Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 163

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 163
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 certain securities, which are referred to as “covered securities.” If StablecoinX’s securities were not listed on Nasdaq (or another national securities exchange), such securities would not qualify as covered securities and StablecoinX would be subject to regulation in each state in which StablecoinX offers its securities because states are not preempted from regulating the sale of securities that are not covered securities. An active, liquid trading market for StablecoinX’s securities may not develop, which may limit your ability to sell such securities. Although TLGY intends to apply to list the StablecoinX Class A Common Stock and StablecoinX Warrants on Nasdaq under the ticker symbols “USDE” and “USDEW,” respectively, an active trading market for such securities may never develop or be sustained following the consummation of the Business Combination. The initial valuation of $10.00 per share may not be indicative of the market price of StablecoinX Class A Common Stock that will prevail in the open market after the consummation of the Business Combination. A public trading market having the desirable characteristics of depth, liquidity and orderliness depends upon the existence of willing buyers and sellers at any given time, such existence being dependent upon the individual decisions of buyers and sellers over which neither TLGY nor any market maker has control. The failure of an active and liquid trading market to develop and continue would likely have a material adverse effect on the value of StablecoinX Class A Common Stock and StablecoinX warrants. The market price of StablecoinX Class A Common Stock may decline below $10.00 per share, and you may not be able to sell your StablecoinX Class A Common Stock at or above $10.00 per share, or at all. An inactive market may also impair StablecoinX’s ability to raise capital to continue to fund operations. 46 The market price of StablecoinX Class A Common Stock may decline as a result of the Business Combination. The market price of StablecoinX Class A Common Stock may decline as a result of the Business Combination for a number of reasons including if: •the price of ENA Token declines or the reputation of and/or demand for investment in the Ethena ecosystem diminishes; •investors react negatively to the prospects of StablecoinX’s business and the prospects of the Business Combination; •the effect of the Business Combination on StablecoinX’s business and prospects is not consistent with the expectations of financial or industry analysts; or •StablecoinX does not achieve the perceived benefits of the Business