Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 414

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 414
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 section entitled “Cautionary Note Regarding Forward -Looking Statements.” Actual results and timing of selected events may differ materially from those anticipated as a result of various factors, including those set forth under “Risk Factors” or elsewhere in the proxy statement / prospectus. Overview The Company is a newly formed operating company that intends to focus its operations on providing validator and infrastructure services for the Ethena Protocol, a decentralized finance (“ DeFi”) network. The Company was incorporated in Delaware on June 30, 2025, and is in the early stages of organizational development. The Company was formed solely to participate in the Business Combination, has no operating history and has not yet generated any revenue. However, at Closing, the Company will be an operating company engaged in a number of business strategies focused on supporting the Ethena ecosystem, the core of which will be operating validator nodes and delivering technical services to support the Ethena Protocol’s network security, transaction validation, and overall functionality. In addition to and as a means to support its validator operations, the Company plans to adopt a multi -yeartreasury strategy at Closing designed to accumulate and hold ENA Tokens — the native token of the Ethena Protocol — to ensure long -termfinancial stability and align our interests with the growth of the Ethena ecosystem. The ENA Tokens in its treasury will be used as collateral for the node validation operations, earning staking rewards in the form of additional ENA Tokens. These rewards are expected to form a significant portion of the Company’s revenue stream. SC Assets’ ability to generate revenue sufficient to achieve profitability will largely depend on the appreciation of the price of ENA Tokens as well as its ability to efficiently generate staking yields with its ENA Token holdings, scale its delegating proof of stake services for potential future clients and participate in other Ethena protocol -basedfees. Business Combination with TLGY On July 21, 2025, the Company entered into the Business Combination Agreement with TLGY, StablecoinX, and two wholly - ownedsubsidiaries of StablecoinX — SPAC Merger Sub and Company Merger Sub — to create a publicly traded company focused on infrastructure, staking, and treasury activities for the Ethena Protocol. Pursuant to the Business Combination Agreement, (1) TLGY will, subject to the terms of the Business Combination Agreement, merge with and into SPAC Merger Sub, with SPAC Merger Sub continuing as the surviving company (provided that, if the parties determine that it