Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 243

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 243
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 Public Offering,
the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable
shares will result in charges against additional paid-in capital (to the extent available) and an accumulated deficit. Accordingly, as
of December 31, 2024, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary
equity, outside of the shareholders’ deficit section of the Company’s balance sheet. As of December 31, 2024, the Class A
ordinary shares subject to redemption reflected in the balance sheet are reconciled in the following table:

| Gross proceeds                                                            |     | $ | 153,000,000 |   |
| Less:                                                                     |     |   |             |   |
| Proceeds allocated to Public Warrants                                     |     |   |    (555,900 | ) |
| Proceeds allocated to the over-allotment option                           |     |   |    (253,969 | ) |
| Class A ordinary shares issuance costs                                    |     |   |  (7,384,717 | ) |
| Plus:                                                                     |     |   |             |   |
| Remeasurement of carrying value to redemption value                       |     |   |  10,539,735 |   |
| Class A Ordinary Shares subject to possible redemption, December 31, 2024 |     | $ | 155,345,149 |   |

<div align='center'>F-12

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

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Net Income Per Ordinary Share

The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, (i) Class A
Ordinary Shares and non-redeemable Class A Ordinary Shares and (ii) Class B ordinary shares, par value of $0.0001 per share
(the “Class B Ordinary Shares, and together with the Class A Ordinary Shares, the “Ordinary Shares”). Income
and losses are shared pro rata between the two classes of shares. Net income per Ordinary Share is calculated by dividing the net income
by the weighted average shares of Ordinary Shares outstanding for the respective period.

The calculation of diluted net income did not consider
the effect of