Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 209

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 209
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 or any other digital assets we hold or utilize are classified as a “security” by regulators, it could lead to StablecoinX falling within the definition of “investment company” under the Investment Company Act of 1940, as amended (the “1940 Act”), which would subject it to additional regulation and could adversely affect its business as well as the market price of ENA Token and the market price of shares of StablecoinX Class A Common Stock. Under Sections 3(a)(1)(A) and (C) of the 1940 Act, a company generally will be deemed to be an “investment company” for purposes of the 1940 Act if (1) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities or (2) it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. We do not believe that StablecoinX will be an “investment company,” as such term is defined in the 1940 Act, at or following the Closing and, as of the date of this proxy statement/prospectus, it does not intend to register as an “investment company” under the 1940 Act. While the SEC has not stated a view as to whether ENA Token is or is not a “security” for purposes of the federal securities laws, a determination by the SEC or a court of competent jurisdiction that ENA Token or any other digital assets we may hold or interact with is a security, either retroactively or prospectively, could lead to our meeting the definition of “investment company” under the 1940 Act, if the portion of our assets that consists of investments in such digital assets exceeds the 40% limit prescribed in the 1940 Act, which would subject us to significant additional regulatory requirements that could have a material adverse effect on our business and operations and may also require us to change the manner in which we conduct our business. We plan to monitor our assets and income in order to conduct our business activities in a manner such that we do not fall within the definition of “investment company” under the 1940 Act or would qualify under one of the exemptions or exclusions provided by the