Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 174

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 174
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 significantly from current expectations, or that network participation rules may be subject to modification or revision. Any such changes could materially increase our costs, reduce the rewards associated with validator operations, impose technical or operational barriers that make it difficult or impossible for us to participate as a validator, or otherwise result in outcomes materially less favorable than currently anticipated. Further, because our validator operations will largely depend on the technical features, policies, and procedures of the Converge network, which remain subject to ongoing development and may evolve over time, there can be no assurance that our validator business will be commercially viable, scalable, or sustainable once launched. In addition, any unanticipated changes or disruptions relating to the Converge network could require us to materially revise our validator strategy, including staking other tokens in unanticipated ways or on different networks or not staking ENA Token at all, or could prevent us from participating in validator operations altogether. As a result, our validator business is subject to significant uncertainty and our ability to generate revenues or achieve profitability from validator operations is uncertain and our business may be materially and adversely affected. 52 The blockchain validation , staking and infrastructure software and services industry is highly competitive and subject to rapid technological change, and we may be unable to compete effectively. As part of the infrastructure software and services we provide to support the Ethena ecosystem, we intend to operate validator nodes for the Ethena Protocol as part of the CVN, if and when it becomes operational, using the ENA Token we accumulate through our digital asset treasury strategy and our ongoing relationship with the Ethena Foundation as potential collateral. At the Closing, we expect to hold an aggregate of approximately 3.03 billion ENA Tokens in our treasury, of which 2.3billion, or approximately 76% of our total ENA Token holdings, will be Locked ENA Tokens. Our total ENA Token holdings are expected to represent approximately 39.4% of the 7.69billion ENA Tokens currently in circulating supply and approximately 20% of the 15 billion ENA Tokens currently in existence as of the date of this proxy statement/prospectus. Of the 7.69billion ENA Tokens currently in circulating supply, approximately 55% were initially subject to lock -upand unlock on the following schedule: (i) 25% unlocked on March5, 2025 and (ii) after March5, 2025, such ENA Tokens unlock subject to a three -yearlinear monthly vesting schedule