Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 432

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 432
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 Ethena -focusedstrategy and long -termvision. Custodial Accounts with Anchorage In accordance with the terms of the Token Purchase Agreements, promptly after the date of the applicable PIPE Subscription Agreements, the Net Cash PIPE Proceeds, were used to purchase the Locked ENA Token from Ethena OpCo, which Locked ENA Tokens were deposited into the applicable Custodial Account established for the benefit of the applicable Cash PIPE Investors, with Anchorage serving as Custodian. The Locked ENA Token and the applicable Permitted Expense Amount will be held in the applicable Custodial Account until the earlier of (i) the Closing and (ii) the termination of the Business Combination Agreement and/or the PIPE Subscription Agreements in accordance with their terms. We expect to continue to hold all of the ENA Token we own at Closing in custody accounts at Anchorage, at least initially. See the risk factor entitled “ SC Assets currently faces and, following the Closing, StablecoinX will face, risks relating to the custody of its ENA Token, including the loss or destruction of private keys required to access our ENA Token and cyberattacks or other data loss relating to our ENA Token. If SC Assets, StablecoinX or its third -party service providers, including Anchorage, experience a security breach or cyberattack and unauthorized parties obtain access to SC Assets’ or StablecoinX’s ENA Token, or if SC Assets’ or StablecoinX’s private keys are lost or destroyed, or other similar circumstances or events occur, including the ability to reverse engineer private keys, SC Assets or StablecoinX may lose some or all of its ENA Token and its financial condition and results of operations could be materially adversely affected” for additional information. 204

The Locked ENA Tokens are being held in the Custodial Accounts in accordance with the terms of a master custody services agreement (the “ Custody Agreements”) that was entered into between StablecoinX and Anchorage in connection with the PIPE. Under the terms of the Custody Agreement, Anchorage agreed to act as custodian of StablecoinX’s digital assets and cash deposited into the Custodial Accounts with Anchorage. Anchorage will provide services through its technology platform, which include: (i) the storage of StablecoinX’s digital assets, specifically, the Locked ENA Token, (ii) handling and settlement of digital assets pursuant to StablecoinX’s authenticated instructions, and (iii) determining the eligibility of digital assets for continued storage. Anchorage also provides support services