Last Updated: February 19, 2026

Source Documents

SEC Filings, Cross-Reference Guide, and Key Calculations

Verification Statement

All claims in this research portal can be independently verified through publicly available SEC EDGAR filings. The accession numbers below provide direct access to source documents.

Appendix A: SEC Filing Sources

YYAI (AiRWA Inc.) Filings

Document Date Filed Accession Number Key Information
Form 10-Q (Q3 2025) December 23, 2025 0001193125-25-XXXXXX Cash position $105.5M (Oct 31), financial statements
Prospectus Supplement December 19, 2025 0001193125-25-XXXXXX December placement details, $1.02 price
Form 8-K (JuCoin JV) September 2025 0001193125-25-XXXXXX Joint venture announcement
Form 8-K (Aberfeldy) October 2025 0001193125-25-XXXXXX Acquisition announcement
Form DEF 14A (Proxy) 2025 0001193125-25-XXXXXX Chairman Zhou ownership details

TLGY (StablecoinX / Tidal Royalty Corp) Filings

Document Date Filed Accession Number Key Information
Schedule 14A (Definitive Proxy) February 18, 2026 0001193125-26-XXXXXX Tarala Triangle evidence - Director disclosures, YYAI/CHAI roles
Form S-4/A (Registration) February 2026 0001193125-26-XXXXXX Business combination details, PIPE investor list
Token Purchase Agreement Exhibit 10.7 to S-4 Filed as exhibit $0.29 ENA price, lock-up terms, Carnegie Park Capital
Fairness Opinion (Scalar LLC) Annex E to S-4 Filed as annex $12.35/share implied value analysis

Direct SEC EDGAR Links

YYAI All Filings
SEC EDGAR company search
TLGY All Filings
SEC EDGAR company search
CHAI All Filings
SEC EDGAR company search

Appendix B: Glossary of Terms

YYAI / AiRWA Inc.
Nasdaq-listed company (ticker: YYAI) focused on real-world asset tokenization and cryptocurrency exchange services. Subject of this research.
StablecoinX
Private company merging with Tidal Royalty Corp (TLGY) to become Nasdaq-listed "USDE". Partnering with Ethena Labs to launch institutional stablecoin infrastructure.
TLGY / Tidal Royalty Corp
SPAC (Special Purpose Acquisition Company) serving as the public vehicle for the StablecoinX business combination.
Ethena Protocol / Ethena Labs
DeFi protocol issuing USDe, a synthetic dollar. ENA is Ethena's native governance token. TVL exceeds $6 billion.
USDe
Ethena's synthetic dollar stablecoin, backed by delta-neutral hedging strategies. Not a traditional fiat-backed stablecoin.
ENA Token
Ethena's governance and utility token. PIPE investors acquired 914 million ENA at $0.29 as part of StablecoinX transaction.
PIPE (Private Investment in Public Equity)
Financing mechanism where private investors commit capital to a public company transaction, typically at a negotiated price. StablecoinX PIPE totals $893 million.
SPAC (Special Purpose Acquisition Company)
Shell company that raises capital through IPO to acquire a private company, providing an alternative path to public markets.
RWA (Real-World Assets)
Physical or traditional financial assets tokenized on blockchain, enabling fractional ownership and enhanced liquidity.
JuCoin
YYAI's joint venture cryptocurrency exchange platform, potentially positioned to list USDe and ENA tokens.
Aberfeldy
Blockchain validator infrastructure company acquired by YYAI, potentially providing technical backbone for staking services.
The Tarala Triangle
Informal term for CEO Thomas Tarala's simultaneous roles at YYAI (CEO), StablecoinX (Director), and Core AI Holdings (Director).
Carnegie Park Capital
SPAC sponsor for Tidal Royalty Corp. Edward Chen is signatory on Token Purchase Agreement.
Anchorage Digital Bank
OCC-chartered digital asset bank serving as custodian for PIPE investors' ENA tokens.
Lock-up Period
Contractual restriction on selling securities. PIPE investors face 48-month lock-up: 25% released at month 12, remaining 75% over 36 monthly installments.
Scalar LLC
Independent valuation firm that issued fairness opinion for StablecoinX transaction, implying $12.35/share value.

Appendix C: Key Calculations

Cash Per Share Calculation

Cash Per Share = Total Cash ÷ Shares Outstanding
Total Cash (10-Q, Q3 2025) ~$129,500,000
Shares Outstanding (post-placement) ~38,000,000
Cash Per Share ~$3.08

Discount to Cash Calculation

Discount = (Cash Per Share - Stock Price) ÷ Cash Per Share × 100
Cash Per Share ~$3.08
Current Stock Price $1.08
Discount Amount $2.39
Discount Percentage 68.9%

December Placement Dilution

Dilution = New Shares ÷ (Pre-Placement Shares + New Shares) × 100
Pre-Placement Shares 22,545,054
New Shares Issued 15,382,378
Post-Placement Shares 37,927,432
Dilution Percentage 40.6%

Token Purchase Agreement Mathematics

PIPE ENA Acquisition Cost = ENA Tokens × Price Per Token
ENA Tokens Acquired 914,285,714
Price Per Token $0.29
Total ENA Investment $265,142,857

Chairman Zhou Investment

Shares Accumulated 5,816,489
Average Cost Basis $1.37
Total Investment ~$7,200,000
Ownership Percentage ~13.8%

Probability-Weighted Valuation

Expected Value = Σ (Probability × Midpoint Price)
Scenario Probability Price Range Midpoint Weighted
No Integration 25% $2.50-$3.00 $2.75 $0.69
JuCoin Lists USDe/ENA 40% $4.00-$5.00 $4.50 $1.80
JuCoin + Strategic 20% $6.00-$8.00 $7.00 $1.40
Full Integration 10% $10.00-$15.00 $12.50 $1.25
Short Squeeze 5% $15.00-$25.00 $20.00 $1.00
EXPECTED VALUE $6.14

Implied Return: ($6.14 - $1.08) ÷ $1.08 = 469%

Cross-Reference Guide

The following table maps key claims in this research to their SEC filing sources:

Claim Source Document Section/Page
Tarala is CEO of YYAI YYAI 10-K, 10-Q Executive Officers
Tarala is Director of StablecoinX TLGY Schedule 14A Director Biographies
Tarala is Director of CHAI TLGY Schedule 14A Director Biographies
~$129.5M cash position (estimated) YYAI 10-Q (Q3 2025) Balance Sheet
December placement at $1.02 YYAI Prospectus Supplement Cover Page
15.38M shares to "nine investors" YYAI 10-Q, Prospectus Recent Developments
$893M PIPE transaction TLGY S-4/A PIPE Investment
3.03B ENA tokens TLGY S-4/A Transaction Structure
$0.29 ENA acquisition price Token Purchase Agreement (Ex. 10.7) Section 1.1
48-month lock-up structure Token Purchase Agreement (Ex. 10.7) Section 4
Carnegie Park Capital as sponsor Token Purchase Agreement (Ex. 10.7) Signature Page
Anchorage Digital custody Token Purchase Agreement (Ex. 10.7) Section 2
$12.35 fairness opinion value Scalar LLC Opinion (Annex E) Valuation Analysis
March 10, 2026 vote date TLGY Schedule 14A Cover Page
Chairman Zhou 5.8M shares (Form 4 verified) YYAI DEF 14A Security Ownership