Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 301

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 301
---
 Liquidity Risk .ENA Token and related assets may have limited liquidity, particularly in public markets. Illiquidity could hinder the ability of StablecoinX to monetize its digital -assetholdings or implement hedging strategies effectively. • Cybersecurity and Operational Risks .Validator operations, staking, and blockchain networks are vulnerable to cybersecurity threats, including hacks, theft, or other unauthorized access. Such events could lead to material losses of assets, disruption of operations, and reputational damage. • Market and Macroeconomic Risks .Broader economic, geopolitical, or market conditions, including interest rate changes, inflation, recessionary pressures, or instability in global financial markets, may negatively impact digital -assetprices, capital raising, and StablecoinX’s operational performance. • Competition Risk .The digital -assetand stablecoin markets are highly competitive. Other protocols, validator networks, or centralized/decentralized stablecoin issuers could reduce demand for ENA Token, USDe, or StablecoinX’s services, adversely impacting revenue and growth potential. • Network Adoption Risk .The launch and anticipated adoption of Converge or other validation opportunities in the Ethena ecosystem utilizing ENA Token as a Layer -1settlement and smart contract platform is uncertain. Limited or delayed adoption could reduce network transaction volume, staking rewards, and long -termutility for ENA Tokens. • Management and Key Personnel Risk .The performance of StablecoinX depends on the services of StablecoinX’s future management team and key personnel. Loss of key personnel could disrupt operations, execution of strategic plans, and overall governance. • Listing and Compliance Risks .The potential inability of StablecoinX to obtain an initial listing and maintain the listing of StablecoinX Class A Common Stock on Nasdaq or any other securities exchange following the Closing. StablecoinX will be required to comply with Nasdaq listing requirements, public reporting obligations, and internal controls. Failure to meet such requirements could jeopardize StablecoinX’s ability to list, or once listed, ability to maintain its listing status or result in regulatory sanctions. • Legal and Litigation Risks .The Business Combination could be subject to litigation, including challenges by shareholders or third parties. Adverse legal judgments could delay or prevent the consummation of the Business Combination or result in financial or reputational harm. • Fees and Expenses .TLGY and SC Assets will incur substantial transaction and advisory fees and expenses in connection with the Business Combination, some of which will be payable regardless of whether the transaction is consummated.