Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 284

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 284
---
 key personnel could disrupt operations, execution of strategic plans, and overall governance. • Listing and Compliance Risks .The potential inability of StablecoinX to obtain an initial listing and maintain the listing of StablecoinX Class A Common Stock on Nasdaq or any other securities exchange following the Closing. StablecoinX will be required to comply with Nasdaq listing requirements, public reporting obligations, and internal controls. Failure to meet such requirements could jeopardize StablecoinX’s ability to list, or once listed, ability to maintain its listing status or result in regulatory sanctions. • Legal and Litigation Risks .The Business Combination could be subject to litigation, including challenges by shareholders or third parties. Adverse legal judgments could delay or prevent the consummation of the Business Combination or result in financial or reputational harm. • Fees and Expenses .TLGY and SC Assets will incur substantial transaction and advisory fees and expenses in connection with the Business Combination, some of which will be payable regardless of whether the transaction is consummated. • Minority Shareholder Position .TLGY’s Public Shareholders will hold a minority economic interest in StablecoinX after the Closing and will have no voting rights, which will limit their ability to influence governance, strategic decisions, or changes in control. 118 • Control of StablecoinX by Ethena.StablecoinX will have two classes of shares after Closing, with StablecoinX Class A Common Stock having no voting rights (except as required by applicable law), and StablecoinX Class B Common Stock having voting rights. TLGY Shareholders will receive shares of StablecoinX Class A Common Stock in the SPAC Merger and only Ethena, the TLGY Insiders, the Sellers and their permitted transferees will be permitted to own shares of StablecoinX Class B Common Stock. As a result, StablecoinX will be a controlled company under Nasdaq listing standards after Closing, with most decisions of StablecoinX being controlled by Ethena and other decisions requiring approval of Ethena and the Sellers. Accordingly, Public Shareholders will not participate in the governance of StablecoinX after Closing and will be subject to the decisions of StablecoinX’s controlling shareholders. If Public Shareholders are unhappy with any decisions made, they will only be able to sell their shares of StablecoinX Class A Common Stock, potentially at a loss. For additional information relating to limitations on affiliate transactions, see the section of this proxy statement/prospectus entitled “ Description of StablecoinX Securities.” • Incentives of