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StablecoinX restructures defaulted SPAC debt into cash and warrants
The restructuring covers $6.879 million of defaulted notes with about $344,000 in cash and warrants representing potential Class A shares equal to roughly 31.7% of its outstanding shares.
Nasdaq-listed StablecoinX, which trades under the ticker USDE, has restructured $6.879 million of defaulted former-SPAC notes, shifting most of the near term repayment pressure away from cash and into a claim on future equity. According to an Aug. 24 regulatory filing cited by CryptoSlate, the plan pairs roughly $343,966 in cash with two warrant tranches.
Under the restructuring terms, StablecoinX will pay 5% of the note balance in cash, with the remaining 95% allocated to Tranche A warrants issued at a $1 value and Tranche B warrants issued at a $0.75 value. Based on the disclosed allocation and issue values, CryptoSlate calculates the deal would create about 3.27 million Tranche A warrants and 4.36 million Tranche B warrants, or roughly 7.62 million potential Class A shares.
The filing also states that the warrants would not dilute existing holders unless they are exercised, and that full discharge remains conditional on delivery of the cash component and issuance of the warrants. StablecoinX previously reported that the obligations became repayable when its business combination closed on June 25 but were not repaid or converted and were in default.
CryptoSlate reports the obligations stemmed from StablecoinX's business combination with TLGY Acquisition Corporation, bringing a former-SPAC liability into the capital structure of the Ethena-linked company. The note holders included TLGY Sponsors LLC, CPC Sponsor Opportunities I LP, and CPC Sponsor Opportunities I (Parallel) LP, which waived the payment default under an Aug. 5 term sheet before definitive agreements were signed on Aug. 21.
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