Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 457

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 457
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. The Company does not currently intend to engage third -partystaking providers and, to the extent it participates in staking or validator activities, expects to operate its own infrastructure. However, the Company may evaluate third -partyproviders in the future based on factors such as security, operational reliability, regulatory considerations, and cost efficiency. No selection process or contractual arrangements are currently in place. Staking rewards, if any, would be determined by applicable protocol rules, network participation levels, and other factors outside the Company’s control. The Company has not adopted formal policies governing the use of staking rewards and, if earned, such rewards 219 may be retained, reinvested in operations, or converted to cash to fund operating expenses, subject to contractual restrictions and market conditions. The Company has not yet established formal risk management policies related to liquidity risks associated with staking, custody arrangements for staked ENA Tokens, or procedures for unstaking. The timing required to unstake any staked ENA Tokens would depend on the rules of the applicable network or protocol, which have not yet been finalized or may vary by network. Because it is uncertain if and when the Converge network will launch, there is no assurance that staking through Converge will be available at any particular time, and our revenue from staking operations may be delayed or lower than anticipated until such network becomes operational or an alternative network utilizing ENA Tokens becomes available. In the event that the proposed Converge network has not launched at the time of the Closing or we are otherwise unable to operate our validator business on proposed Converge network, we plan to instead deploy a DVN for the Ethena ecosystem, provide validator services on alternative supported networks such as Ethereum, or offer other infrastructure software and technical services to ecosystem participants. These alternative operations are intended to provide near -termrevenue, maintain technical expertise, and support the growth of the Ethena ecosystem while awaiting the launch of Converge or other network opportunities. We will operate our own DVN, and will not engage third -partystaking providers. As of now, the amount of revenue we expect to generate from operating a DVN for the Ethena ecosystem is unknown since we haven’t finalized the commercial terms with Ethena. Unlike other validator networks, operating a DVN specific for the Ethena ecosystem does not currently require staking ENA Tokens; however, future protocol developments could permit or contemplate the use of staked ENA Tokens in connection with DVN operations. The Company