Company: TGE
Filing Date: 2025-03-21
Form Type: DRS/A
Source: 0001013762-25-001106
Chunk: 106

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRS/A
Chunk 106
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 the Merger The Cayman Islands currently has no form of income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax. No taxes, fees or charges will payable (either by direct assessment or withholding) to the Cayman Islands government or other taxing authority in the Cayman Islands under the laws of the Cayman Islands in respect of the merger or the receipt of the merger consideration by Black Spade II Shareholders under the terms of the Business Combination Agreement. This is subject to the qualification that (1) Cayman Islands stamp duty may be payable if any original transaction documents, including the merger agreement, are brought to or executed in the Cayman Islands; and (2) registration fees will be payable to the Registrar of Companies of the Cayman Islands to register the Plan of Merger. Regulatory Matters The Business Combination is not subject to any federal or state regulatory requirement or approval, except for filings in the Cayman Islands necessary to effectuate the Business Combination. Anticipated Accounting Treatment The Generation Essentials Group has determined that it is the accounting acquirer based on its evaluation of the facts and circumstances of the acquisition. The purpose of the merger was to assist The Generation Essentials Group with the refinancing and recapitalization of its business. The Generation Essentials Group is the larger of the two entities and is the operating company within the combining companies. The Generation Essentials Group will have control of the board after the Merger. The Generation Essentials Group’s senior management will be continuing as senior management of the combined company. In addition, a larger portion of the voting rights in the combined entity will be held by existing The Generation Essentials Group’s shareholders. As The Generation Essentials Group was determined to be the acquirer for accounting purposes, the accounting for the transaction will be similar to that of a capital infusion as the only significant pre -combinationasset of Black Spade II is the cash in the Trust Account. No intangibles or goodwill will arise through the accounting for the transaction. The accounting is the equivalent of The Generation Essentials Group issuing shares and warrants for the net monetary assets of Black Spade II. For more information, see the section entitled “ Proposal One — The Business Combination Proposal — Anticipated Accounting Treatment.” Summary of Risk Factors In evaluating the Business Combination and the proposals to be considered and voted on at the Meeting of Black Spade II Shareholders, you should carefully read this proxy statement/prospectus, including the annexes, and especially review and consider the factors discussed in the section entitled “ Risk Factors.” Some of the risks