Company: TGE
Filing Date: 2025-03-21
Form Type: DRSLTR
Source: 0001013762-25-001138
Chunk: 6

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRSLTR
Chunk 6
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udited
pro forma condensed combined financial information.

Article 11 of SEC Regulation S-X
governs the preparation of pro forma financial information. Under Article 11, the pro forma adjustments must be:

| ● | Directly attributable to the transaction, |

| ● | Factually supportable, and |

| ● | Expected to have a continuing impact. |

When preparing pro forma financial
information under SEC Regulation S-X Article 11, contingent consideration is included only if it is “reasonably estimable”
and considered probable of occurring at the time the pro forma financial information is prepared. Earnout arrangements tied to future
events, such as share price targets (VWAP) and non-market operational conditions of acquisition-related targets (hotel and coffee shops
acquisitions), are inherently uncertain at the time of the transaction. Therefore, these earnout arrangements do not meet the “reasonably
estimable” and “probable” at the time of preparing pro forma financial information.

Earnout shares contingent on future
events generally do not meet the “factually supportable” and “directly attributable” criteria at the time of
the pro forma financial information because the future triggering events have not yet occurred and are uncertain in nature. Thus, they
are excluded from the pro forma financial information.

Securities and Exchange Commission

March 21, 2025

Page 7

Compensation of Directors and Executive Officers, page 244

In response to the Staff’s
comment, the Company has revised the disclosure on page 243 of the Revised Draft Registration Statement.

TAX CONSIDERATIONS, page 246

| 16. | Please revise to provide the federal income tax consequences                               
 of the business combination to (i) Black Spade II, (ii) aWME, (iii) aWME security holders, 
 and (iv) Black Spade II security holders. Refer to Item 1605(b)(6) of Regulation S-K.      |

In response to the Staff’s comment, the Company has revised the disclosure on page 246 to clarify that the section (now titled “Effects
of the Business Combination”) is not limited to the Black Spade II security holders, and notes that such section currently discusses
the federal income tax consequences of the business combination to (i) Black Spade II and (ii) TGE (formerly known as aWME) (see page
247), in addition to Black Spade II security holders. Additionally, the Company respectfully notes that