Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 383

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 383
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 expenses.

Promissory Note – Related Party

The sponsor has agreed to
loan the Company up to $300,000 in the aggregate, to be used for a portion of the expenses of the Initial Public Offering. The loans will
be non-interest bearing, unsecured and due at the earlier of September 30, 2022 or the closing of the Initial Public Offering. As
of December 31, 2024 and December 31, 2023 the Company has not drawn down on the promissory note.

On March 13, 2023, a Director
of the Company, Melvin Xeng Thou Ong agreed to loan the Sponsor an aggregate of up to $600,000 to be used for (i) extension payments in
connection with the business combination, and (ii) working capital requirements (the “Director Promissory Note”). On June
24, 2023, the Director Promissory note was amended and restated to increase the principal amount of the note to $1,200,000. Furthermore,
On February 17, 2024, the Director Promissory Note was amended and restated to increase the principal amount of the note to $2,000,000.
The Director Promissory Note bears no interest and matures on the later of: (i) December 28, 2024, or (ii) the date that the Company consummates
an initial business combination. The Company had a balance of $1,825,452 and $1,202,992 as of December 31, 2024 and December 31, 2023,
respectively, outstanding on the Director Promissory Note, of which $1,125,000 was allocated to extension payments and the remainder dedicated
to working capital requirements. Also on December 27, 2023, the Company deposited into the Trust Account $225,000, which amount was provided
by the Sponsor from the funds granted in connection with the Director Promissory Note issued by Melvin Xeng Thou, for the initial three-month
extension. This amount is reflected as a liability within the Promissory note – related party line item of the accompanying balance
sheet.

On March 24, 2023, the Company
and Sponsor entered into a promissory note pursuant to which the Sponsor agreed to loan the Company the principal sum of $900,000 to cover
the extension payments in connection with the Revised Extension Deadline (the “Extension Promissory Note