinX's Class A stock, which trades on Nasdaq as USDE. USDE closed at $3.70 in its first session on June 26, 2026, 72.3% below the cash a share paid at the merger. It closed at or above that $13.35 in 11 of its 74 sessions to October 9, all between September 22 and October 7, and closed at $12.30 on October 9, 7.8% below it. Redemptions did not take the units' warrants, which now trade as USDEW. StablecoinX counted 11,499,988 public warrants outstanding after the merger, of the 11,500,000 that came with the units.

StablecoinX's own count of its shares right after the merger deducts 393,538 redeemed TLGY shares, 13,817 more than the 379,721 it reported redeemed at the closing. The difference matches the 13,817 redeemed at the fifth vote, the likely explanation for a gap that the site's float review left open.

Six votes cut 23,000,000 public shares to 96,349

TLGY had to complete a merger by a deadline or wind up and redeem its public shares from the trust. It held five votes to extend the deadline and one to approve the merger, and at each a holder of public shares could redeem them. TLGY's and StablecoinX's filings with the U.S. Securities and Exchange Commission, or SEC, their current reports on Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K and proxy statements, here 8-Ks, 10-Qs, 10-Ks and proxies, give each vote's count and price. The founder shares, TLGY's Class B shares, belonged to the sponsors and other founder shareholders and were left out of the calculation of the price a share. TLGY's 8-K on the fourth vote reported that the sponsors and one other founder shareholder had converted theirs into Class A shares, which could not be redeemed either. The site's float review counts 644,590 StablecoinX Class A shares, and as many Class B shares, that the founder shareholders received for their founder shares and for warrants that TLGY sold privately to its sponsor at the IPO.

The cash paid comes from TLGY's 10-Qs and 10-Ks, which give the amount taken from the trust to pay redeeming holders. The second vote's figure is the $178,438,540 that TLGY's 10-Ks give for both 2023 votes, less the first vote's $163,150,810. The merger's figure is the approximate amount in StablecoinX's 8-K on the closing, which makes the total approximate too. The merger's share of those outstanding is of the 476,070 public shares left after the fifth vote.

Cash a share matches the price a share in the filings to within half a cent, with two exceptions. TLGY's 8-K on the third vote estimated about $11.33 a share, while the trust paid out $25,092,549, or $11.38 a share. For the fifth vote TLGY's 10-Q gives about $13.19 a share in one place and about $13.20 in another, and the proxy for that vote expected about $13.19. The $182,409 paid comes to $13.20.

Holders of 68.2% of the public shares redeemed at the first vote, and of 86.8% of those left at the fourth. By the fifth vote in April 2026, 489,887 public shares remained, 2.1% of those sold.

On December 2, 2024 Nasdaq's staff told TLGY that, because it had not completed a merger within 36 months of its IPO registration statement taking effect, it was not in compliance with Nasdaq IM 5101-2 and was subject to delisting. TLGY said it would not request a hearing and intended to trade over the counter, and that trading on Nasdaq would be suspended from December 9, 2024. On May 8, 2025 Nasdaq filed to remove its shares, warrants and units from listing. The last three votes came after that December date.

Cash a share in the trust grew 30.9% before the merger

The cash a share rose because the trust earned income on its money and the sponsors paid in a deposit for each extension. TLGY's 10-K for 2025 says the trust could be invested in U.S. government securities maturing in 185 days or less or in money market funds meeting set conditions. Its 8-K on the first vote said the price a share was worked out from the amount in the trust, including the interest earned net of taxes and of up to $100,000 set aside to pay dissolution expenses. The 10-Ks give the trust's income, the deposits and the cash taken out each year, and the balance rolls forward exactly from one year end to the next.

From 2022 to 2025 the trust earned $11,296,860 and the sponsors deposited $3,092,539. The 2023 figures are the same in the 10-K for 2024, which followed TLGY's August 2024 correction of its 2023 accounts for convertible notes. The 10-K for 2025 shows $39,113,505 taken out that year, $111 more than the $39,113,394 that the 10-Q for the second quarter of 2025 gives for the fourth vote's redemptions.

