Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 179

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 179
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 providers in networks such as the DVN or other Ethena -relatedprotocols could materially impact the profitability and sustainability of our validator and infrastructure operations. See “— We have limited ability to influence the governance of the Ethena Protocol, and future changes may negatively impact our business.” In addition, third -partyblockchain networks regularly implement protocol upgrades or changes that require validators and infrastructure providers to adapt their technical systems on short notice. Failure to implement required updates or configuration changes in a timely and secure manner could result in downtime, penalties, or removal from the validator sets or service programs. Furthermore, we could experience reputational harm from controversies or operational failures affecting the broader Ethena ecosystem or its participants, even if we are not directly responsible. Despite our efforts to monitor governance developments, maintain robust security practices, and adapt to network changes, our validator and infrastructure operations remain subject to risks inherent in third -partyblockchain protocols. Any loss of staked ENA Token, exclusion from the validator sets or infrastructure programs, or adverse governance or operational developments within the proposed Converge network, the DVN or other supported networks could materially and adversely affect our business, financial condition, and results of operations. Our validator and infrastructure software and service business will be built on third-party technology. Any failure of that technology or related services could have a material adverse effect on our business, financial condition, and results of operations. Our validator business and related infrastructure software and services are expected to rely initially on licensed technology and intellectual property that are critical to our blockchain infrastructure operations and strategic initiatives. We have a perpetual non -exclusiveroyalty -freesoftware license with an entity owned by our Chief Technology Officer to use its proprietary Node -as - a-Service(“ NaaS”) platform software. We intend to use the NaaS platform software as the foundation to build our validator business and infrastructure operations, which we expect to host and operate on StablecoinX’s own infrastructure to ensure StablecoinX maintains control over the development and scalability of such operations. We will also rely on a managed services agreement with another entity owned by our Chief Technology Officer for IT support and infrastructure management. Because our validator and infrastructure operations depend heavily on third -partyand affiliated technology and services, we may face additional operational and governance risks. Any failure in the systems upon which our operations rely, whether due to software defects, hardware failures, cybersecurity incidents, or failures by third -partyservice providers, could lead to downtime, service interruptions, or loss of functionality. Such events could