Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 299

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 299
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. • Shareholder Flexibility. Public Shareholders may elect to (i) remain holders of StablecoinX Class A Common Stock after the Closing, (ii) sell their TLGY Class A Ordinary Shares in the market, or (iii) redeem their TLGY Class A Ordinary Shares for the pro -ratacash redemption amount, consistent with TLGY’s Organizational Documents. • Fairness Opinion. The Fairness Opinion of Scalar to the TLGY Board to the effect that, as of that date and qualified by the assumptions, qualifications and limiting conditions therein, the consideration to be received by the TLGY shareholders (other than the Excluded Shareholders) in the Business Combination is fair, from a financial point of view, as more fully described in the section entitled “— Opinion of the TLGY Financial Advisor” below. In connection with its evaluation of the Business Combination, the TLGY Board also considered a variety of risks and uncertainties and other potentially negative factors concerning the Business Combination, including the following: • Reliance on the Ethena Ecosystem.StablecoinX will hold ENA Tokens and potentially other Ethena tokens as part of its digital asset treasury strategy. StablecoinX will operate its validator business using the ENA Token it receives from the PIPE and ENA Contribution and, after the Closing, additional discounted ENA Token it may purchase from the Ethena Foundation under the terms of the Collaboration Agreement or accumulates through its staking efforts. Further, during the term of the Collaboration Agreement, StablecoinX and its affiliates may not (i) sell, transfer, pledge or otherwise encumber any ENA Tokens held by it or its affiliates or (ii) provide any substantially similar services to any other third party or any other crypto -baseddecentralized network or protocol without the consent of Ethena, or in any event, attempt to launch a token, either directly or indirectly. As a result, StablecoinX’s business will be significantly dependent on the performance, adoption, and credibility of the Ethena Foundation and its associated assets. • Digital -Asset and Token Price Volatility .The market prices of ENA Tokens and other digital assets may fluctuate significantly, potentially due to broader cryptocurrency market movements, regulatory developments, technological changes, or general economic conditions. These fluctuations could materially affect the value of StablecoinX’s digital assets, its NAV, and overall financial performance. • Regulatory Uncertainty .Digital -assetmarkets are subject to evolving and potentially uncertain regulatory treatment in multiple jurisdictions. ENA Token and US