Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 176

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 176
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 the highly volatile nature of ENA Token and other digital assets, which could have an adverse effect on the market price of shares of StablecoinX Class A Common Stock. Our operating results will be dependent on the broader Ethena ecosystem and the price of ENA Token. Due to the rapidly evolving nature of digital assets and the volatile price of ENA Token, which has experienced and continues to experience significant volatility, we expect that our operating results will fluctuate significantly from quarter to quarter in accordance with market sentiments and movements in the broader the Ethena ecosystem. We expect that our operating results will fluctuate significantly as a result of a variety of factors, many of which are unpredictable and in certain instances are outside of our control, including: •fluctuations in the price of ENA Token, of which we will have significant holdings, and in which we expect we will continue to make significant purchases and announcements about our transactions in ENA Token; •regulatory, commercial and technical developments related to the Ethena ecosystem and any of other validation opportunities in the Ethena ecosystem utilizing ENA Token, including the proposed Converge network; •investor perception of StablecoinX, including as compared to other investment vehicles that are designed to track the price of digital assets, including ENA Token; •changes in the legislative or regulatory environment or actions by U.S. or non -U.S. governments or regulators, including fines, orders or consent decrees; •regulatory changes or scrutiny that impact our ability to offer certain products or services; 57 •pricing for or temporary suspensions of products and services we expect to offer in the future in accordance with our strategy; •investments we may make in the development of products and services, and sales and marketing; •market conditions of, and overall sentiment towards, the proposed Converge network (or any other network validation opportunities in the Ethena ecosystem utilizing ENA Token), the Ethena Protocol and ENA Token, including negative publicity, media or social media coverage, or sentiment due to events in or relating to, or perception of, the proposed Converge network (or any other network validation opportunities in the Ethena ecosystem utilizing ENA Token), the Ethena Protocol, ENA Token or the broader digital assets industry, for example: (i) public perception that digital assets can be used as a vehicle to circumvent sanctions, including sanctions imposed on Russia or certain regions related to the ongoing conflict between Russia and Ukraine, or to fund criminal or terrorist