Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 178

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 178
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 scalability or energy efficiency, that feature other more favored characteristics, that are backed by governments, including the U.S. government, or reserves of fiat currencies, or that represent ownership or security interests in physical assets; •a decrease in the price of other digital assets, including other stablecoins, such as the temporary or total loss of value of the stablecoins Terra USD, USDT and USDC in recent years, including to the extent the decrease in the price of such other digital assets or the unavailability of such stablecoins may cause a decrease in the price of ENA Token or adversely affect investor confidence in digital assets generally or the Ethena ecosystem more specifically; •disruptions, failures, unavailability or interruptions in service of centralized and decentralized trading venues for ENA Token could significantly impair ENA Token’s liquidity reduce trading volumes and negatively impact market confidence for such token; 58 •the development and introduction of new products and services by us; •our ability to control costs, including our operating expenses incurred to grow and expand our validator business and other operations and to remain competitive; •system failure, outages or interruptions, including with respect to our validator business, our ENA Token custodian and our platforms, including those due to third -partyactions; •our lack of control over decentralized or third -partyblockchains and networks that may experience downtime, cyber -attacks, critical failures, errors, bugs, corrupted files, data losses or other similar software failures, outages, breaches and losses; •breaches of security or privacy; •the transfer or perceived transfer of substantial amounts of ENA Token from wallets attributed to Guy Young, the founder of Ethena Labs S.A.; •transaction congestion and fees associated with processing transactions on the proposed Converge network or any other network validation opportunities in the Ethena ecosystem utilizing ENA Token; •developments in mathematics or technology, including in digital computing, algebraic geometry and quantum computing or new applications of current knowledge in these fields, that could result in the cryptography used by the Ethereum, the propose Converge network or any other network validation opportunities in the Ethena ecosystem utilizing ENA Token, becoming insecure or ineffective; •legal, commercial and regulatory uncertainty regarding ENA Token and other digital assets due to their novelty, see “— ENA Token and other digital assets are novel assets, which will expose StablecoinX to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect StablecoinX’s financial position, operations and prospects”; •changes in