Exactly. The math checks out if the 1 Key ≈ 10 TMX ratio and ~$1.93 Key price hold:

21 TMX ≈ 2.1 Keys → 2.1 × $1.93 ≈ $4.05.

So ~$4.05 is a reasonable implied estimate, not a guaranteed $TGE.US value. The actual $TMF settlement/listing price will depend on the final conversion mechanics, liquidity, and market demand.

Aspecta has previously used BuildKey-style price discovery mechanisms, so actual market pricing can differ significantly from a simple conversion estimate.