Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 449

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 449
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 to produce staking revenues from the proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token, we expect to produce revenues from other sources such as running validator nodes on Ethereum or other supported networks for institutional clients. However, there can be no assurance that such alternative revenue sources will be available or commercially viable. See “— 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 .” Operating within the blockchain and crypto asset industry exposes us to unique risks and challenges associated with an emerging and rapidly evolving sector. The prices of crypto assets have experienced significant volatility, often driven by speculative activity, evolving technology, and shifting regulatory landscapes. This volatility may reflect “bubble -like” dynamics, where prices are influenced by rapidly changing investor sentiment, media coverage, or manipulation, rather than fundamental factors. 214 Additionally, the blockchain and crypto asset sector operates within an environment of regulatory uncertainty, with potential changes in laws or enforcement actions posing risks to businesses across the ecosystem. Fraudulent actors, technological vulnerabilities, and scalability limitations further contribute to the inherent risks of this untested strategic direction. Despite these challenges, the Company believes that its focus on blockchain infrastructure and validator node operations, positions it to capitalize on the transformative potential of blockchain technology while navigating the associated risks. For a comprehensive discussion of the risks and challenges facing our business, see the section entitled “ Risk Factors”in this proxy statement/prospectus. Intellectual Property Our validator business is built on licensed technology and intellectual property, which are critical to our blockchain infrastructure operations and strategic initiatives. We have a perpetual non -exclusiveroyalty -freesoftware license (“ License Agreement”) with Schulz von Jacob Ltd. ( “SVJ”), a company that is owned by our Chief Technology Officer, to use its proprietary Node -as - a-Service(“ NaaS”) platform software, which software is the basis of our validator business. Such software will be hosted and operated on StablecoinX’s own infrastructure to ensure StablecoinX maintains control over the development and scalability of the validator. Other than the foregoing, we do not own or have the right to use any intellectual property as of the date of this proxy statement/prospectus. Legal Proceedings From time to time, the Company or any of its subsidiaries may become involved in legal proceedings or be subject to claims arising in the ordinary course of their business. None