Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 235

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 235
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 |      135,661 |   |
| Deferred underwriting fee payable                                                           |     | $ |    4,302,000 |   |

<div align='center'>The accompanying notes are an integral part of
these financial statements.

F-6

BLACK SPADE ACQUISITION II CO

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024</div>

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Black Spade Acquisition II Co (the “Company”)
was incorporated in the Cayman Islands on May 9, 2024. The Company was formed for the purpose of effecting a merger, capital share
exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business
Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination.
The Company is an early stage and emerging growth company, and, as such, the Company is subject to all of the risks associated with early
stage and emerging growth companies.

As of December 31, 2024, the Company had not
commenced any operations. All activity for the period from May 9, 2024 (inception) through December 31, 2024 relates to the
Company’s formation and the initial public offering (“Initial Public Offering”), which is described below, and subsequent
to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenue
until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the
form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year
end.

The registration statement for the Company’s
Initial Public Offering was declared effective on August 23, 2024. On August 29, 2024, the Company consummated the Initial Public
Offering of 15,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being
offered, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $150,000,000, which is discussed in Note 3.

Simultaneously with the closing of the Initial Public
Offering, the Company consummated the sale of 11,000,000 warrants (the “Private