Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 181

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 181
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 expose us to heightened volatility, regulatory scrutiny, and operational or reputational risk. Any material adverse developments affecting the Ethena ecosystem, including security breaches, loss of user confidence, failures or perceived failures of protocol mechanisms, regulatory enforcement action, governance disputes, strategic shifts or other reputational harm, could materially and adversely affect the value of our digital asset holdings, the demand for our infrastructure software and services, and our business more broadly. Although we expect to hold a substantial amount of ENA Token, the native governance token of the Ethena Protocol, the Ethena Protocol is governed through decentralized mechanisms and, despite our substantial holdings, we may have limited ability to influence strategic, technical or operational decisions that materially affect the assets and protocols on which our business depends. See “— We have limited ability to influence the governance of the Ethena Protocol, and future changes may negatively impact our business.” In addition, the Ethena Foundation or other ecosystem participants may support, prioritize, or partner with other infrastructure software and service providers or pursue strategies that diverge from our interests. Any such developments could reduce the role we play within the ecosystem, diminish incentives, delegation, or support available to us, or otherwise adversely affect our ability to generate revenue from Ethena -relatedinfrastructure software and services. We intend to provide infrastructure software and services within the Ethena ecosystem, which may include operating validator infrastructure on the proposed Converge network, if and when it launches, deploying a DVN or similar service, or other technical or operational support for networks or protocols that utilize ENA Token. Our ability to provide such software and services, and to derive revenue from them, will depend in significant part on our relationship with the Ethena Foundation and other ecosystem participants, as well as on our ability to meet technical, operational, and performance expectations established by the relevant protocols or stakeholders. Any failure to meet the expectations of the Ethena Foundation, protocol governance participants, or other stakeholders within the Ethena Protocol could result in loss of support, delegation, incentives or other forms of participation, the termination or non -renewalof the Collaboration Agreement with the Ethena Foundation, or our exclusion from certain infrastructure software or services opportunities. Any such developments could materially reduce or eliminate revenue we may derive from Ethena -relatedinfrastructure software and services and could impair our ability to execute our business strategy. If we are unable to offset lost revenue by accumulating ENA Token from other sources or supporting other protocols or offering alternative services, we may