Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 427

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 427
---
 business” and “— Our success depends on the continued growth, development, and adoption of blockchain networks on which we may operate infrastructure software and services and the broader Ethena ecosystem, which growth remains uncertain.” The Company’s treasury strategy is intended to support its Ethena -focusedinfrastructures software and services business and ensure strategic alignment with the Ethena ecosystem. Over the twelve months following the Closing, the Company expects that its primary ENA Token holdings will consist of the ENA Tokens acquired in connection with the PIPE and ENA Contribution, as the Company does not currently have visibility into the timing or availability of any additional discounted ENA Token offerings by the Ethena Foundation. Accordingly, the Company does not have a defined timeline, budget or capital commitment for additional ENA Token acquisitions during this period. The Company does not currently maintain formal policies or procedures governing the conversion of ENA Tokens to cash and the Company currently has no plans to sell ENA Tokens for cash following the Closing. However, the Company may determine in the future to convert a portion of its ENA Token holdings to cash if required to fund operating expenses, support new infrastructure software or services businesses, satisfy tax obligations, or respond to other liquidity needs, subject to applicable contractual restrictions, market conditions and governance approvals. Given the Company’s early stage and evolving business model, it is not yet able to estimate the timing, amount or cost of any such conversions, if any. Products and Services Our primary offerings are initially expected to include: • Infrastructure and Technical Services: We expect to provide node maintenance, network optimization, protocol upgrade support, monitoring and other technical services designed to enhance the performance, scalability and security of networks and protocols within the Ethena ecosystem. • Validator Node Operations: We plan to operate validator nodes for the Ethena protocol, using ENA Tokens we hold in treasury as collateral to earn staking rewards. These rewards, paid in additional ENA Tokens, may contribute to our revenue, subject to network launch, protocol rules and market conditions. • Other Infrastructure Software and Services: We plan to provide verification, monitoring or other infrastructure support services intended to facilitate interoperability, security or protocol functionality within the Ethena ecosystem. Such services may not involve staking and may generate fees or other forms of compensation. • Treasury Operations: We intend to use the ENA Token we receive in the PIPE and ENA Contribution to establish a reserve of ENA Tokens at the Closing and plan to continue to build our ENA Token reserve through ongoing future discounted purchases from the