Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 302

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 302
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 • Minority Shareholder Position .TLGY’s Public Shareholders will hold a minority economic interest in StablecoinX after the Closing and will have no voting rights (except as required by applicable law and the StablecoinX Certificate of Incorporation), which will limit their ability to influence governance, strategic decisions, or changes in control. 122 • Control of StablecoinX by Ethena.StablecoinX will have two classes of shares after Closing, with StablecoinX Class A Common Stock having no voting rights (except as required by applicable law and the StablecoinX Certificate of Incorporation), and StablecoinX Class B Common Stock having voting rights. TLGY shareholders will receive shares of StablecoinX Class A Common Stock in the SPAC Merger and only Ethena, the TLGY Insiders, the Sellers and their permitted transferees will be permitted to own shares of StablecoinX Class B Common Stock. As a result, StablecoinX will be a controlled company under Nasdaq listing standards after Closing, with most decisions of StablecoinX being controlled by Ethena and other decisions requiring approval of Ethena and the Sellers. Accordingly, Public Shareholders will not participate in the governance of StablecoinX after Closing and will be subject to the decisions of StablecoinX’s controlling shareholders. If Public Shareholders are unhappy with any decisions made, they will only be able to sell their shares of StablecoinX Class A Common Stock, potentially at a loss. For additional information relating to limitations on affiliate transactions, see the section of this proxy statement/prospectus entitled “ Description of StablecoinX Securities.” • Incentives of certain TLGY Insiders.The Sponsors and their respective affiliates may be incentivized to complete the Business Combination, or an alternative initial business combination with a less favorable company or on terms less favorable to the TLGY shareholders, rather than to liquidate (in which case the Sponsor would lose its entire investment in TLGY). In addition, as described elsewhere in this proxy statement/prospectus, the TLGY Insiders, including the Sponsors and certain officers and directors of TLGY are entitled to consideration or fees that will only be received if the Business Combination is completed. As a result of this and the other conflicts of interests described in the section entitled “ The Business Combination Proposal — Interests of Certain TLGY Persons in the Business Combination,” the TLGY Insiders may have a conflict of interest in determining whether the Business Combination is an appropriate transaction to be consummated by TLGY and/or in