Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 297

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 297
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 and governance objectives of the Ethena ecosystem and anticipated Converge network or any other validation opportunities in the Ethena ecosystem utilizing ENA Token. • Ability to Purchase Discounted ENA Tokens. StablecoinX expects, subject to customary approvals, to raise additional capital and, from time to time, purchase ENA Tokens directly from the Ethena Foundation at negotiated discounts to prevailing market prices pursuant to the Collaboration Agreement. The TLGY Board believes that such purchases provide investors with a lower effective entry point into ENA Token and create a margin of protection against potential declines in the market price of ENA Token, enhancing the overall economic profile of the combined company. 119 • Launch of Converge Blockchain & Enhanced ENA Tokenomics.The launch of the proposed Converge network is expected to significantly enhance the appeal or “tokenomics” of ENA Token. As previously announced, the proposed Converge network is expected to serve as an institutional -gradeEthereum Virtual Machine (“ EVM”) -compatiblenetwork, designed for tokenization, settlement, and smart contract applications. ENA Token is anticipated to be the native settlement token on the proposed Converge network, thereby increasing its demand, utility, and network usage. This enhanced utility and the embedded applications of Converge are expected to add to the ENA Token’s economic utility, potentially elevating its value and strengthening StablecoinX’s exposure thereto. • Attractive Market Opportunity and Strategic Partnership.The TLGY Board recognized that the combined company would represent the first known publicly listed company providing direct exposure to ENA Tokens and the broader Ethena ecosystem. The TLGY Board expects that this unique positioning will offer public investors access to a high -growthsegment of the digital -assetmarket that has previously been available only to private participants. In addition, StablecoinX has entered into the Collaboration Agreement, which provides for a long -termcollaboration and support partnership with the Ethena Foundation, designed to bolster the stability and expansion of the ENA Token and USDe protocols. This partnership is expected to provide StablecoinX with strategic alignment and potential preferential opportunities — such as early participation in network initiatives and validator roles — that the TLGY Board believes will strengthen the combined company’s market presence and long -termgrowth prospects. • Lock -Up Arrangements. The Business Combination Agreement provides that current equity holders of TLGY and SC Assets receiving shares of StablecoinX Common Stock will be subject to customary lock -uprestrictions following the Closing. The