Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 426

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 426
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 monitoring or other infrastructure services supporting the Ethena Protocol or Ethena -relatedproducts, including, operating validator infrastructure supporting the Ethena Protocol on the planned Converge Layer -1blockchain, a new blockchain designed to support and advance DeFi and tokenized assets developed jointly by Ethena Labs and Securitize, for which ENA Tokens are expected to serve as the governance token, if and when it launches. The Company may, subject to network launch, protocol rules, governance decisions and economic viability, use a portion of its ENA Token holdings in connection with validator or other protocol -alignedactivities, potentially earning staking rewards or other incentives. At this time, the Company does not have a defined plan, timeline or expected level of yield for any such activities, and there can be no assurance that any staking, validation or similar opportunities will be available or economically viable. The launch of the Converge network has been delayed beyond its original targeted launch date of the second quarter of 2025 and, as of the date of this proxy statement/prospectus, has not yet launched and no committed launch date or definitive timeline has been publicly provided, as the parties have indicated that further work remains on scope, technical design, operational model, and coordination. Public statements also indicate that the parties may modify, delay, or discontinue Converge, and that any launch would be subject to business and commercial evaluation, internal approvals, third -partydependencies, and applicable legal, regulatory, and compliance considerations. Consequently, there can be no assurance that it will launch prior to the Closing, or that it will launch at all. In the event that the proposed Converge network does not launch by the time of the Closing or we are otherwise unable to launch our validator business on such network, we plan to explore alternative infrastructure opportunities within the Ethena ecosystem. These may include operating validator nodes on Ethereum (or other supported networks) for institutional clients, deploying decentralized verification or monitoring services or offering other infrastructure software and services. Such alternative services may generate service fees or other compensation rather than staking rewards and may not involve the use of ENA Tokens at all. At this time, the Company has not finalized the scope, timing, cost structure or revenue expectations of any such alternative services. 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, 201 or changes in anticipated procedures and policies could materially and adversely affect our