Company: TGE
Filing Date: 2025-04-11
Form Type: F-4
Source: 0001213900-25-031177
Chunk: 11

Company: Generation Essentials Group
Filing Date: 2025-04-11
Form: F-4
Chunk 11
---
 result in a change of control of TGE, in which case holders of TGE Preferred Shares must vote as a separate class and no change of control transaction may proceed unless and until so approved. (3)Represents TGE Class A Ordinary Shares received by non -redeemingBlack Spade II Shareholders as a result of the Merger. (4)Consists of the Sponsor, Black Spade II’s directors and officers and certain of the Sponsor’s affiliates and employees. (5)After giving effect to the Recapitalization. (6)Upon completion of the Business Combination, the AMTD Entities will hold 18,470,375 TGE Class A Ordinary Shares, 19,285,911 TGE Class B Ordinary Shares and 6,343,056 TGE Preferred Shares (in particular AMTD Digital Inc. will hold 19,285,911 TGE Class B Ordinary Shares and 6,343,056 TGE Preferred Shares). Under the “no redemptions” scenario, the 50% redemption scenario and the maximum redemption scenario, the AMTD Entities would hold 64.9%, 73.2% and 83.0% of TGE Shares, respectively. The actual ownership of TGE Class A Ordinary Shares, TGE Class B Ordinary Shares and TGE Preferred Shares as a result of the Business Combination will be within the parameters described by the three scenarios above. However, there can be no assurance regarding which scenario will be closest to the actual results. Shareholders will experience additional dilution to the extent The Generation Essentials Group issues additional shares after the Closing. The table above excludes (a) 16,220,000 TGE Ordinary Shares that would be issuable in aggregate upon the exercise of 11,120,000 Private Placement Warrants and 5,100,000 Public Warrants; (b) TGE Ordinary Shares representing Earnout Shares that will be issuable if the relevant triggering events described herein occur; and (c) TGE Class A Ordinary Shares that will be available for issuance under TGE’s incentive award plan immediately following the completion of the Business Combination. Compensation Received by the Sponsor and its Affiliates Black Spade II’s sponsor is Black Spade Sponsor LLC II (the “Sponsor”), a limited liability company registered under the laws of the Cayman Islands. On August 20, 2024, the Sponsor transferred a total of 630,000 Founder Shares to directors, officers and certain employees of Sponsor’s affiliates, at a price of