Company: TGE
Filing Date: 2025-04-25
Form Type: F-4/A
Source: 0001213900-25-035536
Chunk: 184

Company: Generation Essentials Group
Filing Date: 2025-04-25
Form: F-4/A
Chunk 184
---
arrants are currently listed on Nasdaq. The obligations of Black Spade II, TGE and Merger Sub to consummate the Business Combination is conditioned on the TGE Ordinary Shares and TGE Warrants being approved for listing on a Qualified Stock Exchange, subject to official notice of issuance. TGE will seek to list the TGE Ordinary Shares and TGE Warrants on a Qualified Stock Exchange, each of which has initial and continued listing standards that TGE would be required to meet. For example, as part of the exchange application process, TGE is required to provide evidence that it will be able to meet the initial listing requirements of a Qualified Stock Exchange, which may be more rigorous than the respective continued listing requirements. TGE’s eligibility for listing may depend on, among other things, the number of Public Shares that are redeemed. If the relevant stock exchange denies TGE’s listing application for failure to meet the listing standards and the parties agree to waive the listing condition in the Business Combination Agreement or, after the Closing, such stock exchange delists the TGE Ordinary Shares or TGE Warrants from trading on its exchange for failure to meet the continued listing standards, TGE and its shareholders could face significant material adverse consequences including: •a limited availability of market quotations for its securities; •reduced liquidity for its securities; •a determination that TGE Ordinary Shares are a “penny stock” which will require brokers trading in the TGE Ordinary Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for its securities; •limited or no news or analyst coverage; and •a decreased ability to issue additional securities or obtain additional financing in the future. 108 The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” If the TGE Ordinary Shares and TGE Warrants are listed on a Qualified Stock Exchange, they will be covered securities. Although the states are preempted from regulating the sale of covered securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if TGE was not listed on a Qualified Stock Exchange, its securities would not be covered securities and it would be subject to regulation in each state in which it offers its securities. The Sponsor,