Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 90

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 90
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 for the right to receive one Class A Ordinary Share;                                                                            |

| ● | Each Class A ordinary share of Black Spade II, par value $0.0001 per share (“BSII Class A Ordinary                                       
 Share”) that was issued and outstanding immediately prior to the Merger Effective Time (other than such BSII Class A Ordinary Shares     
 that were treasury shares, validly redeemed shares or BSII Dissenting Shares (as defined below)) was cancelled in exchange for the right 
 to receive one Class A Ordinary Share;                                                                                                   |

| ● | Each BSII Class A Ordinary Share that was held as a treasury share was cancelled and cease to exist; |

| ● | Each issued and outstanding BSII Class A Ordinary Share that was validly redeemed was cancelled in exchange                              
 for the right to be paid a pro rata share of the aggregate amount payable with respect to the exercise of the redemption rights of Black 
 Spade II Shareholders;                                                                                                                   |

| ● | Each issued and outstanding BSII Class A Ordinary Share that was held by any person who had validly exercised                     
 and not effectively withdrawn or lost their right to dissent from the Merger in accordance with Section 238 of the Cayman Islands 
 Companies Act (“BSII Dissenting Share”) was cancelled and carried no right other than the right to receive the payment of         
 the fair value of such BSII Dissenting Share determined in accordance with Section 238 of the Cayman Islands Companies Act; and   |

| ● | Each issued and outstanding warrant of Black Spade II exercisable for shares of Black Spade II was exchanged 
 for a corresponding warrant exercisable for Class A Ordinary Shares (“Warrants”).                            |

The unaudited pro forma condensed
combined financial information has been prepared to reflect the actual redemption of 13,120,874 shares of Class A ordinary shares in Black
Spade II’s initial public offering by the Black Spade II Public Shareholders prior to the consummation of the Business Combination.

The Business Combination is
accounted for as a recapitalization, with no goodwill or other intangible assets recorded, in accordance with IFRS.

Anticipated Accounting
Treatment

Notwithstanding the legal
form of the Business Combination pursuant to the Business Combination Agreement, the Business Combination is accounted for as a reverse
merger in accordance with IFRS as issued by the IASB. Under this method of accounting, Black Spade II is treated as the “acquired”
company and The Generation Essentials Group is treated as the ac