Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 278

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 278
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2025, the TLGY Board: (i) determined that the Business Combination is in the best interests of TLGY and its shareholders; (ii) approved and adopted the Business Combination Agreement and related Transaction Documents and the Business Combination; and (iii) recommended that TLGY’s shareholders approve the proposals necessary to consummate the Business Combination. The TLGY Board considered numerous factors — both positive and negative — without assigning specific weights to any single factor. Individual directors may have placed different emphasis on different factors. The Board’s decision reflects the totality of information available to it, and this explanation should be read in conjunction with the “ Cautionary Note Regarding Forward -Looking Statements.” Factors Supporting the Business Combination • Strategic Exposure to ENA and the Ethena Ecosystem. The Business Combination provides public investors with exposure to ENA Tokens, the governance token of the Ethena Protocol. Affiliates of the Ethena Foundation issue ENA Tokens, sENA and sUSDe, and an affiliate of Ethena Labs issues the USDe stablecoin — the third -largeststablecoin in circulation by market capitalization as of July 2025. In the long -term, it is expected that ENA Tokens will appreciate in value to the extent the market for USDe and the Ethena ecosystem grow. Other Ethena -basedblockchains or networks may also use ENA Tokens as its respective native settlement currency. The TLGY Board believes that strategic exposure to this growing and evolving digital -assetecosystem presents a compelling opportunity for value creation for StablecoinX and its shareholders. • Validator -Based Business Model with Embedded Token Economics. After the Closing, StablecoinX will operate validator infrastructure that supports the Ethena ecosystem on the proposed Converge network or on other validation opportunities in the Ethena ecosystem utilizing ENA Token (once Ethena migrates its protocol to Converge, or any other validation opportunities in the Ethena ecosystem utilizing ENA Token), generating recurring rewards through transaction validation and staking yields. This business model is expected to offer both a predictable revenue stream and potential upside linked to the appreciation and broader adoption of ENA Token and related Ethena ecosystem assets. • Potential Profit Participation in USDe Protocol. The Ethena community has approved a proposal under which, once specific governance and operational milestones are achieved — including continued growth in USDe supply, cumulative protocol revenue targets, and expanded exchange listings — holders of ENA Token could receive certain transaction fees from the network.