Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 416

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 416
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 such ecosystem. Following the Business Combination, the Company plans to operate validator infrastructure supporting the Ethena Protocol on the planned Converge Layer -1blockchain once it is launched, and expects to generate revenue through transaction validation, staking yields, and potential participation in protocol -basedfees. Our business model is designed to provide recurring revenue streams while benefiting from potential appreciation in the ENA Token. The primary factors that are expected to impact our results and present significant opportunities, as well as pose risks and challenges, are described below. We believe that our performance and future success depend on the factors discussed below, those mentioned in the section titled “ Risk Factors” and elsewhere in this proxy statement/prospectus. The following macroeconomic factors and trends as they relate to ENA Token and the Ethena ecosystem may specifically impact our business: • Price of ENA Token:Our business is expected to be dependent on the price of ENA Token, which has historically experienced significant volatility. At the Closing, we will have acquired ENA Token for our digital asset treasury and we plan to continue accumulating ENA Token through our ongoing collaboration relationship with Ethena. Market price fluctuations may materially affect our digital -assetholdings, staking rewards, and financial performance. • Regulation:Evolving regulatory developments affecting digital assets, stablecoins, and blockchain infrastructure could restrict our operations, impose compliance obligations, or affect market access, all of which may hinder our growth. Favorable regulations can encourage adoption, while restrictive measures can hinder it. • Institutional Adoption of USDe:Adoption by institutions may impact demand for ENA Tokens, transaction volumes, staking yields, and network security. Increased participation by institutional investors, including hedge funds, mutual funds, corporations, and nation states can drive market confidence and liquidity, supporting continued growth. • Political Environment:Legislative or policy changes, government scrutiny, or geopolitical developments may create operational uncertainty. Favorable changes or developments can encourage adoption, network participation, and token value, while restrictive measures can hinder it. • Awareness and Market Perception:Public and institutional confidence in the Ethena Protocol and ENA Token could affect adoption, network participation, and token value. Due to the rapidly evolving nature of digital assets and the volatile price of ENA Token, which has experienced and continues to experience significant volatility, we expect that our operating results will fluctuate significantly from quarter to quarter in accordance with market sentiments and movements in the broader Ethena ecosystem. • Monetary Policy:Interest rate changes, inflation, expansive monetary