Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 135

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 135
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 uncertainty for public companies and have increased the costs and the time that the StablecoinX Board and management must devote to compliance. Furthermore, the need to establish the corporate infrastructure demanded of a public company may divert StablecoinX management’s attention from implementing its growth strategy, which could negatively affect StablecoinX’s business, results of operations, and financial condition. SC Assets expects to qualify as a controlled company under applicable securities exchange rules and expects to avail itself of applicable exemptions from the corporate governance requirements thereof. SC Assets expects to qualify as a “controlled company” as defined under the Nasdaq rules, or any other national securities exchange on which its shares may be listed, since Ethena will beneficially own more than 50% of its total voting power. For so long as SC Assets remains a controlled company under this definition, it is also permitted to elect to rely on certain exemptions from corporate governance rules. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. For example, SC Assets expects to utilize the exemption that controlled companies are not required to have a board that is composed of a majority of “independent directors,” as defined under the rules of Nasdaq. TLGY’s shareholders who do not redeem their Public Shares will have a reduced economic ownership and no voting interest after the Business Combination and will exercise less influence over management. Upon the issuance of StablecoinX Class A Common Stock in connection with the Business Combination, the economic ownership percentage of Public Shareholders who do not redeem their Public Shares will be diluted, including due to the issuance of the shares of StablecoinX Class A Common Stock to the PIPE Investors, Ethena, the Sellers and the TLGY Insiders. The percentage of StablecoinX Class A Common Stock that will be owned by Public Shareholders as a group will vary based on several factors, including the number of Public Shares for which the holders thereof request redemption in connection with the Business Combination and the fair market value of ENA Token at the Closing which will impact the number of shares that will be issued in accordance with the terms of the PIPE Subscription Agreement, the Contribution Agreement and the Sponsor Support Agreement. To illustrate the potential economic ownership percentages of Public Shareholders under different redemption levels, based on the number of issued and outstanding TLGY Ordinary Shares on September26, 2025, and based on the number of shares of StablecoinX Class A Common Stock expected to be issued in the Business Combination in various scenarios, non -redeemingPublic Shareholders