Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 191

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 191
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 significant legal, commercial, regulatory, and technical uncertainty, and our ENA Token focused treasury strategy subjects us to enhanced regulatory oversight. •Changes in political administration may not guarantee a favorable regulatory environment for ENA Token. 65 •Regulatory changes could impact our ability to operate validators or receive rewards. •Regulatory scrutiny of the Company’s activities may increase, potentially limiting our operations. •Potential litigation risks exist related to smart contract vulnerabilities, validator operations, or our business activities. •Future SEC actions or court decisions could classify ENA Token as a security, potentially leading to being determined to be an unregistered investment company, which could lead to penalties, forced unwinding of transactions or lawsuits alleging violations of U.S. securities law. •Our operations may be subject to enhanced scrutiny and compliance requirements if ENA Token is classified as a security in the future. •If our ENA Token holdings and staking activities are deemed to meet the definition of an “investment company” under the Investment Company Act of 1940, we could face compliance obligations or enforcement actions. •Uncertainty around ENA Token’s regulatory status may impact our ability to list on certain exchanges. •Increased regulatory focus on blockchains beyond ENA Token and Ethereum could result in new compliance requirements. See also “ — Risks Related to Government Regulation and Legal Compliance”. Risks Related to Our Relationship with the Ethena Foundation, its Products and the Ethena Protocol Our business will be centered on supporting the Ethena ecosystem and holding and acquiring its products, including ENA Token. Our dependence on the Ethena Foundation will create concentration risk, and, as a result, a deterioration in our relationship or the Ethena Foundation’s support for a competing validator could materially harm our business. A substantial portion of our strategic roadmap and treasury strategy relies on a close working relationship with the Ethena Foundation, the entity behind the Ethena Protocol and associated products issued by its affiliates such as ENA, sENA, and sUSDe. This includes the support and discounted acquisition opportunities under our ongoing Collaboration Agreement as well as technical integration, potential delegation of stake, and strategic alignment in market positioning. However, our strategic partnership with the Ethena Foundation may offer no assurances that the Ethena Foundation will remain supportive of our validator operations or treasury activities. The Ethena Foundation may choose to shift strategic priorities, reallocate support to other infrastructure partners, or endorse competing validator entities with more scale, brand recognition, or operational history. In such cases, we may lose