Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 285

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 285
---
 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 evaluating the terms of the Business Combination. • Other Risks.Various other risks exist, including operational, technological, regulatory, or financial risks associated with StablecoinX, the ENA Token, USDe protocol, and the broader digital -assetecosystem, as more fully described in the “ Risk Factors” section elsewhere in this proxy statement/prospectus. After weighing these and other considerations, the TLGY Board concluded that the potential benefits of the Business Combination with StablecoinX — including strategic exposure to the Ethena ecosystem, validator -basedrevenue, enhanced ENA tokenomics through the proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token, discounted ENA Token purchase opportunities, staking -relatedyields, governance -alignedstructures, and first -moverpublic company advantage — outweigh the identified risks. As a result, the Board determined that the Business Combination Agreement is fair to and in the best interests of TLGY and its shareholders. Interests of Certain TLGY Persons in the Business Combination When you consider the recommendation of the TLGY Board in favor of approval of the Business Combination Proposal and the other Shareholder Proposals included herein, you should keep in mind that the Sponsors and TLGY’s directors and officers have interests in such proposals that are different from, in addition to and/or in conflict with, those of the TLGY shareholders generally. Further, TLGY’s officers and directors have additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity, which are set forth in more