Company: TGE
Filing Date: 2025-05-06
Form Type: F-4/A
Source: 0001213900-25-040058
Chunk: 55

Company: Generation Essentials Group
Filing Date: 2025-05-06
Form: F-4/A
Chunk 55
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 company and their personal interest, and this includes a duty 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. Q:What are the U.S. federal income tax consequences of the merger to U.S. Holders of BSII Class A Ordinary Shares and warrants? A:As discussed in more detail below under the section titled “Tax Considerations — U.S. Federal Income Tax Considerations — Effects of the Business Combination — Characterization of the Business Combination” Black Spade II and TGE intend to treat the merger as a taxable exchange of BSII Class A Ordinary Shares and warrants (collectively, the “BSII Securities”) for TGE ordinary shares, TGE warrants (collectively, 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 qualify as a reorganization, and there can be no assurance that it will so qualify. If the merger is a taxable exchange for U.S. federal income tax purposes, U.S. Holders (as defined in the section titled “Tax Considerations — U.S. Federal Income Tax Considerations” below) that do not exercise their redemption rights will generally be required to recognize gain or loss for U.S. federal income tax purposes on the exchange of the BSII Securities for the TGE Securities pursuant to the merger. A U.S. Holder’s gain or loss will be equal to the difference between (i) the sum of the fair market value of the TGE Securities and the Non -RedemptionPayment Amount received by the U.S. Holder in the merger and (ii) the U.S. Holder’s adjusted tax basis in the BSII Securities surrendered in the merger. If the merger were to qualify as a reorganization, U.S. Holders that do not exercise their redemption rights generally would recognize gain (but not loss) for U.S. federal income tax purposes on the exchange of the BSII Securities for the TGE Securities pursuant to the merger, in an amount equal to the lesser of (i) the U.S. Holder’s gain realized (i.e.,