Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 428

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 428
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 Ethena Foundation in accordance with the terms of the Collaboration Agreement. To fund these purchases, we may issue shares in the public market, subject to market conditions and applicable regulations. Financial Outlook SC Assets is a newly -formedentity and has not yet generated any revenue. We expect that our financial performance will depend on revenues generated from our infrastructure software and services, which may include, if available, generating staking rewards from our validator operations on the proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Tokens, or other protocol -relatedincentives, as well as other service -basedfees from alternative infrastructure services such as decentralized verification of cross -chaintransfers on a DVN. The Ethena Protocol operates within the rapidly growing DeFi and blockchain infrastructure sector. We believe that the increasing adoption of blockchain technology and stablecoin -basedprotocols will present a significant opportunity for infrastructure software and service providers like us. As the Ethena Protocol scales, the demand for reliable infrastructure software and services is expected to grow, driven by increased transaction volumes and the need for robust network security. We believe that StablecoinX will be well -positionedto capitalize on this trend by leveraging its technical infrastructure and strategic focus on the Ethena ecosystem in conjunction with its close relationship with the Ethena Foundation through our multi -yearCollaboration Agreement. However, there can be no assurance that validator opportunities, staking rewards, or other infrastructure -relatedrevenues will materialize at anticipated levels, or at all. 202 Our ongoing treasury strategy involves purchasing locked ENA Tokens at a discount through our Collaboration Agreement with the Ethena Foundation. To fund these purchases, we may issue shares in the public market or debt, subject to market conditions and applicable regulations. This approach is expected to increase our ENA Tokens per share, provided shares are sold at an mNAV exceeding 1 minus the discount rate. The success of this strategy depends on continued access to capital markets, the performance and liquidity of ENA Token, and the ongoing cooperation of the Ethena Foundation. Competitive Strengths We believe we will be well -positionedto become a differentiated public market vehicle for investors seeking exposure to ENA Token. StablecoinX is being established as a purpose -builtplatform for investment in the Ethena ecosystem through the public equity markets, with a strategy focused on Ethena -relatedoperations. Our business model is intended to unlock a potentially compelling opportunity for long -termvalue creation through multiple Ethena