Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 204

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 204
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 the material U.S. federal income tax consequences of the Mergers, including such consequences if the Mergers do not qualify as transactions governed by Section 351(a) of the Code, see the section entitled “ Material U.S. Federal Income Tax Considerations — The Mergers”. Risks Related to Our Relationship with the Ethena Foundation, its Products and the Ethena Protocol Our business will be centered on supporting the Ethena ecosystem through infrastructure software and related services and holding and acquiring its products, including ENA Token. Our dependence on the Ethena Foundation will create concentration risk, and, as a result, a deterioration in our relationship or the Ethena Foundation’s support for a competing business or digital asset treasury strategy company could materially harm our business. We expect our business to focus on providing infrastructure software and related services in support of the Ethena ecosystem, which may include operating validator infrastructure for networks associated with the Ethena ecosystem, including Converge, deploying a DVN to support the Ethena ecosystem, and providing other technical, staking, or ecosystem support services. A substantial portion of our strategic roadmap and treasury strategy relies on a close working relationship with the Ethena Foundation, the entity behind the Ethena Protocol and associated products issued by its affiliates such as ENA, sENA, and sUSDe. This includes the support and discounted acquisition opportunities under our ongoing Collaboration Agreement as well as technical integration, potential delegation of stake, and strategic alignment in market positioning. However, our strategic partnership with the Ethena Foundation may offer no assurances that the Ethena Foundation will remain supportive of our infrastructure operations or treasury activities. The Ethena Foundation may choose to shift strategic priorities, reallocate support to other infrastructure partners, endorse competing validator or infrastructure entities with more scale, brand recognition, or operational history, or support or collaborate with other digital asset treasury companies that pursue similar objectives to ours. In such cases, we may lose access to co -developmentopportunities, delegation, ecosystem incentives, or other forms of support. A breakdown in the relationship — whether due to governance disputes, misalignment of commercial goals, or regulatory constraints — could damage our market credibility, reduce the effectiveness of our infrastructure software and services, and undermine the value of our Ethena -linkedasset holdings. In addition, because the Ethena Foundation is expected to hold a controlling voting interest in StablecoinX, its strategic priorities for the Ethena ecosystem may influence the corporate decision -makingof