Company: TGE
Filing Date: 2025-05-06
Form Type: F-4/A
Source: 0001213900-25-040058
Chunk: 99

Company: Generation Essentials Group
Filing Date: 2025-05-06
Form: F-4/A
Chunk 99
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’s business to uncertainties and challenges relating to the growth and profitability of the media and entertainment market as a whole and the uncertainty inherent in the production of motion pictures. The Black Spade II Board also considered the risks that the hospitality industry is a cyclical business affected by supply and demand from time to time, and that the value of TGE’s long -termequity investment portfolio may be subject to volatility inherent in the stock market and the instability of future dividend payouts. • Discontinuation of Support from the AMTD Entities.Since its establishment, TGE has relied on the backing of the AMTD Entities and their affiliates without which the operations of TGE may be adversely affected. • Limited Operating History.The recent acquisitions by TGE of L’Officiel magazine, The Art Newspaper and the Dao hotel, as well as TGE’s strategic growth plan makes evaluating its business and future prospects difficult. • Macroeconomic Risks.Macroeconomic uncertainty and the effects it could have on the revenues of TGE after the Business Combination. • Redemption Risk.The potential that a significant number of Black Spade II Shareholders elect to redeem their shares prior to the consummation of the merger, which would potentially make the merger more difficult or impossible to complete. • Publicity Risks.The potential that TGE may be vulnerable to negative media publicity about its industries in general or regarding its businesses or affiliated persons, which may negatively impact its brand recognition and reputation. 49 • Shareholder Vote.Black Spade II Shareholders may fail to provide the respective votes necessary to effect the merger. • Closing Conditions.The completion of the merger is conditioned on the satisfaction of certain closing conditions that are not within Black Spade II’s control. • Litigation.The possibility of litigation challenging the Business Combination Agreement or that an adverse judgment granting permanent injunctive relief could delay or prevent consummation of the Business Combination. • No Fairness Opinion.The Black Spade II Board considered the fact that the parties to the Business Combination have not sought any fairness opinion in connection to the Business Combination. • Liquidation of Black Spade II.The risks and costs to Black Spade II if the merger is not completed, including the risk of diverting management focus and resources from other business combination opportunities, which could result in Black Spade II being unable to effect a business combination within the Completion Window. • Listing Risks.The securities of TGE after the Business Combination may not be able to list on a major U.S. stock exchange, which could limit investors’ ability to sell their securities