Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 282

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 282
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 and its affiliates may not (i) sell, transfer, pledge or otherwise encumber any ENA Tokens held by it or its affiliates or (ii) provide any substantially similar services to any other third party or any other crypto -baseddecentralized network or protocol without the consent of Ethena, or in any event, attempt to launch a token, either directly or indirectly. As a result, StablecoinX’s business will be significantly dependent on the performance, adoption, and credibility of the Ethena Foundation and its associated assets. • Digital -Asset and Token Price Volatility .The market prices of ENA Tokens and other digital assets may fluctuate significantly, potentially due to broader cryptocurrency market movements, regulatory developments, technological changes, or general economic conditions. These fluctuations could materially affect the value of StablecoinX’s digital assets, its NAV, and overall financial performance. • Regulatory Uncertainty .Digital -assetmarkets are subject to evolving and potentially uncertain regulatory treatment in multiple jurisdictions. ENA Token and USDe, as governance and stablecoin tokens, respectively, may be considered securities or other regulated instruments by regulators, including the SEC. Regulatory actions, including restrictions on issuance, trading, staking, or use of these tokens, could adversely affect StablecoinX’s operations, revenue streams, and market access. • Execution and Technology Risk .Ethena Labs’s development of the proposed Converge Layer -1blockchain or other any other validation opportunities in the Ethena ecosystem utilizing ENA Token, StablecoinX’s validator infrastructure, and staking operations involve complex technology and systems integration. Potential challenges include software bugs, network congestion, security vulnerabilities, cyberattacks, operational failures, and delays in adoption. Any of these could materially disrupt operations, reduce staking yields, or negatively affect token value and investor returns. • Risks in StablecoinX’s Business Plan, which Business Plan May Not be Achieved. StablecoinX does not have significant operations prior to Closing to evaluate. StablecoinX may not be successful in building its ENA Token treasury or in operating and maintaining the validator business it intends to launch and operate using its ENA Token holdings. Further, StablecoinX’s business may not generate sufficient cash flows to cover all of its expenses. In addition, StablecoinX may encounter unforeseen expenses, difficulties, complications, delays and other unknown events that may cause its costs to exceed its expectations. 117 • Valuation and Market Acceptance .There can be no assurance that public markets will assign valuations to Stable