Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 282

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 282
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                     |     |          | 3,126,396 |
| Ordinary shares issued at the Closing as an incentive                                    
 to certain investors designated by RFAC Sponsor in connection with Transaction Financing |     |          | 2,000,000 |
| Conversion of RFAC rights                                                                |     |          | 1,149,998 |
| Total shares issued upon the Reverse Recapitalization                                    |     |          | 6,276,394 |

On April 12, 2023, Titan
Digital acquired a 100% equity interest in Starry from Debbie, the spouse of Jianhao Tan, the Chief Executive Officer (“CEO”)
of Titan Digital, through the issuance of 17,648 ordinary shares, representing 15% of Titan Digital’s total outstanding shares,
to Debbie. As a result, the Company’s equity interest in Titan Digital was reduced from 100% to 85%, and $182,599 of 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 $381,947 between the fair value of the consideration received and the adjustment to non-controlling interest
was recorded as an increase to additional paid-in capital.

<div align='center'>F-45

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

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 to 100% and derecognized $44,134 of 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 additional 10% equity interest in 2Game for total cash consideration of $1,200,000. As a result, GCL Global SG increased
its ownership interest in 2Game from 51% to 61%, and $782,828 of non-controlling interest was derecognized. The difference of $148,013
was recorded as a decrease to additional paid-in capital. In addition, the Company recognized a derivative asset related to a contractual
buy-back option and obligation (“Buy-Back Feature”) embedded in the agreement. Under the terms of the agreement, the Company