Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 183

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 183
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X Class A Common Stock. If we continue to increase our overall holdings of ENA Token relative to the other parts of our business in the future, our ENA Token holdings will have an even greater impact on our financial results and the market price of the shares of StablecoinX Class A Common Stock. In accordance with the terms of the Collaboration Agreement, we have agreed that our principal business will be to provide infrastructure, staking and other products and services to the Ethena Protocol, including, but not limited to, holding ENA Tokens and other Ethena -relateddigital assets as part of our digital asset treasury reserve. We have also agreed that we will not acquire any digital assets other than ENA Tokens and Ethena -relateddigital assets without the prior approval of our Investment Committee (one member of which will be a representative from Ethena) and the holders of the majority of 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 without the consent of Ethena, or in any event, attempt to launch a token, either directly or indirectly. The concentration of our ENA Token holdings and the operating constraints imposed by the Collaboration Agreement and the Investment Committee will limit the risk mitigation that we could take advantage of by purchasing a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent in our ENA Token acquisition strategy. 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.” Our ENA Token acquisition strategy has not been tested by us to date. While certain issuers have operating histories that involve digital asset acquisition strategies that may be comparable to the one StablecoinX intends to execute, including those focused on acquiring other digital assets, these have not been tested over an extended period of time or under different market conditions. We will continuously examine the risks and rewards of our ENA Token acquisition strategy. Some investors and other market participants may disagree with our ENA Token acquisition strategy or actions