Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 221

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 221
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 under the U.S. federal securities laws. In connection with our business and treasury strategy, we expect to hold ENA Tokens and may engage in ENA Token -relatedactivities, including operating validator nodes, participating in staking or delegation arrangements, receiving staking or protocol rewards, and providing infrastructure software and services that support the Ethena ecosystem. Each of these activities involves the use of ENA Tokens in ways that have not been the subject of definitive regulatory guidance. 76 The legal test for determining whether any given digital asset, product or service that is offered and sold is an investment contract was set forth in the 1946 U.S. Supreme Court case SEC v. W.J. Howey Co.and requires a highly complex, fact -drivenanalysis. Accordingly, whether ENA Tokens themselves, or any ENA Token -relatedproduct or service that we may engage in, would ultimately be deemed to be offered or sold as a security is uncertain and difficult to predict, notwithstanding any conclusions we may draw based on our internal, risk -basedassessments. Further, even if ENA Tokens themselves are not determined to be securities, certain ENA Token -relatedactivities — such as staking, validator operations, delegation, lending, reward or yield -generatingprograms, or the provision of services that facilitate such activities — could be deemed to constitute securities offerings or to involve regulated intermediaries under applicable securities laws. Recent SEC staff statements, including the August 2025 Statement on Certain Liquid Staking Activities, provide limited guidance on when staking arrangements might fall outside the scope of the securities laws. In particular, the SEC indicated that the liquid staking activities described in the statement do not involve the offer and sale of securities where the service provider’s role is purely administrative or ministerial, no yield is guaranteed, and receipt tokens do not carry rights beyond representing the staked asset. However, these statements are not binding rules or regulations, and any deviation from the described conditions, including the use of staking collateral to run validators, the issuance of derivative or “receipt” tokens, or the exercise of discretion in managing staked assets, could result in such activities being viewed as securities offerings. Because our business model contemplates holding ENA Tokens in our treasury and potentially operating validator nodes or otherwise participating in protocol -levelactivities using those ENA Tokens, our ENA Token -relatedproducts and services may attract regulatory scrutiny, and there can be no assurance that such activities would not be deemed to involve the offer or sale of securities under U.S