Company: TGE
Filing Date: 2025-05-06
Form Type: F-4/A
Source: 0001213900-25-040058
Chunk: 167

Company: Generation Essentials Group
Filing Date: 2025-05-06
Form: F-4/A
Chunk 167
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 in constructing and evaluating financial models and conducting valuations of businesses. For a complete discussion of the factors utilized by the Black Spade II Board in approving the Proposed Transactions, see the section titled, “Proposal One — The Business Combination Proposal — The Black Spade II Board’s Reasons for Approval of the Proposed Transaction.” The Black Spade II Board believes, because of the financial skills and background of its directors, it was qualified to prepare the financial and valuation analyses of the Proposed Transactions and to conclude that the Proposed Transactions were fair from a financial perspective to its shareholders and that TGE’s fair market value was at least 80% of Black Spade II’s net assets (excluding deferred underwriting discounts and commissions Black Spade II would otherwise pay to the underwriters, unless subsequently waived). Investors will be relying solely on the judgment of the Black Spade II Board in valuing TGE’s business. There may be risks in placing reliance on the Black Spade II Board’s financial and valuation analyses because, among other things, the members of the 100 Black Spade II Board may have interests in the completion of the Business Combination that are different from, or in conflict with, the interests of the Black Spade II Public Shareholders. See also “Summary of the Proxy Statement/Prospectus — Interests of Black Spade II Directors and Officers in the Business Combination.” The Black Spade II Board may be incorrect in its assessment of the Proposed Transactions. The lack of a fairness opinion may also lead an increased number of Public Shareholders to vote against the Business Combination Proposal or demand redemption of their shares for cash, which could potentially impact Black Spade II’s ability to consummate the Proposed Transactions or materially and adversely affect TGE’s liquidity following the consummation of the Proposed Transactions. If we were deemed to be an investment company for purposes of the Investment Company Act, we would be required to institute burdensome compliance requirements and our activities would be severely restricted. As a result, in such circumstances, unless we are able to modify our activities so that we would not be deemed an investment company, we would expect to abandon our efforts to complete an initial business combination and instead to liquidate the Company. We may be deemed to be an investment company under the Investment Company Act. As a SPAC, we were formed for the sole purpose of completing an initial business combination. The funds in the Trust Account have, since our Initial Public Offering, been held only as cash or in an interest bearing demand deposit account at a bank. As a result