Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 180

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 180
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 significant decline in the market value of our ENA Token holdings or a negative shift in these other factors may create liquidity and credit risks, as such a decline or shift may adversely impact our ability to secure sufficient equity or debt financing to satisfy our financial obligations, including any debt or other financial obligations. These risks could materialize when ENA Token is trading below its carrying value on our most recent balance sheet or below our cost basis. As ENA Token will constitute a substantial part of our balance sheet, if we are unable to generate revenue from our anticipated validator business and staking activities or secure equity or debt financing in a timely manner, on favorable terms, or at all, we may be required to sell ENA Token to satisfy these obligations. Any such sale of ENA Token may have a material adverse effect on our operating results and financial condition, and could impair our ability to secure additional equity or debt financing in the future. Our inability to secure additional equity or debt financing in a timely manner, on favorable terms or at all, or to sell our ENA Token in amounts and at prices sufficient to satisfy our financial obligations, including our debt service obligations, could cause us to default under such obligations. Any default on our indebtedness may have a material adverse effect on our financial condition. StablecoinX will operate in a highly competitive environment and will compete against companies and other entities with similar strategies, including other validator businesses and companies with significant holdings of digital assets, and StablecoinX’s business, operating results and financial condition may be adversely affected if StablecoinX is unable to compete effectively. The digital assets industry is highly innovative, rapidly evolving and characterized by healthy competition, experimentation, changing customer needs, frequent introductions of new products and services, and subject to uncertain and evolving industry and regulatory requirements. We expect competition to further intensify in the future. We compete against a number of companies operating both within the United States and abroad, and both those that focus on traditional financial services and those that focus on ENA Token -basedservices. Our main competition falls into the following categories: •companies that will be operating validator businesses for the proposed Converge network, once launched, or any other network validation opportunities in the Ethena ecosystem utilizing ENA Token; •traditional financial firms that have entered the ENA Token market in recent years and offer some overlapping features and exposure to ENA Tokens targeted at our future customers; •financial technology providers that do not focus on ENA Token and may attempt to position themselves as a safer alternative to our future products