Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 182

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 182
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 be required to scale back or discontinue certain operations, which could have a material adverse effect on our business, financial condition, and results of operations. See also “— Our bu siness will be centered on supporting the Ethena ecosystem through infrastructure software and related services and holding and acquiring its products, including ENA Token. Our dependence on the Ethena Foundation will create concentration risk, and, as a result, a deterioration in our relationship or the Ethena Foundation’s support for a competing business or digital asset treasury strategy company could materially harm our business.” 56 Our ENA Token acquisition strategy exposes us to various risks associated with ENA Token. Our ENA Token acquisition strategy exposes us to various risks associated with the Ethena ecosystem and ENA Token, including the following: ENA Token is a highly volatile asset. The trading price of ENA Token has traded between an all -timehigh of approximately $1.52 per token and an all -timelow of approximately $0.19 per token during 2024. As of December 22, 2025, the price of ENA Token was approximately $0.2066 per token with approximately $31.8 million of ENA Token traded in the prior 24 hours. Volatility may continue in the future and historical trends could reverse dramatically. See “— The market price of StablecoinX Class A Common Stock may be volatile and decline materially as a result of volatility in ENA Token or the digital asset markets generally, or for other reasons. You should be aware that you may lose some or all of your investment.” See also “— We may suffer losses due to abrupt and erratic market movements.” ENA Tokens do not pay interest, dividends or other returns and we can only generate cash from our ENA Token holdings if we sell our ENA Token or implement strategies to create income streams or otherwise generate cash by using our ENA Token holdings, for example, through earning staking rewards on our ENA Token treasury or earning protocol -relatedtransaction fees. Even if we are successful in earning such rewards they are expected to be paid in the form of additional ENA Token and not cash. If we are unable to create additional income streams or otherwise generate cash from our ENA Token holdings we may be forced to sell some of our ENA Tokens for cash to cover our cash -basedexpenses, which could impact our holdings. Our ENA Token holdings may significantly impact our financial results and in turn may impact the market price of the shares of Stablecoin