Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 420

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 420
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 in the Ethena ecosystem utilizing ENA Token. 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, subject to market conditions and applicable regulations. Results of Operations As of the period from June 30, 2025 (inception) to June 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 the successful launch of our validator business, we expect that our results of operations will primarily depend on: •Staking rewards earned through validator operations; and •Market performance of ENA Tokens held in the treasury. 202 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 validator infrastructure. Over time, the Company aims to achieve profitability through increased validator efficiency and scaling of technical service offerings. For the period from inception to June 30, 2025, the Company incurred a net loss of approximately $26,000, reflecting formation and general administrative expenses. Risks and Uncertainties Associated with Future Results of Operations Our lack of operating history will also make it difficult to accurately forecast the future results of operations, which is subject to a number of uncertainties including StablecoinX’s ability to grow its ENA Token per share, and the market size and growth opportunities in each of our anticipated lines of business. The Company’s ability to execute its strategy depends on access to adequate capital and we expect that our operations will be funded through equity financings, including potential share issuances to finance future discounted ENA Token purchases. Our ability to generate cash flow initially will largely be dependent on our ability to raise capital and earn staking rewards on our ENA Token treasury. Our business strategy may not be realized as quickly as hoped, or even at all. Further, even if we achieve growth, in future periods, that growth could slow or decline for a number of reasons, including, but not limited to, ENA Token volatility, increased competition, digital coins that compete with and may result in a decline in utilization of ENA Token or replace ENA Token, our inability to develop, improve or effectively scale our validator business and other technical service offerings, government regulation or our failure, for any reason, to continue to take