Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 430

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 430
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 proceeds from future financings to pursue these strategic acquisitions of ENA Tokens. Through our ongoing partnership with Ethena, we expect to have a pathway to strategically raise and deploy capital to acquire additional ENA Token at a discount to prevailing market prices, although there can be no assurance that such opportunities will continue to be available, will be available on favorable terms, or will be available at all, providing us with a competitive advantage relative to other players in the market. As noted above, we expect that our ENA Token holdings may be used in connection with our infrastructure software and services, including validator operations, and may generate staking rewards or other protocol -relatedincentives; however, the timing, amount, and sustainability of any such rewards are uncertain and subject to protocol rules, governance decisions, and market conditions. Ongoing Collaboration with the Ethena Foundation Ethena Labs, founded in May 2023, is the developer of USDe and the broader Ethena Protocol, including both onchain and off -chaincomponents thereof. A subsidiary of Ethena Labs, Ethena (BVI) Limited, is the issuer of USDe and maintains the website ethena.fi. Based on publicly -availableinformation, Ethena Labs has raised two rounds of funding historically. Ethena Labs and its subsidiaries provide certain services to the Ethena Foundation and Ethena OpCo, the details of which are not publicly available. 203 The Ethena Foundation was founded in late 2023 with the mission of supporting the Ethena Protocol and its infrastructure. It is governed by two independent directors who are unaffiliated with Ethena Labs and manages certain initiatives in the Ethena ecosystem, including governance and the Risk Committee. Via the Risk Committee, the Foundation provides guidance to Ethena Labs with respect to risk management items relevant to the Ethena Protocol. Ethena OpCo, a subsidiary of the Ethena Foundation, is the issuer of the ENA Token and conducts many other functions in support of the Ethena Foundation’s mission, including sourcing and entering into partnerships relating to the ENA Token and other initiatives such as airdrop campaigns. In connection with the Business Combination, StablecoinX, the Company, the Ethena Foundation and Ethena OpCo entered into the Collaboration Agreement, pursuant to which the Ethena Foundation agreed to provide StablecoinX a right to participate in certain future offerings of ENA Token on terms no less favorable than other investors and to collaborate