Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 279

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 279
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 This may allow ENA Token holders to indirectly benefit from token appreciation as USDe’s revenue streams grow in addition to the governance rights already attached to such token. The TLGY Board views this development as an important potential source of long -termeconomic upside for StablecoinX and its shareholders, while acknowledging that timing and amounts of any such indirect benefit remain subject to further community governance approval and regulatory considerations. • NAV -Accretive Platform Architecture. The TLGY Board considered the market precedent of digital -assettreasury vehicles that can trade at premiums to their net asset value (“ NAV”). A premium -to -NAVtrading profile could allow StablecoinX to raise capital above the underlying value of its digital assets, thereby making subsequent equity issuances accretive to existing shareholders. The TLGY Board believes that StablecoinX’s structure and exposure to ENA Token and validator rewards positions it to achieve similar NAV -accretivedynamics, enhancing capital formation flexibility. • ENA Staking and Yield Generation.StablecoinX intends to participate in ENA Token staking and delegated proof -of -stake(“ PoS”) programs, including potential delegation requests from the Ethena Foundation to trusted validators. The TLGY Board believes that prudent staking of ENA Tokens can generate a modest but recurring yield, complementing validator rewards and creating a diversified revenue 115 base. This staking strategy also aligns StablecoinX with the long -termnetwork security and governance objectives of the Ethena ecosystem and anticipated Converge network or any other validation opportunities in the Ethena ecosystem utilizing ENA Token. • Ability to Purchase Discounted ENA Tokens. StablecoinX expects, subject to customary approvals, to raise additional capital and, from time to time, purchase ENA Tokens directly from the Ethena Foundation at negotiated discounts to prevailing market prices pursuant to the Collaboration Agreement. The TLGY Board believes that such purchases provide investors with a lower effective entry point into ENA Token and create a margin of protection against potential declines in the market price of ENA Token, enhancing the overall economic profile of the combined company. • Launch of Converge Blockchain & Enhanced ENA Tokenomics.The launch of the proposed Converge network is expected to significantly enhance the appeal or “tokenomics” of ENA Token. As previously announced, the proposed Converge network is expected to serve as an institutional -gradeEthereum Virtual Machine (“ EVM”) -compatiblenetwork, designed for tokenization, settlement, and smart