Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 164

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 164
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, directly or indirectly, in addition to other potential rewards to be distributed by the proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token. At the Closing, we intend to participate in the CVN and operate validator nodes for proof -of -stake(“ PoS”) on the proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token; however, if Converge has not launched by that date, we plan to operate validator notes on Ethereum for institutional clients. The commercial viability of our validator business is predicated on the sustained use, adoption, and technological resilience of such networks. Blockchain networks, including Ethereum and Converge, remain in the early stages of development, and there can be no assurances that they will (i) ever successfully launch, if at all, as contemplated and described in this proxy statement/prospectus, (ii) continue to gain market acceptance or (iii) remain economically viable. Diminished user or developer activity, adverse regulatory developments, consensus failures, or protocol abandonment could result in a significant decrease in staking activity, block rewards, or transaction volumes, which would in turn reduce the demand for our validator services and the value of our strategic treasury holdings or render our business obsolete. See “— Our validator business depends on the successful launch and operation of the Converge network, and any delay, failure to launch, or changes in anticipated procedures and policies could materially and adversely affect our business.” Furthermore, the success of our validator business and digital asset treasury strategy treasury model is closely tied to broader market trends in blockchain -basedDeFi protocols, tokenized assets, and on -chaintransaction activity. If these sectors fail to mature or experience declining user engagement for any reason, including due to regulatory constraints, security concerns, scalability limitations, or lack of institutional adoption, demand for our services may not materialize as expected. Furthermore, if blockchain network usage remains confined to a niche user base or fails to achieve broader integration into traditional financial systems, the total addressable market for our validator business and digital asset treasury may remain limited. 51 Our validator business depends on the successful launch and operation of the Converge network, and any delay, failure to launch, or changes in anticipated procedures and policies could materially and adversely affect our business. We intend to operate a validator business for ENA Tokens on the proposed Converge network once it becomes available. The Converge network, however, has not yet launched, and there can be