Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 459

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 459
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220 Risks and Uncertainties Associated with Future Results of Operations Our lack of operating history will also make it difficult to accurately forecast the future results of operations, which is subject to a number of uncertainties including StablecoinX’s ability to grow its ENA Token per share, and the market size and growth opportunities in each of our anticipated lines of business. A key uncertainty is whether, and when, the Converge network will launch. The timing and availability of Converge directly affects the Company’s ability to earn staking rewards and operate validator nodes on its preferred network. Until Converge becomes operational, the Company may need to rely on DVNs, Ethereum, or other networks to provide validator services, which may result in lower yields or operational differences compared to the planned Converge network. See the risk factor entitled “ The success of our validator business depends in large part on the 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” for more information. The Company’s ability to execute its strategy depends on access to adequate capital and we expect that our operations will be funded through equity financings, including potential share issuances to finance future discounted ENA Token purchases. Our ability to generate cash flow initially will largely be dependent on our ability to raise capital and earn staking rewards on our ENA Token treasury. Our business strategy may not be realized as quickly as hoped, or even at all. Further, even if we achieve growth, in future periods, that growth could slow or decline for a number of reasons, including, but not limited to, ENA Token volatility, increased competition, digital coins that compete with and may result in a decline in utilization of ENA Token or replace ENA Token, our inability to develop, improve or effectively scale our validator business and other technical service offerings, government regulation or our failure, for any reason, to continue to take advantage of growth opportunities. For additional information see the section entitled “ Risk Factors — Risks Related to StablecoinX and SC Assets’ Business and Industry”. Liquidity and Capital Resources As of September 30, 2025, the Company had cash of $52,419 and working capital of approximately $202,411. The Company assesses its liquidity in terms of its ability to generate adequate amounts of cash to meet current and future needs, as well as outstanding debt, obligations under that debt and the value of its ENA Token holdings. Its expected primary uses of