Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 419

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 419
---
 influence ENA Token demand and market price. • Transaction and Ancillary Fees:Substantial professional and advisory fees associated with the Business Combination and ongoing public company compliance costs could strain StablecoinX’s liquidity. Higher than expected costs would reduce the funds available for staking, validator expansion, and ENA Token purchases, potentially limiting our treasury growth and associated tokenomics benefits. • Minority Shareholder Position:After the Closing, public shareholders will hold a minority economic interest in StablecoinX and will have no voting rights. This governance structure could discourage some investors, depress the trading price of StablecoinX’s shares, and indirectly affect the market perception and valuation of ENA Tokens by reducing overall investor enthusiasm for the ecosystem. • Other Risks:Additional operational, technological, regulatory, financial, and market uncertainties — including unforeseen changes in blockchain standards, smart -contractvulnerabilities, or sudden shifts in digital -assetmarket structure could materially and adversely impact StablecoinX’s financial results and the economic utility of ENA tokens. See the section entitled “ Risk Factors” for additional information. Plan of Operations and Expected Revenue Sources Following the Closing, the Company intends to operate validator nodes on the proposed Converge network, where ENA Token will serve as the governance token, and use its ENA Token treasury as collateral for node validation operations. These activities are expected to generate staking rewards in the form of additional ENA tokens, representing a significant portion of future revenue. In the event that the proposed Converge network has not launched at the time of the Closing or we are otherwise unable to operate our validator business on proposed Converge network, we plan to operate validator nodes on Ethereum or other supported networks for institutional clients until such time as the proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token become operational. See “— Our validator business depends on the successful 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.” We also plan to provide ancillary technical services, including node maintenance, network optimization, and protocol upgrades, to enhance network scalability and security, which we hope will position the Company as a critical infrastructure partner within the Ethena ecosystem. Our ENA Token treasury strategy is designed to (i) ensure sufficient liquidity for our validator operations and (ii) create strategic alignment with the long -termsuccess of both the Ethena Protocol and the proposed Converge network or other validation opportunities