Company: TGE
Filing Date: 2025-03-21
Form Type: DRS/A
Source: 0001013762-25-001106
Chunk: 260

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRS/A
Chunk 260
---
 value (at $10.00 per share) of $892million and the equity transaction value of $546million, and the Black Spade II Board noted that in each case the transaction values were lower than the implied values for TGE. The Black Spade II Board then compared the transaction value net of the $1.25 per share dividend to be paid to Black Spade II Public Shareholders in connection with the closing of the Business Combination, and noted that it further reduced the transaction values to $824million enterprise value and $478million equity value, representing approximately a 16% discount to the implied equity value for TGE. Satisfaction of 80% Test Nasdaq rules require that an initial business combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned) at the time of signing a definitive agreement in connection with an initial business combination. The Black Spade II Board has determined that the fair market value of the Business Combination meets this test at the time of execution of the Business Combination Agreement. Interests of Black Spade II’s Directors and Officers in the Business Combination In considering the recommendation of the Black Spade II Board to vote in favor of the approval of the Business Combination Proposal and the Merger Proposal, shareholders should keep in mind that the Sponsor and Black Spade II’s directors and executive officers have interests in such proposals that are different from, or in addition to, those of Black Spade II Shareholders generally. In particular: •If the Business Combination or another business combination is not consummated within the Completion Window, Black Spade II will (i) cease all operations, except for the purpose of winding up, (ii) redeem 100% of the outstanding Public Shares for cash and, (iii) subject to the approval of its remaining shareholders and the Black Spade II Board, dissolve and liquidate. On the other hand, if the Business Combination is consummated, each outstanding Eligible BSII Share will be converted into one TGE Class A Ordinary Share, subject to adjustment described herein. 156 •If Black Spade II is unable to complete a business combination within the required time period, the Sponsor will be liable to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or claims of vendors or other entities that are owed money by Black Spade II for services rendered or contracted for or for products sold