Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 20

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 20
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 a portion of the outstanding Notes at a conversion price of $2.16 per share, subject                                                                                                                                                                                                                                                                                 
 to certain adjustment in accordance with the terms of the Notes, at any time prior to the maturity date which is three years from the                                                                                                                                                                                                                                                                                        
 date of issuance. Shares issuable upon the conversion of up to only the aggregate original principal amount of $5,430,000 of Notes, at                                                                                                                                                                                                                                                                                       
 a conversion price equal to the floor price of $0.48, are being offered and sold from time to time by the Selling Shareholders in this                                                                                                                                                                                                                                                                                       
 prospectus.                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Use of proceeds                                                                                |     | We will not receive any of the proceeds from the sale of the securities by the Selling Shareholders.                                                                                                                                                                                                                                                                                                                         |
| Market for Ordinary Shares                                                                     |     | Our Ordinary Shares are listed on The Nasdaq Global Select Market under the trading symbol “GCL”.                                                                                                                                                                                                                                                                                                                            |
| Risk factors                                                                                   |     | Any investment in the securities offered hereby is speculative and involves a high degree of risk. You should carefully consider the information set forth under “Risk Factors” and elsewhere in this prospectus.                                                                                                                                                                                                            |

Except where otherwise stated, the number of Ordinary Shares that will be outstanding immediately before this offering excludes 16,500,000 Ordinary Shares underlying the Warrants that are outstanding.

<div align='center'>7

RISK FACTORS</div>

Our business and our industry are subject to significant risks. You should carefully consider all of the information set forth in this prospectus, including the following risk factors, in evaluating our business. If any of the following risks actually occur, our business, financial condition, results of operations, and growth prospects would likely be materially and adversely affected. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. The trading price and value of our securities could decline due to any of these risks, and you may lose all or part of your investment. This prospectus also contains forward-looking statements that involve risks and uncertainties. See the section entitled “Cautionary Note Regarding Forward-Looking Statements.”

Risks Related to the Company’s Business and Industry

Our business will suffer if we are unable to distribute and publish new game titles, “hit” game titles or sequels to such “hit” titles.

Our business depends on
distributing and publishing games that consumers will purchase, download and spend time and money playing. We currently distribute and
sell to retailers and consumers console games,