Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 171

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 171
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 Protocol could result in us being removed from the CVN, the cancellation or non -renewalof the Collaboration Agreement with the Ethena Foundation and the loss of any associated revenue. Any event leading to the early termination of the Collaboration Agreement or that impacts our ability to run the validator nodes on the proposed Converge network or validation opportunities in the Ethena ecosystem utilizing ENA Token could result in the total loss of revenue associated with our validator business. If we are unable to offset lost revenue by accumulating ENA Token from other sources or supporting other protocols, we may have to shut down our validator operations, which could have a material adverse effect on our business, financial condition, and results of operations. See also “— Our business will be centered on supporting the Ethena ecosystem and holding and acquiring its products, including ENA Token. Our dependence on the Ethena Foundation will create concentration risk, and, as a result, a deterioration in our relationship or the Ethena Foundation’s support for a competing validator could materially harm our business.” Our ENA Token acquisition strategy exposes us to various risks associated with ENA Token. Our ENA Token acquisition strategy exposes us to various risks associated with the Ethena ecosystem and ENA Token, including the following: ENA Token is a highly volatile asset. The trading price of ENA Token has traded between an all -timehigh of approximately $1.52 per token and an all -timelow of approximately $0.19 per token during 2024. As of September 21, 2025, the price of ENA Token was approximately $0.64 per token with approximately $291.35 million of ENA Token traded in the prior 24 hours. Volatility may continue in the future and historical trends could reverse dramatically. See “— 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.” See also “— We may suffer losses due to abrupt and erratic market movements.” ENA Tokens do not pay interest, dividends or other returns and we can only generate cash from our ENA Token holdings if we sell our ENA Token or implement strategies to create income streams or otherwise generate cash by using our ENA Token holdings, for example, through earning staking rewards on our ENA Token treasury or earning protocol -relatedtransaction fees. Even if we