Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 300

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 300
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De, as governance and stablecoin tokens, respectively, may be considered securities or other regulated instruments by regulators, including the SEC. Regulatory actions, including restrictions on issuance, trading, staking, or use of these tokens, could adversely affect StablecoinX’s operations, revenue streams, and market access. • Execution and Technology Risk .Ethena Labs’s development of the proposed Converge Layer -1blockchain or other any other validation opportunities in the Ethena ecosystem utilizing ENA Token, StablecoinX’s validator infrastructure, and staking operations involve complex technology and systems integration. Potential challenges include software bugs, network congestion, security vulnerabilities, cyberattacks, operational failures, and delays in adoption. Any of these could materially disrupt operations, reduce staking yields, or negatively affect token value and investor returns. • Risks in StablecoinX’s Business Plan, which Business Plan May Not be Achieved. StablecoinX does not have significant operations prior to Closing to evaluate. StablecoinX may not be successful in building its ENA Token treasury or in operating and maintaining the validator business it intends to launch and operate using its ENA Token holdings. Further, StablecoinX’s business may not generate sufficient cash flows to cover all of its expenses. In addition, StablecoinX may encounter unforeseen expenses, difficulties, complications, delays and other unknown events that may cause its costs to exceed its expectations. 121 • Valuation and Market Acceptance .There can be no assurance that public markets will assign valuations to StablecoinX that reflect the intrinsic value of its assets or that ENA Token and related tokens will achieve widespread adoption as governance or settlement currencies. Limited liquidity in the market for ENA Token could further exacerbate price volatility. • Uncertainty Surrounding Profit Participation in the USDe Protocol .While holders of ENA Token, like StablecoinX, may in the future indirectly benefit from deployment of USDe protocol revenues via the above referenced “fee -switch” proposal, there is no guarantee as to the timing, magnitude or regulatory viability of such deployment, that will occur, that they will be significant, or that timing will align with investor expectations. Governance approvals, operational execution, or unforeseen changes in protocol economics could delay, reduce, or prevent potential indirect revenue benefits. • Redemption Risk .Significant redemptions by Public Shareholders could reduce the cash available to StablecoinX upon closing, limiting working capital and the ability to invest in its validator infrastructure, purchase discounted ENA Tokens, or execute strategic initiatives. •