Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 162

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 162
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 a sizable initial reserve of ENA Token through the consummation of the PIPE and ENA Contribution and, as promptly as possible after the Closing, commence its validator business on the proposed Converge network (or, if it is not then operational, the Ethereum network or another network supporting the Ethena Protocol).StablecoinX’s business strategy may not be realized as quickly as hoped, or even at all. Further, even if we achieve growth, in future periods, that growth could slow or decline for a number of reasons, including, but not limited to, ENA Token price volatility, increased competition, digital coins that compete with and may result in a decline in utilization of ENA Token or that replace ENA Token, our inability to develop, improve or effectively scale our validator business or our ENA Token treasury, changes in government regulation or network -levelparameters or StablecoinX’s failure, for any reason, to continue to take advantage of growth opportunities. Market opportunity estimates and growth forecasts for stablecoins generally and the Ethena ecosystem, including ENA Tokens and the successful launch of the proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token, more specifically are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate. There is no assurance that any estimates driving ENA Token acquisition strategies will accurately reflect any particular level of revenue or growth prospects for StablecoinX. We will encounter risks and difficulties as described in this section. If we do not manage these risks successfully, our business may be adversely impacted. If StablecoinX’s assumptions regarding these risks and uncertainties and its future growth are incorrect or change adversely, or if StablecoinX does not address these risks successfully, StablecoinX’s operating and financial results could differ materially from its expectations, and its business could suffer. If our revenue growth rate, when we are at a revenue generation stage, were to decline significantly or become negative, it could adversely affect our operating results and financial condition. If we are not able to achieve or maintain positive cash flow from operations, or if the price of ENA Token declines significantly, our business may be adversely impacted and we may require additional financing, which may not be available on favorable terms or at all, may restrict the distribution of dividends or other payments to shareholders, or may be dilutive to our shareholders. 50 StablecoinX may not be able to successfully execute its business strategies. A significant part of StablecoinX’s strategy is ENA Token