Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 247

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 247
---
────────────────────────────────────────────────────────────────────────────────────────────
  Unaudited pro forma revenue         $               286,786,289      $               252,275,930      $               225,720,027  
  Unaudited pro forma net income      $                 8,083,117      $                 3,527,810      $                 6,557,743  

Due to the timing of the
acquisition, the initial purchase accounting is incomplete. The Company is evaluating the potential effects of this acquisition on the
consolidated financial statements. The Ban Leong acquisition will be evaluated in accordance with ASC 805, “ Business Combination”

On May 21, 2025, the Company
entered into a Securities Purchase Agreement with an investor for the issuance of a senior unsecured convertible note with an initial
principal amount of US$2.9million, issued at a discount for a purchase price of US$2.61million. The note bears interest at6% per annum,
increasing to18% upon default, and the Company may elect to settle interest payments in cash, ordinary shares, or a combination thereof,
subject to specified equity conditions. The note is convertible at the holder’s discretion into the Company’s ordinary shares
at a fixed price of US$2.16per share, subject to customary anti-dilution adjustments. The agreement also provides the investor with the
right to purchase up to an additional US$42.6million in convertible notes.

In connection with that
certain Facility Letter dated as of October 1, 2024, as supplemented by the Supplemental Letter dated as of March 12, 2025 and July
7, 2025 between Epicsoft Asia Pte. Ltd. (the “ Borrower”), a wholly-owned subsidiary of GCL Global Holdings Ltd. (the
“ Company” or “ GCL”), and Oversea-Chinese Banking Corporation Limited (“ OCBC”) for a financing of
up to SGD5,000,000(the “ Facility Agreement”), the Company issued to OCBC a warrant (the “ OCBC Warrant”) to
purchase up to899,281ordinary shares of the Company (the “ Warrant Shares”) at an exercise price of US$4.17per share
(the “ Exercise Price”) to meet oneof the conditions precedent for the Borrower to draw down
funds under the Facility Agreement. The aggregate Exercise Price payable for the total number of Warrant Shares purchasable