Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 165

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 165
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 no assurance that it will launch within the timeframes currently contemplated by its developers, or that it will launch at all. The failure of the Converge network to launch, or material delays in its launch, could prevent us from deploying our validator business as currently planned, which could materially and adversely impact our business, results of operations and financial condition. Even if the Converge network launches, there is no assurance that the network’s procedures, technical requirements, governance mechanisms, or economic policies will operate as currently anticipated. If the Converge network does not launch, it is possible that ENA Tokens may not be staked at all or that other tokens may need to be used to support validator operations on networks other than the Converge network, that staking terms may differ 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 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. The blockchain validation and staking industry is highly competitive and subject to rapid technological change, and we may be unable to compete effectively. We intend to operate validator nodes for the Ethena Protocol as part of the CVN or validation opportunities in the Ethena ecosystem utilizing ENA Token, utilizing the ENA Token we accumulate through our digital asset treasury strategy and our ongoing relationship with the Ethena Foundation as staking collateral. While we expect to hold an aggregate of approximately 3.03 billion ENA Tokens in our treasury at the Closing, which represents approximately 20% of the 15 billion ENA Token currently in existence as of the date of this proxy statement/pro