StableCoinX (USDE) CEO gains shares via SPAC business combination
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
StableCoinX Inc. director and CEO Edward Tsun-Wei Chen reported indirect acquisitions of Class A and Class B Common Stock tied to the closing of the company’s business combination with TLGY Acquisition Corp. and StablecoinX Assets Inc. The shares were issued at a stated price of $0.00 per share as grants/awards rather than open-market purchases.
Holdings are reported as indirect, including shares held by The Edward Tsun-Wei Chen Trust dated July 12, 2020 and by CPC Sponsor Opportunities I, LP and CPC Sponsor Opportunities I (Parallel), LP. Footnotes state these issuances occurred upon exchange and forfeiture of TLGY Class A shares and Private Placement Warrants and upon exchange of SC Assets Class B Common Stock, with the reporting person disclaiming Section 16 beneficial ownership of CPC fund securities except to the extent of any pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Chen Edward Tsun-Wei
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Class A Common Stock | 180,239 | $0.00 | -- |
| Grant/Award | Class B Common Stock | 180,239 | $0.00 | -- |
| Grant/Award | Class A Common Stock | 215,891 | $0.00 | -- |
| Grant/Award | Class B Common Stock | 215,891 | $0.00 | -- |
| Grant/Award | Class A Common Stock | 323,750 | $0.00 | -- |
| Grant/Award | Class B Common Stock | 323,750 | $0.00 | -- |
Holdings After Transaction:
Class A Common Stock — 180,239 shares (Indirect, By CPC Sponsor Opportunities I (Parallel), LP);
Class B Common Stock — 180,239 shares (Indirect, By CPC Sponsor Opportunities I (Parallel), LP)
Footnotes (1)
- These shares of Class A Common Stock of the Issuer were issued in connection with the closing of the business combination (the "Business Combination") among StablecoinX Inc. (the "Issuer"), TLGY Acquisition Corp. ("TLGY"), and StablecoinX Assets Inc. ("SC Assets"), pursuant to the terms of the Business Combination Agreement, dated July 21, 2025, by and among the Issuer, TLGY, SC Assets and the other parties thereto (as amended, the "Business Combination Agreement") and the terms of the Amended and Restated Sponsor Support Agreement, dated as of September 5, 2025, by and among the Issuer, TLGY, SC Assets and the holders of TLGY securities party thereto (the "Sponsor Support Agreement") upon the exchange and forfeiture of TLGY Class A Shares and Private Placement Warrants held by the Reporting Person hereunder. On the effective date of the Business Combination, the closing price of TLGY's Class A ordinary shares was $10.10. Carnegie Park Capital LLC ("CPC") is the manager of CPC Sponsor Opportunities I (Parallel), LP (the "Parallel Fund") and CPC Sponsor Opportunities Fund I, LP (the "CPCSO Fund," together with the Parallel Fund, the "CPC Funds"). The reporting person is the Managing Partner of CPC and may be deemed to have voting and investment control with respect to the shares owned by the CPC Funds. This report shall not be deemed an admission that the reporting person is a member of a group or the beneficial owner of any securities not directly owned by the reporting person. The reporting person disclaims Section 16 beneficial ownership of the securities held by the CPC Funds, except to the extent of his pecuniary interest therein, if any. These shares of Class B Common Stock of the Issuer were issued in connection with the closing of the Business Combination pursuant to the terms of the Business Combination Agreement, upon the exchange and forfeiture of TLGY Class A shares and Private Placement Warrants held by the Reporting Person hereunder. These shares of Class A Common Stock of the Issuer were issued in connection with the closing of the business combination (the "Business Combination") among StablecoinX Inc. (the "Issuer"), TLGY Acquisition Corp. ("TLGY"), and StablecoinX Assets Inc. ("SC Assets"), pursuant to the terms of the Business Combination Agreement, dated July 21, 2025, by and among the Issuer, TLGY, SC Assets and the other parties thereto (as amended, the "Business Combination Agreement") upon the exchange of shares of SC Assets Class B Common Stock held by the Reporting Person hereunder. These shares of Class B Common Stock of the Issuer were issued in connection with the closing of the Business Combination pursuant to the terms of the Business Combination Agreement, upon the exchange of shares of SC Assets Class B Common Stock held by the Reporting Person hereunder.
