Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 180

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 180
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 impair our ability to validate transactions, provide infrastructure software and services, or generate rewards or fees and may subject us to “slashing” or other penalties if a network determines we failed to meet required performance standards. Because our validator and infrastructure operations may be collateralized with ENA Tokens staked from our treasury or delegated to us from third parties, operational failures could result not only in lost revenue but also in the permanent loss of staked ENA Token, materially reducing the value of our digital asset holdings. Although we hold a perpetual license to use the NaaS platform software, we may nonetheless be dependent on continued access to technical expertise, updates, maintenance, and support from affiliated or third -partyservice providers. If these relationships were terminated, disrupted, or became subject to disputes, or if key personnel were to become unavailable, we may be unable to transition to alternative technologies or service providers on a timely or cost -effectivebasis, or at all. 55 Our ability to be selected to validate blocks, participate in infrastructure programs such as the DVN, or attract third parties to delegate assets to us may depend on our reputation for reliability and security. Even temporary disruptions could harm our reputation, impair customer and ecosystem trust, and limit our ability to attract additional validation or infrastructure opportunities. A severe or prolonged failure of our validation infrastructure or third -partyservices upon which we rely could materially and adversely affect our business, financial condition, and results of operations. Our business will be significantly dependent on the performance, adoption, and credibility of our ecosystem partners, including the Ethena Foundation and its associated assets. The loss of, or a significant decrease in support from, the Ethena Foundation and its associated assets, could have a material adverse effect on our business, financial condition and results of operations. Following the Closing, we intend to pursue a crypto -nativetreasury and infrastructure software and services business that involves partnering with the Ethena Foundation, which supports the Ethena Protocol and whose affiliates issue tokens, including but not limited to, ENA Token, sENA, and sUSDe. Since we currently plan to hold, utilize ENA Tokens and provide infrastructure software and services primarily in connection with protocols within the Ethena ecosystem, our business will be significantly dependent on the performance, adoption, and credibility of the Ethena Foundation and its associated assets. Our financial exposure to Ethena -relatedassets, whether through direct holdings, staking, yield -generatingactivities, infrastructure software and services or other ecosystem participation, could