Company: TGE
Filing Date: 2025-02-19
Form Type: DRS
Source: 0001213900-25-015012
Chunk: 262

Company: Generation Essentials Group
Filing Date: 2025-02-19
Form: DRS
Chunk 262
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 not to engage in self -dealing, or to otherwise benefit as a result of their position. Black Spade II’s directors and officers considered their fiduciary duty and the conflicts of interests, among other matters, in evaluating the Business Combination and in recommending to shareholders that they approve the Business Combination. Anticipated Accounting Treatment aWME 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 aWME with the refinancing and recapitalization of its business. aWME is the larger of the two entities and is the operating company within the combining companies. aWME will have control of the board after the Merger. aWME 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 aWME shareholders. As aWME 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 aWME 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.” Regulatory Matters The Business Combination is not subject to any federal or state regulatory requirement or approval, except for filings with the Registrar of Companies in the Cayman Islands necessary to effectuate the Business Combination. Vote Required for Approval The approval of the Business Combination Proposal will require an ordinary resolution under Cayman Islands Law and pursuant to the Black Spade II Articles, being the affirmative vote of the Black Spade II Shareholders holding a majority of BSII Shares which, being so entitled, are voted on such resolution in person or by proxy at the Meeting at which a quorum is present. The Business Combination will not be consummated if Black Spade II has less than $5,000,001 of net tangible assets (as determined in accordance with Rule 3a51 -1(g)(1) of the Exchange Act) immediately prior to or upon the consummation of the Business Combination. Brokers are not entitled to vote on the Business Combination Proposal absent voting instructions from the beneficial holder. Abstentions and broker non -votes, while considered present for