Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 98

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 98
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                            |     |         | (10,000 | ) |
| Transaction bonus incurred to Black Spade II          |     |         |  (5,560 | ) |
| Reduction in reserves                                 |     |         | (48,847 | ) |

| 4. | Earnings per Share |

Earnings per share was calculated
using the historical weighted average number of shares outstanding, the Share Consolidation and the issuance of additional shares in connection
with the Transactions, assuming the shares were outstanding since January 1, 2024. As the Transactions are being reflected as if
they had occurred at the beginning of the period presented, the calculation of weighted average number of shares outstanding for basic
and diluted earnings per share assumes that the shares issuable relating to the Transactions have been outstanding for the entire period
presented. If the maximum number of shares are redeemed, this calculation is retroactively adjusted to eliminate such shares for the entire
period.

|                                                                              |     | Year ended December 31, 2024 |            |   |
|:-----------------------------------------------------------------------------|:----|:-----------------------------|-----------:|:--|
| Pro forma loss attributable to the owners of The Generation Essentials Group |     |                              |     (9,279 | ) |
| Weighted average shares outstanding                                          |     |                              |            |   |
| – Basic and diluted                                                          |     |                              | 48,461,070 |   |
| Pro forma loss per share                                                     |     |                              |            |   |
| – Basic and diluted                                                          |     |                              |      (0.19 | ) |

<div align='center'>55

USE
OF PROCEEDS</div>

We will receive proceeds of
up to an aggregate of approximately US$186,530,000 from the exercise of the Warrants if all of the Warrants are exercised for cash. We
expect to use the net proceeds from the exercise of Warrants for general corporate purposes. The likelihood that warrant holders will
exercise the Warrants and any cash proceeds that we would receive are dependent upon the market price of the Class A Ordinary Shares,
among other things. If the market price for the Class A Ordinary Shares is less than US$11.50 per share, we believe warrant holders
will be unlikely to exercise their Warrants. There is no assurance that the Warrants will be “in the money” prior to their
expiration or that the warrant holders will exercise their Warrants. Holders of the Sponsor Warrants have the option