Nasdaq-listed crypto treasury firm StablecoinX has restructured $6.879 million in defaulted former-SPAC notes through a deal that limits immediate cash outlays to approximately $344,000, according to an Aug. 24 regulatory filing. The remaining obligation is addressed through two warrant tranches representing approximately 7.62 million potential Class A shares, shifting repayment pressure into potential equity dilution.
StablecoinX, which trades under the ticker USDE and holds Ethena's ENA token as a treasury asset, acquired the liability through its business combination with TLGY Acquisition Corporation. The obligations, held by TLGY Sponsors LLC, CPC Sponsor Opportunities I LP, and CPC Sponsor Opportunities I (Parallel) LP, became repayable when the business combination closed on June 25. The notes remained unpaid and went into default before the holders waived the payment default under an Aug. 5 term sheet, leading to definitive agreements signed on Aug. 21.
Under the terms of the restructuring, 5% of the note balance is payable in cash, amounting to $343,966. Meanwhile, 47.5% is allocated to Tranche A warrants at a $1 issue value, and 47.5% is allocated to Tranche B warrants at a $0.75 issue value. This structure yields about 3.27 million Tranche A warrants and 4.36 million Tranche B warrants.
The newly created warrant pool represents about 31.7% of StablecoinX's 24.029 million Class A shares outstanding as of Aug. 12. Factoring in 11.5 million existing public warrants and 78,635 restricted stock units, the pre-deal potential-share baseline sits at approximately 35.61 million, with the new warrants accounting for roughly 21.4% of that total.
The warrants become exercisable on Sept. 20. Tranche A features an $11.50 exercise price and expires on June 25, 2031, while Tranche B features a $15 exercise price and expires on Aug. 21, 2034. Both strike prices sit above USDE's Aug. 24 close of $6.27. Additionally, the warrants are non-redeemable and include cashless-exercise rights while held by former sponsors or permitted transferees.
As of June 30, StablecoinX reported $18.856 million in cash. The $344,000 cash component of the restructuring accounts for roughly 1.8% of that balance, significantly reducing the immediate cash drain compared to paying the full note amount.
