Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 351

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 351
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 of StablecoinX Common Stock and StablecoinX), in which case, see such section below (with reference to Public Shares and TLGY, instead of StablecoinX Common Stock and StablecoinX). If the Redemption is instead treated as a distribution by TLGY with respect to such Non -U.S. Holder, then such amounts deemed distributed to such Non -U.S. Holder generally will not be subject to U.S. federal income tax. 153 The Mergers In General It is intended that the Mergers, taken together and as part of an integrated transaction, will be treated as transactions governed by Section 351(a) of the Code (the “ Intended Tax Treatment”). However, Section 351(e)(1) of the Code provides that even if a transaction otherwise satisfies all the requirements of Section 351(a) of the Code, Section 351 of the Code shall not apply to a transfer of property to an “investment company.” Whether StablecoinX is an investment company for purposes of Section 351(e)(1) of the Code will depend in part on the gross value of the assets of StablecoinX immediately after the Business Combination and whether ENA Tokens are treated as “securities” for purposes of Section 351(e)(1) of the Code, each of which is uncertain. Further, if more than 20 percent of the shares of StablecoinX Common Stock were subject to an arrangement or agreement to be sold, transferred or disposed of at the time of their issuance in the Business Combination, one of the requirements for the Mergers to qualify as transactions governed by Section 351(a) of the Code could be violated. The Closing of the Business Combination is not conditioned on the receipt of an opinion of counsel or a ruling from the IRS that the Mergers will qualify for the Intended Tax Treatment, none of TLGY, SC Assets, and StablecoinX intends to request an opinion of counsel or a ruling from the IRS regarding the U.S. federal income tax consequences of the Mergers, and there can be no assurance that such an opinion of counsel or a ruling from the IRS can or will be obtained. Consequently, no assurance can be given that the Mergers will qualify for the Intended Tax Treatment, that the IRS will not challenge such qualification or that a court would not sustain such a challenge. Tax Consequences of the Mergers to U.S. Holders Tax Consequences of the Mergers to U.S. Holders Who Hold No Public Warrants If