Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 295

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 295
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 emphasis on different factors. The Board’s decision reflects the totality of information available to it, and this explanation should be read in conjunction with the “ Cautionary Note Regarding Forward -Looking Statements.” Factors Supporting the Business Combination • Strategic Exposure to ENA and the Ethena Ecosystem. The Business Combination provides public investors with exposure to ENA Tokens, the governance token of the Ethena Protocol. Affiliates of the Ethena Foundation issue ENA Tokens, sENA and sUSDe, and an affiliate of Ethena Labs issues the USDe stablecoin, which is the third -largest stablecoin in circulation by market capitalization as of July 2025. In the long -term , it is expected that ENA Tokens will appreciate in value to the extent the market for USDe and the Ethena ecosystem grow. This is because growth in USDe circulating supply may increase protocol revenue, a portion of which may be shared with sENA holders if certain governance 118 actions are taken. Specifically, the Wintermute Proposal introduces a potential mechanism which, if approved and activated through protocol governance, would direct a portion of the revenue generated by the Ethena Protocol for the benefit of holders of sENA in some fashion, which has yet to be defined. This mechanism is not currently active, may be modified or never implemented, and any decision to activate it would be subject to future governance approval and other conditions. The market value of ENA Tokens may reflect potential benefits from such mechanism (if it is ever implemented) and other governance rights that influence the performance of USDe and sUSDe. Other Ethena -based blockchains or networks may also use ENA Tokens as its respective native settlement currency. The Collaboration Agreement permits StablecoinX to hold other Ethena -related assets such as USDe and sUSDe. StablecoinX does not currently intend to purchase or directly hold material amounts of USDe or sUSDe at the Closing. Any future purchases of USDe or sUSDe would be subject to approval from StablecoinX’s Investment Committee and market conditions. The TLGY Board believes that strategic exposure to this growing and evolving digital -asset ecosystem presents a compelling opportunity for value creation for StablecoinX and its shareholders. See the section entitled “ Information about SC Assets — Industry and Market Overview — Overview of the Ethena Ecosystem and Tokenomics ” for more information about the tokenomics of ENA Tokens, sENA, USDe and related digital assets. • Validator -Based