Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 107

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 107
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 •The ability of TLGY’s Public Shareholders to exercise redemption rights with respect to a large number of its Public Shares may not allow it to complete the Business Combination or optimize the capital structure of StablecoinX and may increase the probability that the Business Combination would be unsuccessful and that you will have to wait for liquidation in order to redeem your shares. •Even if TLGY consummates the Business Combination, there can be no assurance that its Public Warrants will be in the money at the time they become exercisable, and they may expire worthless. •The terms of the TLGY Warrants may be amended in a manner that may be adverse to holders with the approval by the holders of at least 50% of the then outstanding Public Warrants. 20 •The market price of StablecoinX Class A Common Stock may decline as a result of the Business Combination. Risks Related to StablecoinX and SC Assets’ Business and Industry •SC Assets has no operating history and has not yet produced any revenues, which make it difficult to evaluate StablecoinX’s business and future prospects, and StablecoinX may not be able to achieve or maintain profitability in any given period. •Our business will be significantly dependent on the performance, adoption, and credibility of our ecosystem partners, including the Ethena Foundation and its associated assets. The loss of, or a significant decrease in business from, the Ethena Foundation and its associated assets, could have a material adverse effect on our business, financial condition and results of operations. •Our ENA Token acquisition strategy exposes us to various risks associated with ENA Token. •StablecoinX’s operating results, revenue and expenses may significantly fluctuate, including due to the highly volatile nature of ENA Token and other digital assets, which could have an adverse effect on the market price of shares of StablecoinX Class A Common Stock. Risks Related to Our Relationship with the Ethena Foundation, its Products and the Ethena Protocol •Our business will be centered on supporting the Ethena ecosystem and holding and acquiring its products, including ENA Token. Our dependence on the Ethena Foundation will create concentration risk, and, as a result, a deterioration in our relationship or the Ethena Foundation’s support for a competing validator could materially harm our business. •The long -termvalue of ENA Token is uncertain because its current utility is limited. •Stablecoins such as USDe face significant competitive and regulatory challenges that could undermine their success and, in turn, the