Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 141

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 10
Chunk 141
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000, and shall
first be used to repay all principal, interest and other amounts outstanding under the Facility Agreement with the remainder, if any,
for the Borrower’s working capital. The Warrant was issued in reliance upon the exemption from registration provided by Section
4(a)(2) of the Securities Act of 1933, as amended (the “ Securities Act”). On July 29, 2025, the Company and OCBC entered into Amendment No. 1 to the Warrant (the “ Amendment”)
to clarify their commercial understanding that none of the terms of the Warrant shall have any legal effect on the Borrower and/or the
Company unless and until the entire SGD 5,000,000 has been disbursed to the Borrower by OCBC under the Facility Agreement; and that OCBC
will have no claims for penalties, damages and legal remedies of any kind against either the Company or the Borrower for non-performance
of any obligations under the Warrant. The Amendment also provides that, among other things, until the full amount of SGD5,000,000 is disbursed
by OCBC to the Borrower pursuant to the Facility Agreement, (i) the Warrant shall not be capable of exercise of any kind, and shall remain
un-exercisable; and (ii) OCBC will have no rights to Piggyback Registration (as defined in the Warrant). Under the Amendment, the Company
will have six months from the date the full amount of SGD5,000,000 is disbursed to file a registration statement for the public resale
of all of the Warrant Shares (as defined in the Warrant). As of the date
of issuance of the consolidated financial statements, no fund has been disbursed under the Facility Agreement.

Acquisition of
Ban Leong

On April 30, 2025, Epicsoft
Asia (the “ Offeror”) made a voluntary conditional cash offer (the “ Offer”) of S$0.6029 per share (approximately
US$0.4580 per share) to acquire all of the issued and paid-up ordinary shares in the capital of Ban Leong Technologies Limited (“ Ban
Leong”), a Singaporean company listed on the Singapore Exchange Securities Trading Limited (“ SGX-ST”). The Offer became
unconditional on May 27, 2025. As the Offeror has received valid acceptances of more than 90% of the total number of issued shares of
Ban Leong, the Offeror is