Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 108

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 108
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 value of ENA Token. Risks Related to Government Regulation a nd Legal Compliance •ENA Token and other digital assets are novel assets, which will expose StablecoinX to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect StablecoinX’s financial position, operations and prospects. •ENA Token’s status as a product that may be offered and sold as a “security” in any relevant jurisdiction, as well as the status of ENA Token -relatedproducts, and services in general, is subject to uncertainty, and if StablecoinX is unable to properly characterize such product or service offering, StablecoinX may be subject to regulatory scrutiny, inquiries, investigations, fines and other penalties, which may adversely affect StablecoinX’s business, operating results and financial condition. •StablecoinX will not be subject to the same legal and regulatory obligations, including certain compliance and reporting obligations intended to protect investors, that apply to investment companies such as mutual funds and exchange traded funds, or to obligations applicable to investment advisers. Risks Related to Being a Public Company •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. •StablecoinX will be an “emerging growth company.” The reduced public company reporting requirements applicable to emerging growth companies may make StablecoinX Class A Common Stock less attractive to investors. 21 •StablecoinX may be subject to material litigation, including individual and class action lawsuits, as well as investigations and enforcement actions by regulators and governmental authorities. These matters are often expensive and time consuming, and, if resolved adversely, could harm StablecoinX’s business, financial condition and operating results. Risks Related to Ownership of StablecoinX’s Securities •We cannot be certain that an active trading market for shares of StablecoinX Class A Common Stock will develop or be sustained after the Business Combination, and following the completion of the Business Combination, its share price may fluctuate significantly as a result of numerous factors beyond StablecoinX’s control. •Because StablecoinX will be a “controlled company” under The Nasdaq Stock Market listing standards, our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies. •The dual class structure of StablecoinX Common Stock will have the effect of concentrating voting power with the Ethena Foundation