Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 292

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 292
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 Ethena ecosystem utilizing ENA Token, regulatory uncertainty on the treatment of digital assets, and the risks and costs to TLGY if the Business Combination is not achieved, including the risk that it may result in TLGY being unable to complete a business combination and force TLGY to redeem the Public Shares for a pro rata portion of the funds held in the Trust Account, subject to its obligations under Cayman Islands law to provide for claims of creditors and the requirement of other applicable law, and the TLGY Warrants to expire worthless. For more information, see “— The TLGY Board’s Reasons for the Approval of the Business Combination”, and various risks described under the section entitled “ Risk Factors”. • Former Sponsor: The Former Sponsor expects to receive substantial consideration in the Business Combination, including 908,868shares of StablecoinX Class A Common Stock and shares of StablecoinX Class B Common Stock (in the No Redemption Scenario) upon exchange of the 908,868 Founder Shares and 258,809 Private Placement Warrants held by it. As a result of the low price paid by the Former Sponsor for their equity in TLGY, the Former Sponsor is likely to be able to make a substantial profit on their investments even at a time when Public Shareholders have lost significant value. For more information, see “— Compensation Received by the Sponsors, their Affiliates and TLGY Directors and Executive Officers”. The Former Sponsor will only be able to realize a return on its equity in TLGY (which may be materially higher than the return realized by Public Shareholders and holders of Public Warrants) if TLGY completes a business combination by the outside date under the TLGY Organizational Documents (which will be April16, 2026 if and to the extent the period of time to consummate a business combination is extended to the fullest extent possible in accordance with the terms of the TLGY Organizational Documents, or if such date is extended in accordance with the terms of the TLGY Organizational Documents, such later date). The Former Sponsor also expects to receive consideration in the Business Combination for amounts outstanding under the Working Capital Loans. Additionally, the Former Sponsor faces potential detriments from the Business Combination, including the possibility of litigation challenging the Business

124 Combination or the Former Sponsor’s role in the Business Combination, and the risk that if the Business Combination is not achieved, TLGY may be unable to consummate a business combination or repay amounts owed to the Former Sponsor under the aforementioned loans and be forced to redeem the Public Shares for