Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 255

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 255
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 Company sends the notice                                               
 of redemption to the warrant holders.                                                                                                                                     |

<div align='center'>F-18

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

NOTE 8 — WARRANTS
(cont.)

The Company will not redeem the Public Warrants
for cash unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon
exercise of the public warrants is then effective and a current prospectus relating to those Class A ordinary shares is available
throughout the 30-day redemption period or the Company has elected to require the exercise of the public warrants on a cashless basis.
If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to
register or qualify the underlying securities for sale under all applicable state securities laws. As a result, the Company may redeem
warrants even if the holders are otherwise unable to exercise their warrants.

If the Company calls the Public Warrants for redemption
as described above, the Company will have the option to require all holders that wish to exercise such warrants to do so on a “cashless
basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary
shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants,
multiplied by the excess of the “fair market value (as defined below) of the shares of Class A ordinary shares over the exercise
price of the public warrants by (y) the fair market value. The “fair market value” means the volume weighted average
price of the Class A ordinary shares as reported during the ten (10) trading days ending on the trading day prior
to the date on which the notice of redemption is sent to the holder of the public warrants or its securities broker or intermediary.

The Private Placement Warrants are identical to
the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and
the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or
saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private
Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except