Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 181

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 181
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 and services; •companies with significant ENA Token holdings; and •companies focused on the ENA Token market, some of whom choose to operate outside of local rules and regulations or in jurisdictions with less stringent local rules and regulations and are potentially able to more quickly adapt to trends and to develop new ENA Token -basedproducts and services due to a different standard of regulatory scrutiny. If we are unable to compete successfully, or if competing successfully requires us to take costly actions in response to the actions of our competitors, our business, operating results and financial condition could be adversely affected. The range of options to gain exposure to ENA Token may expand in the future and other companies may choose to establish similar digital asset treasuries focused on ENA Token or other Ethena -relateddigital assets. If investors choose to gain such exposure through other companies with significant ENA Token holdings, rather than shares of StablecoinX Class A Common Stock, StablecoinX’s business, operating results and financial condition may be adversely affected. 60 Investors may in the future view StablecoinX Class A Common Stock as an alternative to an investment in an exchange -tradedproduct (“ ETP”) that provides direct exposure to ENA Token. If spot ENA Token ETPs are approved and become available, investors may choose to purchase shares of such products instead of our stock. They may do so for a variety of reasons, including if they believe that ETPs offer a “pure play” exposure to ENA Token that is generally not subject to federal income tax at the entity level as we may be, or the other risks that may affect other parts of our business. Additionally, unlike a spot ENA Token ETP, we (i) do not seek for our shares of StablecoinX Class A Common Stock to passively track the value of the underlying ENA Token we hold on a one -for -onebasis as our operations involve validator activities and other business risks, (ii) do not benefit from various exemptions and relief under the Exchange Act, including Regulation M, and other securities laws, which enable ETPs to continuously align the value of their shares to the price of the underlying assets they hold through share creation and redemption, and (iii) are not required to provide daily transparency as to our ENA Token holdings or our daily net asset value. Furthermore, broker -dealerrecommendations of complex or non -traditionalETPs may be subject to additional scrutiny, which would not apply to recommendations of our Class A Common Stock. Depending on how