Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 458

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 458
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 has not yet adopted any staking program in connection with a DVN and has not determined whether, when or on what terms it would stake ENA Tokens in connection with such activities. Our current intention is to accumulate any ENA Tokens received from operating the DVN, however we may in the future convert some or all of those ENA Tokens earned from operating the DVN to cash to pay for operating expenses or other capital expenditures. We also plan to provide ancillary technical services, including node maintenance, network optimization, and protocol upgrades, to enhance network scalability and security, which may be provided regardless of whether validator operations are active, and which we believe will position the Company as a critical infrastructure partner within the Ethena ecosystem. Our ENA Token treasury strategy is designed to ensure sufficient liquidity for our validator operations, whether on Converge, a DVN, or alternative networks, and align our interests with the long -termsuccess of the Ethena Protocol. Under the Collaboration Agreement with the Ethena Foundation, the Company has the right to participate in future ENA Token offerings by Ethena at a discount. To fund these purchases, we may issue shares in the public market or incur indebtedness, subject to market conditions and applicable regulations. Any delays in the launch or availability of Converge or other validator opportunities could affect the timing, scale, or yield of staking operations and related revenue. Results of Operations As of the period from June 30, 2025 (inception) to September 30, 2025 and as of the date of this proxy statement/prospectus, the Company has no operating history and has not generated revenue. Following the Closing and to the extent our infrastructure and validator operations are successfully deployed, we expect that our results of operations will primarily depend on: •Revenue generated through infrastructure software and services; •Staking rewards earned through validator operations where applicable; and •Market performance of ENA Tokens held in the treasury. We anticipate that our initial expenses will include fees relating to our Software License Agreement and Managed Services Agreement as well as other investments in hardware, software, cybersecurity, and skilled personnel to establish and maintain our infrastructure software and services business including our planned validator operations and DVN. Over time, the Company aims to achieve profitability through increased validator and DVN efficiency and the introduction of other software and service offerings. For the period from inception to September 30, 2025, the Company incurred a net loss of approximately $122,714, reflecting formation and general administrative expenses.