Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 455

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 455
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 forecasts and the intrinsic value of ENA Tokens held in its treasury. • Liquidity and Market Risk:Limited liquidity or sharp volatility in ENA Tokens or other digital assets could hinder StablecoinX’s ability to monetize or hedge its treasury holdings. In stressed markets, wide bid -askspreads and thin trading volumes could amplify price swings, affecting net asset value, impairing capital -raisingefforts, and increasing the cost of staking operations. • Redemption Risk:Significant redemptions by Public Shareholders at or after the Closing could reduce the cash available to StablecoinX for validator infrastructure investments, discounted ENA Token purchases, or other strategic initiatives, potentially delaying growth plans and limiting its ability to capitalize on market opportunities. • Cybersecurity and Operational Risks:StablecoinX’s validator operations rely on third -partycloud and data -centerinfrastructure, creating exposure to outages, service disruptions, and external cyberattacks beyond our direct control. Although ENA Tokens and other digital assets are custodied with regulated banking or qualified custodial institutions, they remain subject to risks such as hacking, insider theft, compromised private keys, or operational failures at those institutions. A successful cyberattack or prolonged infrastructure failure could result in loss or temporary inaccessibility of digital assets, interruption of validator services, reputational damage, and significant remediation costs, each of which could materially harm StablecoinX’s business, financial condition, and the stability and market value of ENA Tokens. 218 • Profit Participation in the USDe Protocol and Fee -Switch Uncertainty:Although holders of ENA Tokens may indirectly benefit from deployment of USDe protocol revenues under the community -approvedfee -switchproposal, there is no assurance as to the timing, magnitude, or regulatory viability of such deployment. Delays or adverse governance votes could reduce anticipated benefits to StablecoinX and diminish one of the key value propositions of its treasury strategy. • Listing and Compliance Risks:Failure to meet Nasdaq listing standards or ongoing SEC reporting requirements could jeopardize StablecoinX’s public listing, restrict access to capital markets, and negatively impact investor confidence. Any delisting or compliance lapse could also reduce visibility and liquidity for ENA Tokens, indirectly weakening their market perception. • Management and Key Personnel Risk:StablecoinX’s success depends heavily on its leadership team and specialized technical personnel. The unexpected loss of key executives or engineers could disrupt validator operations, delay technological upgrades, impair strategic execution, and reduce market confidence in both StablecoinX and the Ethena ecosystem