Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 187

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 187
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 of StablecoinX Class A Common Stock. Our operating results will be dependent on the broader Ethena ecosystem and the price of ENA Token. Due to the rapidly evolving nature of digital assets and the volatile price of ENA Token, which has experienced and continues to experience significant price fluctuations, we expect that our operating results will fluctuate significantly from quarter to quarter in accordance with market sentiments and developments affecting the broader Ethena ecosystem. We expect that our operating results will fluctuate significantly as a result of a variety of factors, many of which are unpredictable and in certain instances are outside of our control, including: •fluctuations in the price of ENA Token, of which we will have significant holdings, and in which we expect we will continue to make significant purchases and announcements about our transactions in ENA Token; •regulatory, commercial, technical and governance developments related to the Ethena ecosystem and any networks, protocols, or infrastructure software and services within that ecosystem that utilize ENA Token, including the proposed Converge network if and when it launches; •investor perception of StablecoinX, including as compared to other investment vehicles that provide economic exposure to digital assets, including ENA Token; •changes in the legislative or regulatory environment or actions by U.S. or non -U.S. governments or regulators, including fines, orders or consent decrees; •regulatory changes or scrutiny that impact our ability to offer, expand or monetize infrastructure software and services or other products consistent with our strategy; •pricing, demand for, or temporary suspension, delay, or modification of products or services we may seek to offer in the future; •investments we may make in the development of infrastructure software and services, technology, personnel, and sales and marketing; •market conditions of, and overall sentiment toward the Ethena ecosystem, ENA Token, and digital assets generally, including negative publicity, media or social media coverage, or sentiment driven by events relating to the digital assets industry, such as concerns regarding the use of digital assets to evade sanctions or facilitate illicit activity, high profile regulatory or enforcement actions, bankruptcies, insolvencies of major industry participants, or environmental concerns associated with certain digital asset activities; •the fact that ENA Token holdings have been and may continue to be concentrated among several large ENA Token holders (which may include us), with the largest ENA Token wallets believed to hold, in aggregate, a significant percentage of the ENA Token in circulation. Such concentrated ENA Token holdings may permit large