Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 401

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 401
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, positioning StablecoinX as a critical infrastructure partner due to the size of our ENA Token treasury that we intend to stake on the proposed Converge network. In the event that the proposed Converge network has not launched by the time of the Closing or we are otherwise unable to launch our validator business on such network, we plan to operate validator nodes on Ethereum (or other supported networks) for institutional clients until such time as it becomes operational. See “— Ou r validator business depends on the successful launch and operation of the Converge network, and any delay, failure to launch, or changes in anticipated procedures and policies could materially and adversely affect our business.” and “— Our success depends on the continued growth, development, and adoption of blockchain networks on which SC Assets operates its validator nodes and the growth of blockchain -based financial applications and the broader Ethena Protocol and the Converge Network, which growth remains uncertain.” The Company’s multi -yeartreasury strategy is designed to build a robust reserve of ENA Tokens. This approach serves two primary purposes: (1) ensuring sufficient liquidity for our validator operations and (2) aligning the Company’s financial interests with the long -termsuccess of the Ethena protocol and the Converge or other validation opportunities in the Ethena ecosystem utilizing ENA Token. Products and Services Our primary offerings are expected to include: • Validator Node Operations: We plan to operate validator nodes for the Ethena protocol, using ENA Tokens we hold in treasury as collateral to earn staking rewards. These rewards, paid in additional ENA Tokens, are expected to form a significant portion of our revenue. • Technical Services: We expect to provide node maintenance, network optimization, and protocol upgrade services to enhance the Ethena protocol’s performance and security. 191 • Treasury Operations: We intend to use the ENA Token we receive in the PIPE and ENA Contribution to establish a reserve of ENA Tokens at the Closing and plan to continue to build our ENA Token reserve through ongoing future discounted purchases from the Ethena Foundation in accordance with the terms of the Collaboration Agreement. To fund these purchases, we may issue shares in the public market, subject to market conditions and applicable regulations. Financial Outlook As a newly -formedentity, SC Assets has not yet generated any revenue. We expect that our financial performance will depend on the staking rewards we receive from our validator operations on the proposed Converge network or validation opportunities in the Ethena ecosystem utilizing ENA Token