Company: TGE
Filing Date: 2025-04-25
Form Type: F-4/A
Source: 0001213900-25-035536
Chunk: 81

Company: Generation Essentials Group
Filing Date: 2025-04-25
Form: F-4/A
Chunk 81
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 |     |             |        11.20 |   |     |             |        11.34 |   |     |             |        11.50 |   |     |             |        11.67 |   |     |             |        11.80 |   |

(2)Net tangible book value at or above which the potential dilution results in pro forma net tangible book value per share, as adjusted being at least $10.00 per share, is determined by reference to difference between initial public offering price per BSII Class A Ordinary Share and pro forma net tangible book value per share, as adjusted, multiplied by pro forma outstanding shares of TGE under different scenario of redemption. (*)For more information, please see the section entitled “ Unaudited Pro Forma Condensed Combined Financial Information.”

37

Potential Sources of Dilution The sensitivity table below sets forth the potential additional dilutive impact of each additional source of dilution to the Black Spade II Public Shareholders’ ownership of TGE, namely (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 Class A Ordinary Shares representing Earnout Shares that will be issuable if the relevant triggering events described herein occur; (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. (each, an “Additional Dilution Source,” and collectively, the “Additional Dilution Sources”) based on the varying levels of redemptions by the Black Spade II Public Shareholders and the following additional assumptions. The share amounts and ownership percentages set forth above are not indicative of voting percentages.

|                                                                |     |          Assuming 
                No 
 Redemptions(1)(2) |     |      |     |           Assuming 
 25% of the Maximum 
  Redemptions(1)(2) |     |      |     |           Assuming 
 50% of the Maximum 
  Redemptions(1)(2) |     |      |     |           Assuming 
 75% of the Maximum 
  Redemptions(1)(2) |     |      |     |          Assuming 
           Maximum 
 Redemptions(1)(2) |     |      |
|                                                                |     |            Number |     |    % |     |             Number