Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 253

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 253
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 issued or issuable upon conversion
or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the
consummation of the initial Business Combination (including securities issued or issuable pursuant to forward purchase agreements or
backstop arrangements the Company may enter into prior to or following consummation of this offering but excluding the forward purchase
warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary
shares issued, or to be issued, to any seller in the initial Business Combination and any private placement warrants issued to the Sponsor,
officers or directors upon conversion of working capital loans, minus (iv) the number of Class A ordinary shares redeemed by
public shareholders; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

<div align='center'>F-17

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

NOTE 8 — WARRANTS

As of December 31, 2024, there were 16,220,000 warrants
outstanding, including 5,100,000 Public Warrants and 11,120,000 Private Placement Warrants. Public Warrants may only be exercised for
a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade.
The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months
from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination
or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any
Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act covering the issuance of Class A ordinary shares issuable upon exercise of the
warrants is then effective and a current prospectus relating to those Class A ordinary shares is available, subject to the Company
satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable
for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or