Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 260

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 260
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221,227 unrealized gain on change in fair value of over-allotment liability.

The Company used a Black-Scholes model to value
the over-allotment option. The over-allotment option liability was classified within Level 3 of the fair value hierarchy at the measurement
dates due to the use of unobservable inputs inherent in pricing models are assumptions related to expected share-price volatility, expected
life and risk-free interest rate. The Company estimates the volatility of its ordinary share based on historical volatility that matches
the expected remaining life of the option. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the
grant date for a maturity similar to the expected remaining life of the option. The expected life of the option is assumed to be equivalent
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                 |     |