Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 456

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 456
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, adversely affecting ENA Token value. • Market and Macroeconomic Risks:Broader economic instability, geopolitical conflicts, or financial -marketvolatility may depress digital -assetprices and investor sentiment. Such macroeconomic factors could reduce transaction volumes on the Ethena Protocol, constrain StablecoinX’s ability to raise capital and negatively affect ENA Token prices. • Legal and Litigation Risks:StablecoinX may face regulatory investigations, shareholder litigation, or third -partydisputes arising from its operations, the business combination, or its involvement with the Ethena ecosystem. Unfavorable judgments or settlements could lead to significant financial costs, reputational harm, or operational restrictions that negatively 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 (other than as required by applicable law and the StablecoinX Certificate of Incorporation). 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 provide infrastructure software and services to support the Ethena ecosystem. This may include operating validator nodes on the proposed Converge network, where ENA Token will serve as the governance token, or other networks that utilize ENA Token. If and when validator or staking opportunities become available and are economically viable, the Company may elect to stake or otherwise utilize a portion of its ENA Token holdings in accordance with applicable protocol rules. The Company has not determined what percentage, if any, of its ENA Token holdings would be staked, the expected duration of any staking, or the expected level of rewards