Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 261

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 261
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                  | (212,822 | ) |
| Fair value of over-allotment option liability at December 31, 2024        |     | $                | —        |   |

<div align='center'>F-20

BLACK SPADE ACQUISITION II CO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024</div>

NOTE 9 — FAIR VALUE MEASUREMENTS (cont.)

The fair value of Public Warrants was determined
using Monte Carlo Simulation Model. The Public Warrants have been classified within shareholders’ deficit and will not require remeasurement
after issuance. The following table presents the quantitative information regarding market assumptions used in the valuation of the Public
Warrants:

|                                            |     | August 29, 
 2024       |       |   |
|:-------------------------------------------|:----|:-----------|------:|:--|
| Underlying share price                     |     | $          | 10.00 |   |
| Exercise price                             |     | $          | 11.50 |   |
| Term (years)                               |     |            |   6.0 |   |
| Risk-free rate                             |     |            |   3.7 | % |
| Volatility                                 |     |            |   3.3 | % |
| De-SPAC probability with market adjustment |     |            |  20.0 | % |

NOTE 10 — SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,”
establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic
areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from
which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated
by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating decision maker
(“CODM”) has been identified as the Chief Financial Officer, who reviews the assets, operating results, and financial metrics
for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has
determined that there is only one reportable segment.

The CODM assesses performance for the single segment
and decides how to allocate resources based on net income that also is reported on the statement of operations as net income. The measure
of segment