Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 188

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 188
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 holders of ENA Token or persons or entities that control multiple wallets that collectively hold a significant number of ENA Token, acting alone or in coordination with others, to manipulate the price of ENA Token by restricting or expanding the supply of ENA Token. The concentration of ENA Token holdings, and susceptibility to movements by such holders, may also erode investor confidence in ENA Token; •investment and trading activities, such as (i) digital asset trading activities of highly active retail and institutional users, speculators, miners and investors; (ii) actual or expected significant dispositions of digital assets, such as Bitcoin, by large holders; and (iii) actual or perceived manipulation of the spot or derivative markets for digital assets, including ENA Token; •macroeconomic conditions, including interest rates, inflation and central banking policies; 59 •regulatory, legislative, enforcement and judicial actions that adversely affect the price, ownership, transferability, trading volumes, legality or public perception of ENA Token, or that adversely affect the operations of or otherwise prevent digital asset custodians, trading venues, lending platforms or other digital assets industry participants from operating in a manner that allows them to continue to deliver services to the digital assets industry; •the development and introduction of existing and new products and services by our competitors; •competition from other digital assets or protocols that exhibit better speed, security, scalability or energy efficiency, that feature other more favored characteristics, that are backed by governments, including the U.S. government, or reserves of fiat currencies, or that represent ownership or security interests in physical assets; •a decrease in the price of other digital assets, including other stablecoins, such as the temporary or total loss of value of the stablecoins Terra USD, USDT and USDC in recent years, including to the extent the decrease in the price of such other digital assets or the unavailability of such stablecoins may cause a decrease in the price of ENA Token or adversely affect investor confidence in digital assets generally or the Ethena ecosystem more specifically; •disruptions, failures, unavailability or interruptions in service of centralized and decentralized trading venues for ENA Token could significantly impair ENA Token’s liquidity reduce trading volumes and negatively impact market confidence for such token; •the development and introduction of new products and services by us; •our ability to control costs, including our operating expenses incurred to grow and expand our validator business and other operations and to remain competitive; •system failure, outages or interruptions, including with respect to our validator business,