Company: TGE
Filing Date: 2025-02-19
Form Type: DRS
Source: 0001213900-25-015012
Chunk: 447

Company: Generation Essentials Group
Filing Date: 2025-02-19
Form: DRS
Chunk 447
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 the Founders Shares to each of the directors, officers and certain employees of Sponsor’s affiliates is in the scope of FASB ASC Topic 718, “Compensation -StockCompensation” (“ASC 718”). Under ASC 718, stock -basedcompensation associated with equity -classifiedawards is measured at fair value upon the grant date. The fair value of the 630,000shares granted to the directors, officers and certain employees of Sponsor’s affiliates was $1,096,200 or $1.74 per share. The Founders Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of June 30, 2024, the F-12 BLACK SPADE ACQUISITION II CO
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS NOTE 5. RELATED PARTY TRANSACTIONS (cont.) Company determined that a Business Combination is not considered probable, and, therefore, no stock -basedcompensation expense has been recognized. Stock -basedcompensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founders Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founders Shares. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of (A) six months after the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -tradingday period commencing at least 150 days after the initial business combination, and (B) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Promissory Note — Related Party On May 21, 2024, the Sponsor issued an unsecured promissory note to the Company (the “Prom