Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 5

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 5
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holders”), (b) the TLGY Insiders, (c) the former holders of SC Assets Class B Common Stock (the “ Sellers”), (d) the PIPE Investors (as defined below) and (e) the Ethena Foundation (“ Ethena”) and (2) all StablecoinX Class B Common Stock will be held by (a) Ethena, (b) the TLGY Insiders, and (c) the Sellers. See “ — Potential conflicts of interest in connection with the Business Combination” below and the section entitled “ Description of StablecoinX’s Securities” for more information. In connection with the Business Combination, StablecoinX, SC Assets, Ethena and Ethena OpCo Ltd (“ Ethena OpCo”) entered into an amended and restated collaboration agreement (as it may be further amended, supplemented or otherwise modified from time to time in accordance with its terms, the “ Collaboration Agreement”), pursuant to which, among other things, Ethena agreed to provide StablecoinX a right to participate in certain future offerings of the native protocol governance token of the Ethena Protocol (the “ ENA Token”) made by it on terms no less favorable than other investors and to collaborate with StablecoinX on an ongoing basis to support the operation of StablecoinX’s infrastructure, staking and treasury activities of ENA Token and StablecoinX’s public advocacy for the blockchain -basedprotocol and off -chainarchitecture and related systems for ENA Token (the “ Ethena Protocol”) within the traditional finance ecosystem. Pursuant to the Collaboration Agreement, StablecoinX agreed that its business would be to provide infrastructure, staking and other products and services to the Ethena Protocol and that it would not change its principal business, acquire digital assets other than ENA Token, USDe and sUSDe or any other Ethena -relateddigital assets, or enter into a merger, acquisition, disposition or similar transaction that would have the effect of changing such business without the prior approval of the Investment Committee (as defined below) and a majority of the holders to StablecoinX Class B Common Stock. Further, during the term of the Collaboration Agreement, StablecoinX and its affiliates may not (i) sell, transfer, pledge or otherwise encumber any ENA Tokens held by it or its affiliates or (ii) provide any substantially similar services to any other third party or any other crypto -baseddecentralized network or protocol without the consent of Ethena, or in any