Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 172

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 172
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 able to generate sufficient cash or digital assets to execute our ENA Token acquisition or infrastructure software and service strategies. The occurrence of any of these factors could adversely affect our ENA Token acquisition strategy. In addition, StablecoinX may use the ENA Tokens in its treasury as collateral in connection with its validator operations, DVN services, or other infrastructure software and services with the Ethena ecosystem. Its ability to operate and maintain any validator or infrastructure business and to earn rewards or fees therefrom is subject to significant operational, technical, regulatory and market risks. If we are unable to execute our strategies successfully, our business, financial condition, and results of operations could be materially and adversely affected. Our success depends on the continued growth, development, and adoption of blockchain networks on which we may operate infrastructure software and services and the broader Ethena ecosystem , which growth remains uncertain. The Ethena Protocol is a decentralized finance (“ DeFi”) protocol that currently operates on the Ethereum blockchain network. Ethena has indicated an intention to migrate its existing DeFi ecosystem to Converge, a proposed new blockchain network designed to support and advance “institutional DeFi” and tokenized assets developed jointly by 51 Ethena Labs and Securitize. As currently contemplated, Converge is expected to differ from Ethereum by utilizing a semi -centralized, permissioned validator framework, including having a security council validator set for emergency interventions, expected to be known as the Converge Validator Network (the “ CVN”). If launched, participation in the CVN is expected to require validators or participants to stake ENA Token, either directly or through delegation, and may entitle participants to a share of protocol transaction fees or other rewards. We may seek to participate in the CVN or provide validator or other infrastructure software and services within the Ethena ecosystem, including deploying a DVN or other providing technical support functions. Converge has not yet launched, and there can be no assurance that it will launch at all, that it will launch as currently contemplated, or that it will achieve adoption. Blockchain networks, including Ethereum, Converge and other networks within the Ethena ecosystem, remain in the early stages of development. There can be no assurance that such networks will (i) successfully launch or continue operating as contemplated, (ii) achieve or maintain market acceptance or (iii) remain technologically or economically viable. Diminished user or developer activity, adverse regulatory developments, security breaches, governance failures, or protocol abandonment could result in decreased