Company: TGE
Filing Date: 2025-03-21
Form Type: DRS/A
Source: 0001013762-25-001106
Chunk: 428

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRS/A
Chunk 428
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 to or in connection with the completion of an initial business combination. However, these individuals will be reimbursed for any out -of -pocketexpenses incurred in connection with activities on Black Spade II’s behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Black Spade II’s audit committee will review on a quarterly basis all payments that were made to the Sponsor, officers, directors or Black Spade II’s or their affiliates. On May 21, 2024, the Sponsor issued an unsecured promissory note to Black Spade II (the “Promissory Note”), pursuant to which Black Spade II may borrow up to an aggregate principal amount of $250,000. The Promissory Note was non -interestbearing and payable on the earlier of (i) December 31, 2024 or (ii) the consummation of Black Spade II’s IPO. Prior to the closing of Black Spade II’s IPO, Black Spade II withdrew $193,720 under the Promissory Note, which was fully repaid subsequent to the closing of Black Spade II’s IPO, on September 5, 2024. As of December 31, 2024, there was no outstanding borrowings under the Promissory Note and the note is no longer available. In addition, in order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor, or certain of Black Spade II’s officers and directors may, but are not obligated to, loan Black Spade II funds as may be required. Such working capital loans would be evidenced by promissory notes. The notes may be repaid upon completion of a business combination, without interest, or, at the lender’s discretion, up to $2,000,000 of the notes may be converted upon completion of a business combination into warrants at a price of $0.50 per warrant. Such warrants would be identical to the private placement warrants. In the event that a business combination does not close, Black Spade II may use a portion of proceeds held outside the trust account to repay the working capital loans but no proceeds held in the trust account would be used to repay the working capital loans. As 273 of the date of this proxy statement/prospectus, there were no amounts outstanding under the working capital loans. Any of the foregoing payments to the Sponsor, repayments of loans from the Sponsor or repayments of working capital loans prior to Black Spade II’s