Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 191

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 191
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 services or other operations, or are unable to secure equity or debt financing in a timely manner and on favorable terms, we may be required to sell ENA Token to meet our liquidity needs or satisfy our financial obligations. Any such sale could occur at unfavorable prices or during periods of market volatility and could have a material adverse effect on our operating results and financial condition, and future prospects. Our inability to secure additional equity or debt financing in a timely manner, on favorable terms or at all, or to sell our ENA Token in amounts and at prices sufficient to satisfy our financial obligations, including our debt service obligations, could cause us to default under such obligations. Any default on our indebtedness may have a material adverse effect on our financial condition. StablecoinX will operate in a highly competitive environment and will compete against companies and other entities with similar strategies, including other digital asset infrastructure software and service providers, validator operators and companies with significant holdings of digital assets, and StablecoinX’s business, operating results and financial condition may be adversely affected if StablecoinX is unable to compete effectively. The digital assets industry is highly innovative, rapidly evolving and characterized by competition, experimentation, changing customer needs, frequent introductions of new products and services, and subject to uncertain and evolving industry and regulatory requirements. We expect competition to further intensify in the future. We will compete against a number of companies operating both within the United States and abroad, including entities focused on traditional 61 financial services and those focused on ENA Token -basedor Ethena ecosystem -relatedproducts and services. Our competition will include entities with greater financial resources, longer operating histories, broader customer bases, and greater brand recognition than we have. Our main competition falls into the following categories: •digital asset infrastructure software and service providers, including companies that operate validator infrastructure, DVNs, staking services, infrastructure software or other technical or operational services for networks or protocols within the Ethena ecosystem, which may include other businesses operating on the proposed Converge network, if and when launched; •traditional financial firms that have entered the ENA Token or Ethena -relateddigital asset market and offer products or services that provide exposure to ENA Tokens or similar assets targeted at current or prospective market participants; •financial technology providers that do not focus on ENA Token or the Ethena ecosystem and may attempt to position themselves as a lower -riskor more established alternatives to our future products and services; •companies with significant ENA Token holdings or other Ethena -relateddigital asset holdings