Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 201

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 201
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 infrastructure software and services may be adversely affected by fraud, manipulation, and other abusive practices in ENA trading markets. While we anticipate that we will, at least initially, acquire most of our additional ENA Token after the Closing directly from the Ethena Foundation in accordance with the terms of the Collaboration Agreement, we may, in the ordinary course of our business acquire ENA Tokens through centralized and decentralized trading venues. Unlike traditional securities exchanges, many of these venues are subject to limited regulation, oversight, and transparency. As a result, trading in ENA Tokens may be more susceptible to fraud and market manipulation. Digital asset markets have historically experienced practices such as wash trading, spoofing, pump -and -dumpschemes, and front -running, which can distort reported trading volumes, mislead market participants, and artificially influence token prices. These practices may be especially prevalent in tokens with relatively limited trading history and liquidity, such as ENA Token. Because ENA Token’s market capitalization and trading volume are significantly smaller than those of larger digital assets such as Bitcoin or Ethereum, even small amounts of manipulative activity could have an outsized effect on the price of ENA Token. Further, front -runningand other manipulative trading strategies have been documented in decentralized exchange environments, where bots exploit knowledge of pending transactions by paying higher gas fees to execute ahead of other participants. Such practices could increase volatility and adversely impact our ability to acquire or dispose of ENA Token at desired prices. In addition, the concentration of ENA Token holdings among a limited number of participants, including early ecosystem contributors, may further increase the risk that a single market participant or group of participants could significantly influence ENA Token’s trading price. 66 Any fraud, manipulation, or perceived lack of market integrity in the market for ENA Token, or in any network, protocol, or infrastructure service within the Ethena ecosystem that relies on or utilizes ENA Token, could adversely affect investor confidence in ENA Token and the Ethena ecosystem more broadly, reduce liquidity, and depress the market price of ENA Token. A sustained decline in the price or perceived integrity of ENA Token could negatively affect the value of our ENA holdings, reduce demand for or the economics of our infrastructure software and services, and adversely impact the market price for StablecoinX Class A Common Stock. To the extent our infrastructure operations involve staking, validation, verification, or other ENA -basedeconomic participation, significant price declines, volatility, or market disruptions could reduce rewards, increase the risk of