Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 190

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 190
---
 equity calculated in accordance with GAAP, and in excess of valuations that might traditionally be expected based on their operating performances, cash flows and net assets. Investors may therefore be unable to assess the value of the shares of StablecoinX Class A Common Stock or evaluate the risks of an investment in us using traditional or commonly used enterprise valuation methods. We cannot predict how these dynamics may evolve over time, or whether or how long they may last. These market and industry factors may significantly harm the market price of shares of StablecoinX Class A Common Stock, regardless of our actual operating performance. A significant decrease in the market value of our ENA Token holdings , or a sustained discount of the trading price of StablecoinX Class A Common Stock to the value of our ENA Token holdings, could adversely affect our ability to raise capital or satisfy future financial obligations. As part of our ENA Token strategy, we may decide to raise additional capital to acquire additional ENA Tokens or fund our working capital requirements, or support our infrastructure business and related operations. Such financings may be in the form of equity or debt. If our businesses do not generate cash flow in future periods sufficient to satisfy our financial obligations, including any debt and other financial obligations, we may also seek to fund such obligations using equity or debt financings. Our ability to obtain financing may depend on a number of factors, including the market value of our ENA Token holdings, investor sentiment and the general public perception of ENA Token and the Ethena ecosystem, our strategy and our value proposition. Accordingly, a significant decline in the market value of our ENA Token holdings, a negative shift in investor sentiment toward ENA Token or our business, or a sustained trading discount of the shares of StablecoinX Class A Common Stock relative to the value of our ENA Token holdings could materially impair our ability to raise capital on acceptable terms, or at all. Even if our ENA Token holdings retain substantial market value, investors may ascribe limited or no incremental value to those holdings in valuing our equity due to concerns regarding dilution, operating losses, regulatory uncertainty, execution risk, or other factors. As a result, shares of StablecoinX Class A Common Stock may not serve as an effective financing currency. These risks could be exacerbated if ENA Token is trading below its carrying value on our most recent balance sheet or below our cost basis. Because ENA Token is expected to constitute a substantial part of our balance sheet, if we are unable to generate revenue from our anticipated infrastructure software and