Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 403

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 403
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 ENA Tokens in our treasury at the Closing, which represents approximately 20% of the 15 billion ENA Token currently in existence, and will seek to execute a capital -efficientaccumulation strategy. See “ Unaudited Pro Forma Condensed Combined Financial Information” for additional information regarding the number of ENA Token expected to be held by the Company at Closing. Following the Closing, we plan to continue to build our ENA Token reserve through ongoing future discounted purchases from the Ethena Foundation in accordance with the terms of the Collaboration Agreement. We intend to utilize proceeds from future financings to pursue these strategic acquisitions of ENA Tokens. Through our ongoing partnership with Ethena, we expect to have a pathway to strategically raise and deploy capital to acquire additional ENA Token at a discount to prevailing market prices, providing us with a competitive advantage relative to other players in the market. As noted above, we expect to earn a significant portion of our revenue from the rewards we earn from staking our ENA Token. 192

Ongoing Collaboration with the Ethena Foundation In connection with the Business Combination, StablecoinX, the Company, the Ethena Foundation and Ethena OpCo entered into the Collaboration Agreement, pursuant to which the Ethena Foundation agreed to provide StablecoinX a right to participate in certain future offerings of ENA Token on terms no less favorable than other investors and to collaborate with StablecoinX on an ongoing basis to support the operation of StablecoinX’s infrastructure, staking and treasury activities of ENA Token and StablecoinX’s public advocacy for the Ethena Protocol within the traditional finance ecosystem. Pursuant to the Collaboration Agreement, StablecoinX agreed that its business would be to provide infrastructure, staking and other products and services to the Ethena Protocol and that it would not change its principal business, acquire digital assets other than ENA Token, USDe and sUSDe or any other Ethena -relateddigital assets, or enter into a merger, acquisition, disposition or similar transaction that would have the effect of changing such business without the prior approval of the Investment Committee and a majority of the holders to StablecoinX Class B Common Stock. Further, during the term of the Collaboration Agreement, StablecoinX and its affiliates may not (i) sell, transfer, pledge or otherwise encumber any ENA Tokens held by it or its affiliates or (ii) provide any substantially similar services to any other third party or any other crypto -baseddecentralized network or protocol