Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 222

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 222
---
. federal or state law or the laws of other jurisdictions. As is the case for nearly all digital assets, the SEC has not taken a position on whether ENA Tokens are securities, and other regulators have adopted differing and evolving approaches to the classification of digital assets and related activities. As a result, ENA Tokens or ENA Token -relatedproducts and services may be treated as securities or regulated activities in some jurisdictions but not others. Any enforcement action by the SEC or another regulatory authority, or any court decision asserting that ENA Tokens or any ENA Token -relatedproduct or service constitutes a security or securities offering, would likely have an immediate material adverse impact on the value of ENA Tokens and on our business, operating results and financial condition. Further, regulatory approaches to digital assets vary significantly across jurisdictions, with some foreign jurisdictions adopting broad classifications that may treat digital assets or related activities as securities, while others have adopted narrower or evolving frameworks. As a result, ENA Tokens or ENA Token -relatedproducts and services may be deemed securities or regulated activities in certain jurisdictions but not others. Future legislative, regulatory or judicial developments could alter the classification of ENA Tokens or related products and services and materially increase our compliance costs and operational complexity. Regardless of our conclusions on this topic, we could in the future be subject to legal or regulatory action in the event the SEC or a state or a foreign regulatory authority were to assert, or a court were to determine, that either ENA Token itself or a product or service that we may offer or sell in the future related to ENA Token, such as staking, lending or reward programs, could be viewed a “security” under applicable laws. There can be no assurance that we will properly characterize over time any given ENA Token product or service that is offered and sold as a security or non -security, or that the SEC, foreign regulatory authority or a court having final determinative authority on the topic, if the question was presented to it, would agree with our assessment. We expect our risk assessment policies and procedures to continuously evolve to take into account case law, legislative developments, facts and developments in technology. If an applicable regulatory authority or a court, in either case having final determinative authority on the topic, were to determine that a product or service that is offered or sold by us in the future is a security, we would not be able to offer such product or service until we are able to do so in a legally compliant manner. A determination by the SEC, a state or foreign regulatory