Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 171

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 171
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X’s failure, for any reason, to continue to take advantage of growth opportunities. Market opportunity estimates and growth forecasts for stablecoins generally and the Ethena ecosystem, including ENA Tokens and the successful launch of the proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token, more specifically are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate. There is no assurance that any estimates driving ENA Token acquisition strategies will accurately reflect any particular level of revenue or growth prospects for StablecoinX. We will encounter risks and difficulties as described in this section. If we do not manage these risks successfully, our business may be adversely impacted. If StablecoinX’s assumptions regarding these risks and uncertainties and its future growth are incorrect or change adversely, or if StablecoinX does not address these risks successfully, StablecoinX’s operating and financial results could differ materially from its expectations, and its business could suffer. If our revenue growth rate, when we are at a revenue generation stage, were to decline significantly or become negative, it could adversely affect our operating results and financial condition. If we are not able to achieve or maintain positive cash flow from operations, or if the price of ENA Token declines significantly, our business may be adversely impacted and we may require additional financing, which may not be available on favorable terms or at all, may restrict the distribution of dividends or other payments to shareholders, or may be dilutive to our shareholders. StablecoinX may not be able to successfully execute its business strategies. A significant part of StablecoinX’s strategy involves the acquisition and holding of ENA Token, however: •our acquisition strategy is susceptible to various risks associated with ENA Token, including significant price volatility; •we may compete with others to acquire ENA Token, and as competition increases, decreased availability or increased acquisition prices could result despite our ongoing Collaboration Agreement with Ethena; •we may experience difficulty in anticipating the timing, pricing and availability of ENA Token acquisitions; •we may not be able to obtain additional financing, on favorable terms or at all, to finance any of our potential ENA Token acquisitions or working capital needs; •we may not be able to meet the technical, economic, governance or other requirements necessary to participate in the proposed Converge validator network or other validation or infrastructure software and service opportunities within the Ethena ecosystem that utilize ENA Token, including requirements applicable to DVNs or other technical service providers; and •we may not be