Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 431

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 431
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 with StablecoinX on an ongoing basis to support the operation of StablecoinX’s infrastructure, staking and treasury activities of ENA Token and StablecoinX’s public advocacy for the Ethena Protocol within the traditional finance ecosystem. Pursuant to the Collaboration Agreement, StablecoinX agreed that its business would be to provide infrastructure, staking and other products and services to the Ethena Protocol and that it would not change its principal business, acquire digital assets other than ENA Token, USDe and sUSDe or any other Ethena -relateddigital assets, or enter into a merger, acquisition, disposition or similar transaction that would have the effect of changing such business without the prior approval of the Investment Committee and a majority of the holders to StablecoinX Class B Common Stock. Further, during the term of the Collaboration Agreement, StablecoinX and its affiliates may not (i) sell, transfer, pledge or otherwise encumber any ENA Tokens held by it or its affiliates or (ii) provide any substantially similar services to any other third party or any other crypto -baseddecentralized network or protocol without the consent of Ethena, or in any event, attempt to launch a token, either directly or indirectly. These restrictions may limit our operational flexibility, liquidity management, and ability to pursue alternative business opportunities. The initial term of the Contribution Agreement is five years and will automatically renew for successive one -yearperiods unless the Ethena Foundation delivers written notice of non -renewalwithin 90 days of the end of the term. The support of the Ethena Foundation reflects a deep strategic alignment between the Company and its controlling shareholder. We believe that partnering with the Ethena Foundation may provide us with opportunities to accelerate our go -to-marketefforts and operate with leaner fixed costs during our initial growth phase; however, there can be no assurance that such benefits will be realized. We believe this relationship will offer us a potentially more favorable growth trajectory relative to other existing or prospective large -scaleENA Token -holdingcompanies as we expect to be able to achieve significantly lower operating costs relative to other companies although other market participants may have greater scale, technical resources, or operating histories than we do. Furthermore, at the Closing, StablecoinX will be majority -controlledby Ethena and there will be a representative from Ethena on StablecoinX’s Investment Committee, which committee will oversee all aspects of StablecoinX’s capital allocation strategy. We believe that this ownership structure provides meaningful alignment with our