Each extension required the sponsors to deposit a set amount for each outstanding share, up to a monthly cap. Until October 2023 it was the lesser of $0.04 a share and $200,000. The second vote, in October 2023, cut it to the lesser of $0.033 and $110,000, and the third, in April 2024, to $0.02 and $60,000. In the first quarter of 2025 the sponsors deposited $180,000, $60,000 a month, or about $0.016 a share a month on 3,717,207 public shares. TLGY's sponsors had changed in June 2024, when two CPC Sponsor Opportunities funds bought 3,542,305 founder shares and other securities from the former sponsor and others for $1.00 in all.

The fourth vote, in April 2025, changed the deposit to the lesser of $0.05 a share and $25,000, which on 489,887 public shares came to $24,494.35, the deposit the sponsors made in March 2026. The deposits for April to December 2025, $220,450, and for the first quarter of 2026, $73,483, come to nine and three months at that amount, to within a dollar. Over a year that amount added $0.60 a share, more than half of the $1.08 by which the cash a share rose between the fourth and fifth votes. The fifth vote cut the cap to $10,000.

From the IPO to the merger the trust's cash a share rose 30.9%, or 6.07% a year. Against the $10.00 that IPO buyers paid for a unit, the cash at the first vote was 4.0% more and the cash at the merger 33.5% more, or 6.53% a year, before counting the unit's half warrant. The value a share that TLGY reported between votes followed the same path, as the chart's left panel shows.

The 13,817-share gap matches the fifth vote

StablecoinX's 10-Q for the second quarter of 2026 has a share table that lists the shares outstanding immediately after the merger. Its TLGY lines start from 5,834,587 TLGY Class A shares, deduct 4,805,110 that the sponsors forfeited and 393,538 redeemed, and leave 635,939. StablecoinX's 8-K on the closing counts 379,721 public shares redeemed at the closing, 13,817 fewer than the share table.

The difference matches the fifth vote. The share table starts from the count TLGY reported after its fourth vote, when 489,887 of its 5,834,587 Class A shares were public shares, and that was still the count at the record dates of both 2026 votes. The fifth vote, on April 15, 2026, redeemed 13,817 public shares and the closing 379,721, together the share table's 393,538. Since the share table starts from a count taken before the fifth vote, its 393,538 appears to take in both 2026 redemptions, though no filing read says so in words. Its lines add up to the 24,029,375 Class A shares that the 8-K on the closing gives. By the vote counts and by the share table, 96,349 public shares were left.

One count still does not reconcile. TLGY's 8-K on the March 10 merger vote said holders of 388,406 public shares had asked to redeem them, and its 10-Q for the first quarter said those shares had not been paid by March 31. The closing redeemed 379,721, 8,685 fewer. The proxy for the fifth vote let shares already put forward at the merger vote be redeemed at the fifth vote instead, and a request could be reversed. The filings read here do not say what happened to the 8,685. The counts paid, 13,817 and 379,721, do not depend on it.

Holders who kept their shares got USDE

At the closing the units were split into shares and warrants, and each public share not redeemed was exchanged for one share of StablecoinX Class A stock. USDE and the warrants, USDEW, began trading on Nasdaq on June 26. A holder who kept a public share through the merger took one USDE share in place of about $13.35 in cash.

USDE closed at or above $13.35 in 11 of its 74 sessions to October 9, in every session from September 22 to October 7 except September 23. The 96,349 shares were worth about $1.19 million at the October 9 close, against about $1.29 million in cash at the merger's price. Holders who redeemed at the fifth vote, on April 15, about ten weeks before the merger closed, received $13.20 a share.

Redemptions left the warrants in place

Each unit held half a warrant, and each whole warrant, now a StablecoinX warrant, gives the right to buy one share at $11.50. The IPO prospectus expected a unit's share and warrant to trade apart from the 52nd day after its date, and the proxy for the fifth vote says the warrants had no redemption rights. StablecoinX's 8-K on the closing counts 11,499,988 public warrants outstanding, 12 fewer than the 11,500,000 that came with the units, although 99.6% of the public shares had been redeemed. Holders who redeemed their shares therefore kept their warrants, unless they sold them. USDEW's first close in StockAnalysis's history was $0.68 on June 29, 2026, and it closed at $3.64 on October 9, $1.82 for the half warrant in each unit.

