Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 247

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 247
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 expire worthless. The Private
Placement Warrants (including Class A ordinary shares issuable upon exercise of the Private Placement Warrants) are not transferable,
assignable or saleable until 30 days after the completion of an Initial Business Combination, subject to certain exceptions.

NOTE 5 — RELATED PARTY TRANSACTIONS

Founder Shares

On May 21, 2024, the Sponsor purchased 4,312,500
of the Company’s Class B ordinary shares (the “Founder Shares”) in exchange for a capital contribution of $25,000
that was paid by the Sponsor for deferred offering costs. The Founder Shares include an aggregate of up to 562,500 shares subject to forfeiture
to the 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.

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 Founders 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 Founders Shares were granted subject to a performance condition (i.e., the occurrence
of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable
of occurrence under the applicable accounting literature in this circumstance. As of December 31, 2024, the Company determined that
a Business Combination is not considered probable, and, therefore