Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 281

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 281
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 extent that the underwriters’ over-allotment is not exercised in
full or in part, so that the number of Founder Shares will equal, on an as-converted basis, approximately 20% of the Company’s
issued and outstanding ordinary shares after the Initial Public Offering. On September 26, 2024, the underwriters partially exercised
their over-allotment option and purchased an additional 300,000 Units. Due to the partial exercise and the decision to forfeit
the remaining option, 487,500 Class B ordinary shares were forfeited and the Sponsor subsequently holds 3,825,000 Founder
Shares.

<div align='center'>F-35</div>

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 $0.006 per share. The sale of the Founder Shares to each of the directors, officers and certain employees of Sponsor’s
affiliates is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718,
stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 630,000 shares
granted to the directors, officers and certain employees of Sponsor’s affiliates was $1,096,200 or $1.74 per share. The
Founder Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense
related to the Founder Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting
literature in this circumstance. As of March 31, 2025, the Company determined that a Business Combination is not considered probable,
and, therefore, 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.

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