Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 258

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 258
---
 value on a recurring basis:

| Fair value at May 9, 2024 (inception)                                     
 Initial measurement of over-allotment option liability at August 29, 2024 |     | Over-allotment   
 option liability | —        
 253,969  |   |
|:--------------------------------------------------------------------------|:----|:-----------------|:---------|:--|
| Change in fair value of over-allotment option liability                   |     |                  | (8,405   | ) |
| Partially exercise of over-allotment option at September 26, 2024         |     |                  | (32,742  | ) |
| Forfeiture of over-allotment option at September 26, 2024                 |     |                  | (212,822 | ) |
| Fair value of over-allotment option liability at December 31, 2024        |     | $                | —        |   |

<div align='center'>F-20

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

NOTE 9 — FAIR VALUE MEASUREMENTS (cont.)

The fair value of Public Warrants was determined
using Monte Carlo Simulation Model. The Public Warrants have been classified within shareholders’ deficit and will not require remeasurement
after issuance. The following table presents the quantitative information regarding market assumptions used in the valuation of the Public
Warrants:

|                                            |     | August 29, 
 2024       |       |   |
|:-------------------------------------------|:----|:-----------|------:|:--|
| Underlying share price                     |     | $          | 10.00 |   |
| Exercise price                             |     | $          | 11.50 |   |
| Term (years)                               |     |            |   6.0 |   |
| Risk-free rate                             |     |            |   3.7 | % |
| Volatility                                 |     |            |   3.3 | % |
| De-SPAC probability with market adjustment |     |            |  20.0 | % |

NOTE 10 — SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,”
establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic
areas, and major customers. Operating segments are defined as components of