Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 80

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 80
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 share                                                                         |     |              |            |   |     | $            |       (0.05 | ) |     |             |             |   |     |      |     |           |             |   |

| (1) | Derived from the statement of operations of RFAC for the                                                                       
 year ended December 31, 2023. See RFAC’s financial statements and the related notes included elsewhere in the Company’s Annual 
 Report on Form 10-K filed on April 25, 2024.                                                                                   |

| (2) | Derived from the statement of operations and comprehensive loss                                                                  
 of GCL Global for the year ended March 31, 2024. See GCL Gloabl’s financial statements and the related notes appearing elsewhere 
 in the Company’s proxy statement on Form DEFM14A filed on December 31, 2024                                                      |

<div align='center'>44

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS</div>

Note 1 — Basis of Presentation

On February 13, 2025 (the
“Closing Date”), the Company consummated the previously announced Business Combination pursuant to the terms of the Merger
Agreement, by and among the Company, RFAC, Grand GCL BVI, GCL Global, and the Sponsor. Pursuant to the Merger Agreement: (a) Merger Sub
1 merged with and into GCL Global, with GCL Global continuing as the surviving entity in the merger (the “Initial Merger”),
as a result of which: (i) GCL Global became a wholly-owned subsidiary of the Company and (ii) each issued and outstanding security of
GCL immediately prior to the consummation of the Merger was no longer outstanding and was automatically cancelled, in exchange for the
right of the holder thereof to receive such number of newly issued shares of the Company specified below; and (b) Merger Sub 2 merged
with and into RFAC, with RFAC surviving such merger as a wholly owned subsidiary of the Company (the “SPAC Merger” and together
with the Initial Merger, the “Mergers”, and together the other transactions and ancillary agreements contemplated by the Merger
Agreement and the Ancillary Agreements (as defined below), the “Business Combination” or “Transactions”). As a
result of the Transactions, RFAC and GCL Global each became a wholly-owned subsidiary of the Company.

The