Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 156

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 156
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in the money” prior to their expiration or that the warrant holders will exercise their Warrants. Holders
of the Sponsor Warrants have the option to exercise the Sponsor Warrants on a cashless basis in accordance with the Warrant Agreement.
To the extent that any Warrants are exercised on a cashless basis, the amount of cash we would receive from the exercise of the Warrants
will decrease. We will pay the expenses associated with registering the sales by the Selling Securityholders, as described in more details
in the section titled “Use of Proceeds” appearing elsewhere in this prospectus.

We believe that our current
cash and cash equivalents and our anticipated cash flows from operations will be sufficient to meet our anticipated working capital requirements
and capital expenditures for at least the next 12 months. After the Business Combination, we may decide to enhance our liquidity
position or increase our cash reserve for future investments through additional financing. The issuance and sale of additional equity
will result in further dilution to our shareholders. The incurrence of indebtedness will result in increased fixed obligations and could
result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or
on terms acceptable to us, if at all.

<div align='center'>98</div>

Operating Activities

Net cash generated from
operating activities in the six months ended June 30, 2025 was US$7.4 million. The difference between our profit before tax of US$3.6
million and operating cash inflow was primarily the result of (i) the adjustment of non-cash items of US$1.1 million, consisted primarily
of US$8.6 million in dividend income, US$56.2 million in net fair value changes on financial assets at FVTPL, US$5.2 million in fair
value gain on financial liabilities at FVTPL, US$4.6 million in finance costs, US$7.6 million in depreciation and US$58.9 million in
share-based payments; and (ii) a net decrease in working capital by US$2.6 million. The net decrease in working capital was primarily
attributable to an increase in accounts payable of US$2.4 million.

Net cash generated from operating
activities in 2024 was US$4.6 million. The difference between our profit before tax of US$46.4 million and operating cash inflow
was primarily the result of (i) the