The unit's third part was the contingent right to more warrants. The prospectus provided for 5,750,000 warrants, a quarter of a warrant for each unit, to be shared among the public shares left after the merger's redemptions, with at least a quarter of a warrant for each. Redeeming a share gave up its right. At the fourth vote, on April 15, 2025, TLGY's Class A shareholders approved cancelling the right, by 2,030,299 votes to 66,750. Spread over the 96,349 shares kept, the 5,750,000 warrants would have come to about 59.7 a share. That is arithmetic on a cancelled term, not a value holders lost, since holders might have redeemed differently had the right survived.

How the figures were built

Every count of shares and amount of cash comes from SEC filings by TLGY, StablecoinX and Nasdaq in the SEC's EDGAR database, read on October 12, 2026, except the float review's 644,590, and every market price and trading volume from the sources named below. The review saved a fixed window of text around each figure, with the size and SHA-256 of the document as EDGAR served it, and its script checks that each fact quotes its window. A public share is a Class A share sold in the IPO, the only kind the trust could redeem. Growth a year compounds the change in cash a share between two votes over the days between them. It uses the vote dates, although the cash may have been paid days later, and the closing date of June 25, 2026 for the merger.

The script checks that the shares redeemed at each vote leave the counts TLGY reported next, 7,318,182, 5,922,865, 3,717,207 and 489,887, and that the two 2023 votes add up to the 17,077,135 shares in TLGY's 10-K for 2023. It checks that the 96,349 shares left by the vote counts match 489,887 less the share table's 393,538, that the trust's balance rolls forward each year, that its value a share rose at every step, and that TLGY's list of filings holds six 8-Ks reporting a shareholder vote, one for each vote counted here.

USDE's daily closes come from S&P Global Market Intelligence through StockAnalysis and match Yahoo Finance's in all 74 sessions from June 26 to October 9. StockAnalysis lists 22 earlier rows under the same ticker, from April 9 to June 25, with closes between $9.01 and $12.00 on 100 to 1,660 shares a day. They appear to be TLGY's shares trading over the counter, and the review leaves them out.

What these figures leave out

The cash figures are before taxes and trading costs. The review does not follow what redeeming holders did with their cash, any over-the-counter trading in TLGY's shares before the merger, or what a warrant was worth at each vote. A close is one price at the end of a session, and a holder's result depends on when and at what price the shares were sold. The counts are of shares, not of holders.

The merger's cash comes from an approximate figure in StablecoinX's 8-K. TLGY's 10-K for 2025 gives the trust's value on December 31, 2024 as $11.92 a share, while its $44,332,605 over 3,717,207 shares comes to $11.93. The trust's value on June 30, 2025 appears as $6,072,600 in that quarter's 10-Q and as $6,051,707 of cash in the merger proxy, and the chart uses the 10-Q's.

The primary filings include TLGY’s IPO prospectus, the first-quarter 2026 report covering the fifth redemption, and StablecoinX’s merger closing report. The calculation download contains the complete source list and filing extracts.

Reproduce the numbers

The main script checks every input against its recorded SHA-256 and every filing fact against its quoted window, and it stops before writing its tables if any check fails. Download the votes table, the trust by year, the trust's value a share, USDE against the merger's cash or the calculation files and source inputs.

cash a share at the merger = 5,068,095 ÷ 379,721
                           = $13.3469
second vote's cash         = 178,438,540 − 163,150,810
                           = $15,287,730
public shares kept         = 23,000,000 − 22,903,651
                           = 96,349
trust at the end of 2023   = 237,501,000 + 5,072,178 + 1,820,000 − 178,438,540
                           = $65,954,638
trust growth a year        = (13.3469 ÷ 10.20) ^ (365 ÷ 1,665) − 1
                           = 6.07%
USDE against the cash      = 12.30 ÷ 13.3469 − 1
                           = −7.8% on October 9

The StablecoinX dashboard tracks USDE's share price against the token treasury the company reports, along with its warrants and options. The float review counts who holds USDE's shares, the warrant payoff guide explains what a USDEW warrant pays at expiry, and the methodology page defines the site's figures.

Analysis of public filings and market data. Not investment advice.