Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 283

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 283
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coinX that reflect the intrinsic value of its assets or that ENA Token and related tokens will achieve widespread adoption as governance or settlement currencies. Limited liquidity in the market for ENA Token could further exacerbate price volatility. • Uncertainty Surrounding Profit Participation in the USDe Protocol .While holders of ENA Token, like StablecoinX, may in the future indirectly benefit from deployment of USDe protocol revenues via the above referenced “fee -switch” proposal, there is no guarantee as to the timing, magnitude or regulatory viability of such deployment, that will occur, that they will be significant, or that timing will align with investor expectations. Governance approvals, operational execution, or unforeseen changes in protocol economics could delay, reduce, or prevent potential indirect revenue benefits. • Redemption Risk .Significant redemptions by Public Shareholders could reduce the cash available to StablecoinX upon closing, limiting working capital and the ability to invest in its validator infrastructure, purchase discounted ENA Tokens, or execute strategic initiatives. • Liquidity Risk .ENA Token and related assets may have limited liquidity, particularly in public markets. Illiquidity could hinder the ability of StablecoinX to monetize its digital -assetholdings or implement hedging strategies effectively. • Cybersecurity and Operational Risks .Validator operations, staking, and blockchain networks are vulnerable to cybersecurity threats, including hacks, theft, or other unauthorized access. Such events could lead to material losses of assets, disruption of operations, and reputational damage. • Market and Macroeconomic Risks .Broader economic, geopolitical, or market conditions, including interest rate changes, inflation, recessionary pressures, or instability in global financial markets, may negatively impact digital -assetprices, capital raising, and StablecoinX’s operational performance. • Competition Risk .The digital -assetand stablecoin markets are highly competitive. Other protocols, validator networks, or centralized/decentralized stablecoin issuers could reduce demand for ENA Token, USDe, or StablecoinX’s services, adversely impacting revenue and growth potential. • Network Adoption Risk .The launch and anticipated adoption of Converge or other validation opportunities in the Ethena ecosystem utilizing ENA Token as a Layer -1settlement and smart contract platform is uncertain. Limited or delayed adoption could reduce network transaction volume, staking rewards, and long -termutility for ENA Tokens. • Management and Key Personnel Risk .The performance of StablecoinX depends on the services of StablecoinX’s future management team and key personnel. Loss of