Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 258

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 258
---

to their remaining contractual term.

The key inputs into the Black-Scholes model were
as follows at initial measurement of the over-allotment option:

| Input                             |     | August 29, 
 2024       |       |   |
|:----------------------------------|:----|:-----------|------:|:--|
| Risk-free interest rate           |     |            |  5.40 | % |
| Expected term (years)             |     |            |  0.12 |   |
| Expected volatility               |     |            |  5.42 | % |
| Exercise price                    |     | $          | 10.00 |   |
| Fair value of over-allotment Unit |     | $          | 0.113 |   |

The following table provides a summary of the changes
in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:

| Fair value at May 9, 2024 (inception)                                     
 Initial measurement of over-allotment option liability at August 29, 2024 |     | Over-allotment   
 option liability | —        
 253,969  |   |
|:--------------------------------------------------------------------------|:----|:-----------------|:---------|:--|
| Change in fair value of over-allotment option liability                   |     |                  | (8,405   | ) |
| Partially exercise of over-allotment option at September 26, 2024         |     |                  | (32,742  | ) |
| Forfeiture of over-allotment option at September 26, 2024                 |     |                  | (212,822 | ) |
| Fair value of over-allotment option liability at December 31, 2024        |     | $                | —        |   |

<div align='center'>F-20

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

NOTE 9 — FAIR VALUE MEASUREMENTS (cont.)

The fair value of Public Warrants was determined
using Monte Carlo Simulation Model. The Public Warrants have been classified within shareholders’ deficit and will not require remeasurement
after issuance. The following table presents the quantitative information regarding market assumptions used in the valuation of the Public
Warrants:

|                                            |     | August 29,