Company: TGE
Filing Date: 2025-04-11
Form Type: F-4
Source: 0001213900-25-031177
Chunk: 183

Company: Generation Essentials Group
Filing Date: 2025-04-11
Form: F-4
Chunk 183
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 the Black Spade II Articles and applicable laws. For example, it is a condition to our obligations to close the Business Combination that certain of TGE’s representations and warranties are true and correct in all material respects as of the Closing Date. However, if the Black Spade II Board determines that it is in Black Spade II Shareholders’ best interest to waive any such breach, then the board may elect to waive that condition and close the Business Combination. Black Spade II is not able to waive the condition that Black Spade II Shareholders approve the Business Combination. Black Spade II anticipates that it will be treated as a PFIC, which could result in adverse U.S. federal income tax consequences to U.S. investors who exercise their right to redeem the BSII Public Shares. Black Spade II anticipates that it will be treated as a PFIC with respect to its current taxable year. In that case, the U.S. federal income tax treatment of any income or gain recognized by a U.S. Holder that exercises its redemption rights will depend on the application of the PFIC rules discussed below and whether the U.S. Holder has made a QEF Election (as defined below) or mark -to -marketelection with respect to its BSII Class A Ordinary Shares. For a more complete discussion of the U.S. federal income tax considerations of an exercise of redemption rights by a U.S. Holder, see the sections titled “Tax Considerations — U.S. Federal Income Tax Considerations for U.S. Holders — Effects to U.S. Holders of Exercising Redemption Rights” and “Tax Considerations — U.S. Federal Income Tax Considerations for U.S. Holders — PFIC Considerations.” U.S. Holders of BSII Class A Ordinary Shares and warrants may be required to recognize gain for U.S. federal income tax purposes regardless of whether the merger qualifies as a reorganization for U.S. federal income tax purposes. As discussed in more detail below under “Tax Considerations — U.S. Federal Income Tax Considerations — Effects of the Business Combination,” Black Spade II and TGE intend to treat the merger as taxable exchange of the Black Spade II Securities for the TGE Securities and the Non -RedemptionPayment Amount, although the merger potentially could qualify as a “reorganization” within the meaning of Section 368(a) of the Code (a “reorganization”). As discussed in more detail below, there are significant factual and legal uncertainties as to whether the merger might