Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 20

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 20
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 the “Recapitalization”). At the Merger Effective Time and as a result of the Merger:

| ● | Each BSII Class B Ordinary Shares that was issued and outstanding immediately prior to the Merger           
 Effective Time was automatically cancelled in exchange for the right to receive one Class A Ordinary Share; |

| ● | Each BSII Class A Ordinary Share that was issued and outstanding immediately prior to the Merger                                   
 Effective Time (other than such BSII Class A Ordinary Shares that were treasury shares, validly redeemed shares or BSII Dissenting 
 Shares was cancelled in exchange for the right to receive one Class A Ordinary Share);                                             |

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| ● | Each BSII Class A Ordinary Share that was held as a treasury share was cancelled and ceased to exist; |

| ● | Each issued and outstanding BSII Class A Ordinary Share that was validly redeemed was cancelled in                                       
 exchange for the right to be paid a pro rata share of the aggregate amount payable with respect to the exercise of the redemption rights 
 of Black Spade II Shareholders;                                                                                                          |

| ● | Each issued and outstanding BSII Class A Ordinary Share that was held by any person who had validly                                            
 exercised and not effectively withdrawn or lost their right to dissent from the Merger in accordance with Section 238 of the Cayman            
 Islands Companies Act was cancelled and carried no right other than the right to receive the payment of the fair value of such BSII Dissenting 
 Share determined in accordance with Section 238 of the Cayman Islands Companies Act; and                                                       |

| ● | Each issued and outstanding warrant of Black Spade II exercisable for shares of Black Spade II 
 was exchanged for a Warrant.                                                                   |

To provide additional consideration to Black Spade II Public Shareholders, The Generation Essentials Group will make a cash payment equal to $1.25 multiplied by the number of BSII Class A Ordinary Shares held by eligible Black Spade II Public Shareholders on the Closing Date immediately before the Merger Effective Time (the “Non-Redemption Payment Amount”). In order to be eligible to receive the Non-Redemption Payment Amount, you must: (a) have been a Black Spade II Public Shareholder on the Closing Date immediately before the Merger Effective Time and as of the date falling 60 days after the Closing, (b) never have elected to exercise a redemption right in respect of BSII Class A Ordinary Shares, and (c) have entered into, and adhered