Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 226

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 226
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 may at times not be a liquid secondary market for certain futures contracts leading to the possible inability to sell or close out a futures contract at the desired time or price. Commodity futures are regulated by the Commodity Exchange Act, as administered by the CFTC. We do not believe that we are a commodity pool for purposes of the Commodity Exchange Act. Consequently, shareholders will not have the regulatory protections provided to shareholders in Commodity Exchange Act -regulatedinstruments or commodity pools. This means, among other things, that the execution of or changes to our ENA Token acquisition and management strategy, our use of leverage, the manner in which our ENA Token is custodied, our ability to engage in transactions with affiliated parties and our operating and investment activities generally are not subject to the extensive legal and regulatory requirements and prohibitions that apply to investment companies and investment advisers. For example, although a significant change to our ENA Token acquisition strategy would require the approval of the StablecoinX Investment Committee, no shareholder or regulatory approval would be necessary. Consequently, the StablecoinX Investment Committee has broad discretion over the investment, leverage and cash management policies it authorizes, whether in respect of our ENA Token holdings or other activities we may pursue, and has the power to change our current policies, including our strategy of acquiring and holding ENA Token. The accounting treatment of our ENA Token holdings are likely to have significant accounting impacts, including volatility of our results. If financial accounting standards undergo significant changes, our operating results could fluctuate. In December 2023, the FASB issued ASU 2023 -08, effective for fiscal years beginning after December 15, 2024. StablecoinX may be required to adopt ASU 2023 -08, which may require us to measure in -scopedigital assets (including our ENA Token holdings) at fair value in our statement of financial position, and to recognize gains and losses from changes in the fair value of our ENA Token in net income each reporting period. ASU 2023 -08may also require us to provide certain interim and annual disclosures with respect to our ENA Token holdings, with a cumulative -effectadjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which we adopt the guidance. We have not completed an evaluation of what effect the adoption of ASU 2023 -08may have on us but it is possible that it could have a material impact on our financial results in future periods, including the