Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 450

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 450
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 of the Company or any of its subsidiaries is currently a party to any legal proceedings, the outcome of which, if determined adversely, is reasonably expected to individually or in the aggregate have a material adverse effect on their business or financial condition. 215 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS OF SC Assets Unless otherwise indicated or the context requires, references in this section to “SC Assets,” “we,” “our,” or the “Company” refer to StablecoinX Assets Inc. prior to the Business Combination and StablecoinX Inc. and its consolidated subsidiaries after giving effect to the Business Combination. This discussion and analysis provides information that management believes is relevant to an assessment of the Company’s financial condition and results of operations. This discussion and analysis should be read together with the sections of the proxy statement / prospectus entitled “Information About to SC Assets” and the Company’s audited financial statements and related notes thereto included elsewhere in the proxy statement / prospectus. In addition to historical financial information, this discussion and analysis contains forward -looking statements based upon current expectations that involve risks, uncertainties, and assumptions. See the section entitled “Cautionary Note Regarding Forward -Looking Statements.” Actual results and timing of selected events may differ materially from those anticipated as a result of various factors, including those set forth under “Risk Factors” or elsewhere in the proxy statement / prospectus. Overview The Company is a newly formed operating company that intends to focus its operations on providing infrastructure and related services, which may include validator services, decentralized verification and other infrastructure software and services, for the Ethena Protocol, a decentralized finance (“ DeFi”) network. The Company was incorporated in Delaware on June 30, 2025, and is in the early stages of organizational development. The Company was formed solely to participate in the Business Combination, has no operating history and has not yet generated any revenue. However, at Closing, the Company will be an operating company engaged in a number of business strategies focused on supporting the Ethena ecosystem, the core of which will include providing infrastructure software and services, which may include operating validator nodes, deploying a DVN and delivering technical services to support the Ethena Protocol’s network security, transaction validation, and overall functionality. In addition to and as a means to support its infrastructure and validator operations, the Company plans to adopt a long -termtreasury strategy at Closing to accumulate and hold ENA Tokens, the native token of the Ethena Protocol, to ensure