Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 453

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 453
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/prospectus, has not yet launched and no committed launch date or definitive timeline has been publicly provided, as the parties have indicated that further work remains on scope, technical design, operational model, and coordination. Public statements also indicate that the parties may modify, delay, or discontinue Converge, and that any launch would be subject to business and commercial evaluation, internal approvals, third -partydependencies, and applicable legal, regulatory, and compliance considerations. Consequently, there can be no assurance that it will launch prior to the Closing, or that it will launch at all. In the event Converge is not operational at Closing, the Company may instead deploy a DVN for the Ethena ecosystem, provide validator services on alternative supported networks, or offer other software and infrastructure services to ecosystem participants. Our business model is designed to generate revenue primarily through infrastructure software and services. While the Company expects to hold ENA Tokens as part of its treasury strategy, it does not currently intend to pursue an active trading strategy and so does not expect to rely on token price appreciation as a source of operating revenue. The primary factors that are expected to impact our results and present significant opportunities, as well as pose risks and challenges, are described below. We believe that our performance and future success depend on the factors discussed below, those mentioned in the section titled “ Risk Factors” and elsewhere in this proxy statement/prospectus. The following macroeconomic factors and trends as they relate to ENA Token and the Ethena ecosystem may specifically impact our business: • Price of ENA Token:Our business is expected to be dependent on the price of ENA Token, which has historically experienced significant volatility. At the Closing, we will have acquired ENA Token for our digital asset treasury and we plan to continue accumulating ENA Token through our ongoing collaboration relationship with Ethena. Market price fluctuations may materially affect our digital -assetholdings, staking rewards, and financial performance. • Regulation:Evolving regulatory developments affecting digital assets, stablecoins, and blockchain infrastructure could restrict our operations, impose compliance obligations, or affect market access, all of which may hinder our growth. Favorable regulations can encourage adoption, while restrictive measures can hinder it. • Institutional Adoption of USDe:Adoption by institutions may impact demand for ENA Tokens, transaction volumes, staking yields, and network security. Increased participation by institutional investors, including hedge funds, mutual funds, corporations, and nation states can drive market confidence and liquidity, supporting continued growth. 217 • Political