Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 248

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 248
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, no stock-based compensation expense has been recognized. Stock-based
compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination)
in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount
initially received for the purchase of the Founder Shares.

<div align='center'>F-14

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

NOTE 5 — RELATED PARTY TRANSACTIONS (cont.)

The Sponsor has agreed, subject to limited exceptions,
not to transfer, assign or sell any of the Founder Shares until the earlier to occur of (A) six months after the completion
of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the closing price of the Class A
ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial business
combination, and (B) the date following the completion of the initial Business Combination on which the Company completes a liquidation,
merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their Class A
ordinary shares for cash, securities or other property.

Due to Related Party

As of December 31, 2024, the balance of due
to related party was $41,286, consists of the unpaid administrative service fee $40,000 as described below and reimbursement payable to
the management of $1,286.

Promissory Note — Related Party

On May 21, 2024, the Sponsor issued an unsecured
promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal
amount of $250,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2024, or
(ii) the consummation of the Initial Public Offering. Prior to the closing of the Initial Public Offering, the Company withdrew $193,720
under the Promissory Note, which was fully repaid subsequent to the closing of the Initial Public Offering, on September 5, 202