Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 229

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 229
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the Company issued an aggregate total of6,276,394ordinary shares to RFAC Sponsor, RFAC public shareholders, Early Bird Capital
and certain investors designated by RFAC Sponsor.

The following table presents
the number of the Company’s ordinary shares issued upon the Reverse Recapitalization:

                                                                                   Ordinary  
  RFAC’s ordinary shares outstanding prior to Reverse Recapitalization            3,126,396  
  Ordinary shares issued at the Closing as an incentive to certain investors      2,000,000  
  Conversion of RFAC rights                                                       1,149,998  
  Total shares issued upon the Reverse Recapitalization                           6,276,394  

Recognition of non-controlling interests from acquisition of subsidiaries

On April 12, 2023, Titan Digital
acquired a100% equity interest in Starry from Debbie, the spouse of Jianhao Tan, the Chief Executive Officer (“ CEO”) of Titan
Digital, through the issuance of17,648ordinary shares, representing15% of Titan Digital’s total outstanding shares, to Debbie.
As a result, the Company’s equity interest in Titan Digital was reduced from100% to85%, and $182,599of non-controlling interest
was recognized in the Company’s consolidated statements of changes in shareholders’ equity. Since no cash consideration was
received, the difference of $381,947between the fair value of the consideration received and the adjustment to non-controlling interest
was recorded as an increase to additional paid-in capital.

F-45

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

On December 12, 2024, Titan
Digital sold its entire equity interest in Martiangear to GCL Global SG for total consideration of SGD10. As a result, the Company increased
its equity interest in Martiangear to100% and derecognized $44,134of non-controlling interest, while the same amount was recorded as
a decrease to additional paid-in capital.

On March 19, 2025, GCL Global
SG acquired an additional10% equity interest in 2Game for total cash consideration of $1,200,000. As a result, GCL Global SG increased
its ownership interest in 2Game from51% to61%, and $782,828of non-controlling interest was derecognized. The difference of $148,013was recorded as a decrease to additional paid-in capital.