Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 3

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 3
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ing for the Recapitalization Factor (as defined below)) US$7.98, US$7.50, and US$8.72 per share prior to the Closing Date, respectively;
(iii) 3,825,000 Class A Ordinary Shares (the “Sponsor Shares”) issued to the Sponsor, Black Spade II’s directors
and officers and certain of the Sponsor’s affiliates and employees on the Closing Date in exchange for the Class B ordinary shares
of Black Spade II, which were purchased by them at a price of approximately US$0.0065 per share; and (iv) 11,120,000 Class A Ordinary
Shares issuable upon the exercise of the Sponsor Warrants; and (B) 11,120,000 Sponsor Warrants.

These securities are being
registered pursuant to the requirements of the Warrant Agreement (as defined below) and to satisfy certain registration rights The Generation
Essentials Group has granted to permit the Selling Securityholders to sell securities from time to time, in amounts, at prices and on
terms determined at the time of offering.

Subject to the AMTD Lock-up
Obligations, AMTD Digital, AMTD IDEA Group, AMTD Group Inc. can sell all Ordinary Shares beneficially owned by them under this prospectus,
being 37,756,286 Class A Ordinary Shares (including (i) 18,470,375 Class A Ordinary Shares and (ii) 19,285,911 Class A Ordinary Shares
issuable upon the conversion of 19,285,911 Class B Ordinary Shares beneficially owned by AMTD Digital Inc.), and constituting approximately
58.4% of our issued and outstanding Ordinary Shares and represented 93.8% of the aggregate voting power of our total issued and outstanding
share capital as of the date of this prospectus (assuming exercise of all outstanding Warrants), so long as the registration statement
of which this prospectus forms a part is available for us. These shares were acquired at prices significantly below the current trading
price of the Class A Ordinary Shares. The sales of these securities could result in a significant decline in the public trading price
of the Class A Ordinary Shares and could impair our ability to raise capital through the sale of additional equity securities. See “Risk
Factors — Risks Relating to Our Securities — Future resales of Ordinary Shares issued to our shareholders
and other significant shareholders may cause the market price of the Class A Ordinary Shares to drop significantly, even if