Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 225

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 225
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 of StablecoinX Class A Common Stock could decline, Because StablecoinX will be a “controlled company” under The Nasdaq Stock Market listing standards, our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies. So long as more than 50% of the voting power for the election of directors of StablecoinX is held by an individual, a group or another company, StablecoinX will qualify as a “controlled company” under The Nasdaq Stock Market listing requirements. Following the completion of the Business Combination, the Ethena Foundation will control a majority of the voting power of our outstanding capital stock. As a result, StablecoinX will be a “controlled company” under The Nasdaq Stock Market listing standards and will not be subject to the requirements that would otherwise require us to have: (i) a majority of independent directors; (ii) a nominating committee comprised solely of independent directors; (iii) compensation of our executive officers determined by a majority of the independent directors or a compensation committee comprised solely of independent directors; and (iv) director nominees selected, or recommended for the Board’s selection, either by a majority of the independent directors or a nominating committee comprised solely of independent directors. The Ethena Foundation may have its interests in StablecoinX diluted due to future equity issuances or its own actions in selling shares of StablecoinX Class A Common Stock, in each case, which could result in a loss of the “controlled company” exemption under The Nasdaq Stock Market listing rules. StablecoinX would then be required to comply with those provisions of The Nasdaq Stock Market listing requirements. 84 The dual class structure of StablecoinX Common Stock will have the effect of concentrating voting power with the Ethena Foundation, which will eliminate an investor’s ability to influence the outcome of important transactions, including a change in control. Shares of StablecoinX Class B Common Stock will have 1 vote per share, while shares of StablecoinX Class A Common Stock will have no votes per share. Upon the consummation of the Business Combination, in each of the No Redemption Scenario, 50% Redemption Scenario and Maximum Redemption Scenario, it is expected that the Ethena Foundation will own approximately 69.5% of the issued and outstanding shares of StablecoinX Class B Common Stock. Accordingly, upon the consummation of the Business Combination, the Ethena Foundation will hold approximately 69.5% of the voting power of Stable