Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 109

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 109
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 services, including its validator -basedbusiness model, (ii) SC Assets’ management team, (iii) SC Assets’ long -termpartnership with the Ethena Foundation, (iv) SC Assets’ potential to scale such that the profit contribution from existing business offsets fixed costs and is prepared to reinvest in high return on capital opportunities, (v) review of due diligence investigation of the Ethena ecosystem and the digital asset industry more broadly and valuation analyses, (vi) review of other business combination opportunities reasonably available to TLGY and (vii) review of selected public companies. In addition, the TLGY Board also reviewed the tokenomics of the crypto assets within the Ethena ecosystem, specifically the ENA Token, which serves as the governance token of the Ethena Protocol and the digital asset upon which StablecoinX’s digital asset treasury strategy is based, USDe, a synthetic digital dollar backed by delta -hedgedcollateral, sENA and sUSDe, staked versions of these assets designed to accrue value and rewards through protocol and staking activities, and USDtb, a fiat -backedstablecoin created by Ethena that is pegged to the U.S. Dollar and primarily backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). In particular, the TLGY Board noted the interrelationship between these assets, specifically that the growth of USDe and USDtb circulation may drive revenue for the Ethena Protocol and its related ecosystem, of which the ENA Token is a part. The TLGY Board also considered the volatility of ENA Tokens, which have traded between approximately $0.19 and $1.52 since their initial issuance in April 2024, and the development risks associated with the proposed Converge network, which has not yet launched and may never do so. See “ Information About SC Assets — Industry and Market Overview — Overview of the Ethena Ecosystem and Tokenomics” for additional information. The TLGY Board also obtained a Fairness Opinion in connection with its determination of whether to pursue the terms of the Business Combination (including the consideration to be received by the TLGY shareholders (other than the Excluded Shareholders). See the section entitled “The Business Combination — Opinion of the TLGY Financial Advisor” and Annex Mattached hereto for more information a description of the TLGY Board’s reasons for the approval of the Business Combination and the unanimous recommendation of the TLGY Board, see the subsection entitled “ The Business Combination