Key Figures
Chen Trust Class A: 323,750 shares
Chen Trust Class B: 323,750 shares
CPCSO Fund Class A: 215,891 shares
+5 more
8 metrics
Chen Trust Class A
323,750 shares
Class A Common Stock held by The Edward Tsun-Wei Chen Trust after acquisition
Chen Trust Class B
323,750 shares
Class B Common Stock held by The Edward Tsun-Wei Chen Trust after acquisition
CPCSO Fund Class A
215,891 shares
Class A Common Stock held by CPC Sponsor Opportunities I, LP after acquisition
CPCSO Fund Class B
215,891 shares
Class B Common Stock held by CPC Sponsor Opportunities I, LP after acquisition
Parallel Fund Class A
180,239 shares
Class A Common Stock held by CPC Sponsor Opportunities I (Parallel), LP after acquisition
Parallel Fund Class B
180,239 shares
Class B Common Stock held by CPC Sponsor Opportunities I (Parallel), LP after acquisition
Issue price
$0.00 per share
Grant/award acquisitions reported with zero per-share price
TLGY closing price
$10.10
Closing price of TLGY Class A ordinary shares on effective date of business combination
Key Terms
Business Combination, Business Combination Agreement, Sponsor Support Agreement, Private Placement Warrants, +2 more
6 terms
Business Combination financial
"These shares of Class A Common Stock of the Issuer were issued in connection with the closing of the business combination"
A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.
Business Combination Agreement financial
"pursuant to the terms of the Business Combination Agreement, dated July 21, 2025, by and among the Issuer, TLGY, SC Assets"
A business combination agreement is a detailed contract that lays out the terms for two companies to join together—covering price, how ownership will be split, the steps needed to close the deal, and what each side promises to do or avoid before closing. For investors it matters because the agreement determines potential changes in value, control, timing, and risk exposure—think of it like the playbook for a merger that shows who wins, who pays, and what could still derail the plan.
Sponsor Support Agreement financial
"the terms of the Amended and Restated Sponsor Support Agreement, dated as of September 5, 2025"
Private Placement Warrants financial
"upon the exchange and forfeiture of TLGY Class A Shares and Private Placement Warrants held by the Reporting Person"
Private placement warrants are tradable coupons given directly to a limited group of investors that let the holder buy a company's shares at a fixed price before a set expiration date. They matter to investors because they can provide extra upside if the stock rises and give companies a way to raise money outside a public offering, but they also can increase the number of shares outstanding (dilution) and therefore affect share value and investor returns.
Section 16 beneficial ownership regulatory
"The reporting person disclaims Section 16 beneficial ownership of the securities held by the CPC Funds"
Class A Common Stock financial
"These shares of Class A Common Stock of the Issuer were issued in connection with the closing of the business combination"
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
FAQ
What insider transaction did StableCoinX (USDE) report in this Form 4?
The filing reports that CEO Edward Tsun-Wei Chen indirectly acquired Class A and Class B Common Stock. The shares were issued at $0.00 per share in connection with the closing of StableCoinX’s business combination with TLGY Acquisition Corp. and StablecoinX Assets Inc.
What holdings are reported for CPC Sponsor Opportunities I, LP in StableCoinX (USDE)?
CPC Sponsor Opportunities I, LP reported 215,891 Class A Common Stock and 215,891 Class B Common Stock. These indirect holdings reflect shares issued at business combination closing in exchange for TLGY Class A shares and Private Placement Warrants held previously.
What holdings are reported for CPC Sponsor Opportunities I (Parallel), LP in StableCoinX (USDE)?
CPC Sponsor Opportunities I (Parallel), LP reported 180,239 Class A Common Stock and 180,239 Class B Common Stock. The filing notes Carnegie Park Capital LLC manages these funds, with the reporting person potentially having voting and investment control, subject to beneficial ownership disclaimers.
How does the StableCoinX (USDE) Form 4 describe Edward Chen’s beneficial ownership?
The filing states Chen may be deemed to have voting and investment control over shares owned by the CPC funds as Managing Partner of Carnegie Park Capital LLC, but disclaims Section 16 beneficial ownership of those securities except to the extent of his pecuniary interest, if any.