Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 173

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 173
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 transaction activity, reduced rewards or fees, or diminished demand for infrastructure software and services, which could materially and adversely affect our business. Furthermore, the success of any validator, DVN, or other infrastructure software and services we may offer, as well as our digital asset treasury strategy, is closely tied to broader trends in blockchain -basedDeFi protocols, tokenized assets, and on -chaintransaction activity. If these sectors fail to mature, experience declining engagement or face regulatory or technological barriers, the demand for our products and services may not materialize as expected and our business prospects could be materially and adversely affected. The success of our validator business depends in large part on the launch and operation of the Converge network, and any delay, failure to launch, or changes in anticipated procedures and policies could materially and adversely affect our business. As part of the infrastructure software and services we may provide to the Ethena ecosystem, we intend to operate a validator business for ENA Tokens on the proposed Converge network, a planned collaboration between Ethena and Securitize, if and when it becomes available. The launch of the Converge network, however, has been delayed beyond its original targeted launch date of the second quarter of 2025 and, as of the date of this proxy statement/prospectus, has not yet launched and no committed launch date or definitive timeline has been publicly provided, as the parties have indicated that further work remains on scope, technical design, operational model, and coordination. Public statements also indicate that the parties may modify, delay, or discontinue Converge, and that any launch would be subject to business and commercial evaluation, internal approvals, third -partydependencies, and applicable legal, regulatory, and compliance considerations. Consequently, there can be no assurance that it will launch prior to the Closing, or that it will launch at all. The failure of the Converge network to launch, or material delays in its launch, could prevent us from deploying a validator business as currently planned, which could materially and adversely impact our business, results of operations and financial condition. Even if the Converge network launches, there is no assurance that the network’s procedures, technical requirements, governance mechanisms, participation criteria or economic policies will operate as currently anticipated. If the Converge network does not launch, it is possible that ENA Tokens may not be staked at all or that other tokens may need to be used to support validator operations on networks other than the Converge network, that staking terms may differ