# TLGY ACQUISITION CORP (TLGYF) — spac/ipo [completed]
Source: SEC API (secapi.ai) · situation sit_e2b4a768b7084c5ba3c9 · retrieved 2026-08-11T16:13:05.798Z

## Overview
StablecoinX Inc. is a newly-formed infrastructure software and services business supporting the Ethena ecosystem, which may include operating validator infrastructure on the proposed Converge network, deploying a decentralized verifier network (DVN) or similar service, or providing other technical or operational support for networks or protocols that utilize ENA Token.

TLGY Acquisition Corporation agreed to merge with StablecoinX Inc. in a two-step transaction whereby StablecoinX SPAC Merger Sub LLC merges with and into TLGY (with TLGY surviving), followed immediately by StablecoinX Company Merger Sub, Inc. merging with and into StablecoinX Assets Inc. (with SC Assets surviving). Upon closing, TLGY and SC Assets become wholly-owned subsidiaries of StablecoinX, which becomes a publicly traded company. The transaction involves approximately $893 million in total consideration, comprising $363 million in initial PIPE proceeds (including $101 million in ENA Tokens and $262 million in cash) and $530 million in additional PIPE proceeds (including $248 million in ENA Tokens and $282 million in cash), plus a $60 million ENA Token contribution from Ethena valued at $0.21056 per token. Following closing, Ethena will beneficially own a majority of the voting power through its holdings of StablecoinX Class B Common Stock, while PIPE investors and public shareholders will hold StablecoinX Class A Common Stock.

## Terms
- Counterparty: StablecoinX Inc., StablecoinX Assets Inc., Ethena Foundation · Consideration: mixed

## Key dates
- Record 2026-02-04 · Vote 2026-03-10 · Completed 2026-02-18

## Timeline
- 2026-02-18 · DEFM14A (0001213900-26-017535): DEFM14A - TLGY ACQUISITION CORP — *StablecoinX Inc. is a newly-formed infrastructure software and services business supporting the Ethena ecosystem, which may include operating validator infrastructure on the proposed Converge network, deploying a decentralized verifier network (DVN) or similar service, or providing other technical or operational support for networks or protocols that utilize ENA Token.* TLGY Acquisition Corporation agreed to merge with StablecoinX Inc. in a two-step transaction whereby StablecoinX SPAC Merger Sub LLC merges with and into TLGY (with TLGY surviving), followed immediately by StablecoinX Company Merger Sub, Inc. merging with and into StablecoinX Assets Inc. (with SC Assets surviving). Upon closing, TLGY and SC Assets become wholly-owned subsidiaries of StablecoinX, which becomes a publicly traded company. The transaction involves approximately $893 million in total consideration, comprising $363 million in initial PIPE proceeds (including $101 million in ENA Tokens and $262 million in cash) and $530 million in additional PIPE proceeds (including $248 million in ENA Tokens and $282 million in cash), plus a $60 million ENA Token contribution from Ethena valued at $0.21056 per token. Following closing, Ethena will beneficially own a majority of the voting power through its holdings of StablecoinX Class B Common Stock, while PIPE investors and public shareholders will hold StablecoinX Class A Common Stock.
  https://www.sec.gov/Archives/edgar/data/1879814/0001213900-26-017535.txt

## Citations
- 0001213900-26-017535 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026017535