Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 429

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 429
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 -focusedbusiness lines, including infrastructure software and services and treasury operations. We expect that our competitive strengths will include: (i) the relatively large accumulation of ENA Token in our treasury, which as of the date of this proxy statement/prospectus is expected to hold approximately 20% of the total ENA Token supply and 39.4% of the total circulating supply of ENA Tokens, which may enhance our ability to participate in staking, validation or other protocol -alignedactivities, subject to availability and applicable rules and governance decisions; (ii) our multi -yearCollaboration Agreement with the Ethena Foundation that grants us the right to purchase locked ENA Tokens from the Ethena Foundation at a discount in certain circumstances, although the Ethena Foundation is not obligated to prioritize StablecoinX over other ecosystem participants and may support competing infrastructure providers; (iii) our human capital and (iv) our ongoing relationship with Anchorage. Despite these competitive strengths, we will not control the governance of the Ethena Protocol, and governance outcomes or strategic decisions by the Ethena Foundation may not align with our interests or enhance the economics of our infrastructure software and services or ENA Token holdings. In addition, as a newly formed company with no operating history, we may face challenges in executing our strategy and competing with more established infrastructure providers. ENA Token Treasury We intend to establish our initial reserve of ENA Token through the consummation of the PIPE and ENA Contribution. Based on the number of Locked ENA Token purchased by the Company with the Cash PIPE Proceeds and the number of ENA Token expected to be received by the Company in connection with the consummation of the ENA Contribution and the PIPE, we expect to own an aggregate of approximately 3.03 billion ENA Tokens in our treasury at the Closing, which represents approximately 39.4% of the 7.69billion ENA Tokens currently in circulating supply and approximately 20% of the 15 billion ENA Token currently in existence as of the date of this proxy statement/prospectus, and will seek to execute a capital -efficientaccumulation strategy. See “ Unaudited Pro Forma Condensed Combined Financial Information” for additional information regarding the number of ENA Token expected to be held by the Company at Closing. Following the Closing, we plan to continue to build our ENA Token reserve through ongoing future discounted purchases from the Ethena Foundation in accordance with the terms of the Collaboration Agreement. We intend to utilize