Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 418

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 418
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 ability to capitalize on market opportunities. • Cybersecurity and Operational Risks:StablecoinX’s validator operations rely on third -partycloud and data -centerinfrastructure, creating exposure to outages, service disruptions, and external cyberattacks beyond our direct control. Although ENA Tokens and other digital assets are custodied with regulated banking or qualified custodial institutions, they remain subject to risks such as hacking, insider theft, compromised private keys, or operational failures at those institutions. A successful cyberattack or prolonged infrastructure failure could result in loss or temporary inaccessibility of digital assets, interruption of validator services, reputational damage, and significant remediation costs, each of which could materially harm StablecoinX’s business, financial condition, and the stability and market value of ENA Tokens. • Profit Participation in the USDe Protocol and Fee -Switch Uncertainty:Although holders of ENA Tokens may indirectly benefit from deployment of USDe protocol revenues under the community -approvedfee -switchproposal, there is no assurance as to the timing, magnitude, or regulatory viability of such deployment. Delays or adverse governance votes could reduce anticipated benefits to StablecoinX and diminish one of the key value propositions of its treasury strategy. • Listing and Compliance Risks:Failure to meet Nasdaq listing standards or ongoing SEC reporting requirements could jeopardize StablecoinX’s public listing, restrict access to capital markets, and negatively impact investor confidence. Any delisting or compliance lapse could also reduce visibility and liquidity for ENA Tokens, indirectly weakening their market perception. • Management and Key Personnel Risk:StablecoinX’s success depends heavily on its leadership team and specialized technical personnel. The unexpected loss of key executives or engineers could disrupt validator operations, delay technological upgrades, impair strategic execution, and reduce market confidence in both StablecoinX and the Ethena ecosystem, adversely affecting ENA Token value. 201 • Market and Macroeconomic Risks:Broader economic instability, geopolitical conflicts, or financial -marketvolatility may depress digital -assetprices and investor sentiment. Such macroeconomic factors could reduce transaction volumes on the Ethena Protocol, constrain StablecoinX’s ability to raise capital and negatively affect ENA Token prices. • Legal and Litigation Risks:StablecoinX may face regulatory investigations, shareholder litigation, or third -partydisputes arising from its operations, the business combination, or its involvement with the Ethena ecosystem. Unfavorable judgments or settlements could lead to significant financial costs, reputational harm, or operational restrictions that negatively