Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 170

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 170
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 and future prospects, and StablecoinX may not be able to achieve or maintain profitability in any given period. SC Assets was incorporated as a Delaware corporation on June 30, 2025. SC Assets has no operating history. While ENA Tokens will constitute a significant portion of our treasury, StablecoinX expects to generate revenue primarily from infrastructure software and services and not from market price appreciation of ENA Tokens. SC Assets’ lack of operating history also makes it difficult to accurately forecast the future results of operations, which depend on numerous factors, including StablecoinX’s ability to operate, maintain and grow its infrastructure business, which may include validator and decentralized verification services, and the market size and growth opportunities within the Ethena ecosystem. StablecoinX’s initial business strategy depends in part on its ability to raise capital to continue to acquire additional ENA Token. StablecoinX cannot guarantee its ability to raise additional capital, or that such capital will be on favorable terms, which may adversely impact our business. See “ StablecoinX’s ability to timely raise capital in the future may be limited, or may be unavailable on acceptable terms, if at all. StablecoinX’s failure to raise capital when needed could harm its business, operating results and financial condition.” StablecoinX’s ability to generate income initially will largely be dependent on raising capital to acquire additional ENA Token and, over time, earning fees or other consideration from infrastructure software and services. StablecoinX expects to establish a sizable initial reserve of ENA Token through the consummation of the PIPE and ENA Contribution 50 and, as promptly as possible after the Closing, commence its infrastructure software and services business, including operating a validator on the proposed Converge network (or, if it is not then operational, the Ethereum network or another network supporting the Ethena Protocol) and deploying a decentralized verifier network (“ DVN”) supporting the Ethena ecosystem.StablecoinX’s business strategy may not be realized as quickly as hoped, or even at all. Further, even if we achieve growth, in future periods, that growth could slow or decline for a number of reasons, including, but not limited to, ENA Token price volatility, increased competition, digital coins that compete with and may result in a decline in utilization of ENA Token or that replace ENA Token, our inability to develop, improve or effectively scale our business, including our validator operations, our DVN, or our ENA Token treasury, changes in government regulation or network -levelparameters or Stablecoin