Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 335

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 335
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, StablecoinX’s dual class structure provides it with the ability to take a long -termview of value creation, and the controlling interest of Ethena and the Current Sponsors controlling interest, including protections of this controlling interest, will enhance StablecoinX’s ability to focus on this goal. In addition to enhancing the ability of the StablecoinX Board to maximize shareholder value in connection with any unsolicited offer to acquire StablecoinX, the proposed amendments to the voting requirements are desirable for StablecoinX to enhance the likelihood of continuity and stability in the composition of the StablecoinX Board, avoid costly takeover battles and reduce its vulnerability to a hostile change of control. The TLGY Board believes that such proposed amendments are a prudent corporate governance measure to reduce the possibility that a relatively small number of StablecoinX stockholders could take action to change the StablecoinX Organizational Documents in a manner that the StablecoinX Board deems undesirable, including for purposes of seeking to implement an opportunistic change in control of StablecoinX without the support of the then incumbent StablecoinX Board. 144 Advisory Organizational Documents Proposals F - Supermajority Votes Required to Amend the StablecoinX Bylaws The TLGY Board believes that the supermajority voting requirements described in Advisory Organizational Documents Proposal F is appropriate to protect all stockholders of StablecoinX. In reaching this conclusion, TLGY Board is cognizant of the potential for certain stockholders to hold a substantial beneficial ownership of shares of common stock following the Business Combination. The TLGY Board further believes that going forward, if, and after, Ethena ceases to beneficially own shares of StablecoinX stock representing at least a majority of the voting power of the capital stock of StablecoinX, a supermajority voting requirement encourages the person seeking control of StablecoinX to negotiate with the StablecoinX Board to reach terms that are appropriate for all stockholders and will help to maximize stockholder value in the long -term. Advisory Organizational Documents Proposal G - Changes in Removal of Directors The TLGY Board believes that permitting stockholders to retain appropriate oversight of the StablecoinX Board by allowing for removal of directors only for cause and only upon a supermajority vote of all StablecoinX common stock incentivizes the directors of the StablecoinX Board to align their actions with the interests of Ethena and the Current Sponsors when such entities own a controlling interest, and with StablecoinX generally at all times thereafter. Additionally, TLGY Board believes that the