Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 207

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 207
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. Further, even if ENA Tokens themselves are not determined to be securities, related products or services, such as staking, lending or reward programs, could be deemed “securities offerings”. Recent SEC staff statements, including the August 2025 Statement on Certain Liquid Staking Activities, provide limited guidance on when staking arrangements might fall outside the scope of the securities laws. In particular, the SEC indicated that the liquid staking activities described in the statement do not involve the offer and sale of securities where the service provider’s role is purely administrative or ministerial, no yield is guaranteed, and receipt tokens do not carry rights beyond representing the staked asset. However, these statements are not binding rules or regulations, and any deviation from the described conditions, including the use of staking collateral to run validators, the issuance of derivative or “receipt” tokens, or the exercise of discretion in managing staked assets, could result in such activities being viewed as securities offerings. Because our business model contemplates operating validator nodes using ENA Tokens held in our treasury, our staking activities may attract regulatory scrutiny, and there can be no assurance that they would not be deemed to involve securities under U.S. law. The SEC has not indicated any position on whether it would or would not consider ENA Tokens to be securities. Any enforcement action by the SEC or any international or state securities regulator asserting that ENA Tokens, or any related product or service, should be treated as securities or the offering of securities, or a court decision to that effect, would likely have an immediate material adverse impact on the trading value of ENA Token and on our business. Further, several foreign jurisdictions have taken a broad -basedapproach to classifying digital assets, while others have adopted narrower approaches. As a result, certain digital assets, including ENA Token, may be deemed to be securities under the laws of some jurisdictions but not others. Future legislative or regulatory developments could alter the classification of ENA Tokens or related products and services and increase our compliance burden. 74 Regardless of our conclusions on this topic, we could in the future be subject to legal or regulatory action in the event the SEC or a state or a foreign regulatory authority were to assert, or a court were to determine, that either ENA Token itself or a product or service that we may offer or sell in the future related to ENA Token, such as staking, lending or reward programs, could be viewed a “security” under applicable laws. There can be no assurance that we will properly