Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 250

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 250
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718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based
compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 630,000 shares
granted to the directors, officers and certain employees of Sponsor’s
affiliates was $1,096,200 or $1.74 per share. The Founders Shares were granted subject to a performance condition (i.e., the occurrence
of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable
of occurrence under the applicable accounting literature in this circumstance. As of December 31, 2024, the Company determined that
a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based
compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination)
in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount
initially received for the purchase of the Founder Shares.

<div align='center'>F-14

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

NOTE 5 — RELATED PARTY TRANSACTIONS (cont.)

The Sponsor has agreed, subject to limited exceptions,
not to transfer, assign or sell any of the Founder Shares until the earlier to occur of (A) six months after the completion
of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the closing price of the Class A
ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial business
combination, and (B) the date following the completion of the initial Business Combination on which the Company completes a liquidation,
merger, share exchange or other similar transaction that results in all of the shareholders having the right to exchange their Class A
ordinary shares for cash, securities or other property.

Due to Related Party

As of December 31, 2024, the balance of due
to related party was $41,286, consists of the unpaid administrative service fee $40,000 as