Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 182

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 182
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 we are perceived in comparison to ETPs and other vehicles that provide economic exposure to ENA Token, such as futures -basedETFs, leveraged ENA Token products, or similar instruments offered internationally, our shares may trade at a premium or discount relative to the value of our ENA Token holdings. As a result, the approval and availability of spot ENA Token ETPs or other similar investment vehicles could materially and adversely affect the demand for, and market price of, StablecoinX Class A Common Stock. We may suffer losses due to abrupt and erratic market movements. Our stock price, operations and financial condition will be sensitive to fluctuations in the value of the underlying digital assets we expect to hold and invest in, including ENA Token and/or other tokens issued by Ethena’s affiliates, including sENA, sUSDe and/or other stablecoins. Market prices for these assets have historically exhibited substantial volatility and may continue to do so in the future. As part of our strategic treasury operations and with the approval of our Investment Committee, we may hold or allocate capital to other assets. ENA Token and other digital assets issued by Ethena’s affiliates may become more volatile and less liquid in a very short period of time. A sharp decline in the market value of these tokens, including the depegging of stablecoins or the collapse of token prices, could lead to material write -downs, impaired liquidity, and loss of investor confidence in our financial strategy. In addition, market -widefluctuations in value or the loss of investor confidence in digital assets, or other macroeconomic trends impacting the digital asset industry more generally, could have an impact on the value of the digital assets we hold and invest in. Such losses may be amplified if leverage, rehypothecation, or smart contract yield programs are involved. In addition, as previously discussed, a series of recent high -profilebankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry have highlighted the counterparty risks applicable to owning and transacting in digital assets. See “ The market price of StablecoinX Class A Common Stock may be volatile and decline materially as a result of volatility in ENA Token or the digital asset markets generally, or for other reasons. You should be aware that you may lose some or all of your investment.” These bankruptcies, closures, liquidations and other events have created significant volatility in the markets for cryptocurrency. Additional bankruptcies, closures, liquidations, regulatory enforcement