StablecoinX Inc. and its subsidiary, StablecoinX Assets Inc., have entered into a Waiver Letter with Ethena OpCo Ltd. and the Ethena Foundation. The agreement, dated September 14, 2026, and effective October 5, 2026, permanently waives, releases, and terminates all lock-up, vesting, and unlocking restrictions on ENA tokens held by or deliverable to the Company and its subsidiaries.
This waiver covers a specific group of tokens, including those subject to a 48-month contractual lock-up associated with a private investment in public equity (PIPE) transaction completed during a business combination with TLGY Acquisition Corporation. The waiver aligns with a previously announced lock-up release date for other ENA token holders.
The Waiver Letter establishes a framework allowing the Company to sell ENA tokens to fund working capital and strategic requirements. These sales, referred to as Funding Sales, require the Company to provide the Foundation with at least five business days' prior written notice. During this notice period, the Foundation may elect to acquire all or any portion of the proposed ENA at the offered price. The Company may proceed with the sale if the Foundation does not respond or exercise this right within the notice period.
Despite the waiver, the Company remains subject to the prior written consent of the Foundation for any sale, transfer, or disposition of ENA tokens under Section 4.2(b) of the Amended and Restated Collaboration Agreement, dated September 5, 2025. The waiver does not alter any restrictions imposed by applicable law or regulation or other obligations under the Collaboration Agreement.
