Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 220

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 220
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:                                                        |     |                |             |   |
| Bonus Shares in connection with convertible note (See Note 16)                                |     |                |  (2,201,665 | ) |
| Issuance of ordinary shares in connection with long-term investment in Nekcom Inc. (“Nekcom”) 
 (See Note 5)                                                                                  |     |                |  (2,126,729 | ) |
| Rounding                                                                                      |     |                |         (22 | ) |
| Total ordinary share issued and outstanding                                                   |     |                | 121,947,978 |   |

F-27 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

GCL Global was determined
to be the accounting acquirer given GGL Global effectively controlled the combined entity after the SPAC Transaction. The transaction
is not a business combination because RFAC was not a business. The transaction is accounted for as a reverse recapitalization, which
is equivalent to the issuance of shares by GCL Global for the net monetary assets of RFAC, accompanied by a recapitalization. GCL Global
is determined as the accounting acquirer and the historical financial statements of GCL Global became the Company’s historical
financial statements, with retrospective adjustments to give effect of the reverse recapitalization. The net assets of RFAC were recognized
as of the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are those
of GCL Global and GCL Global’s operations are the only ongoing operations of GCL.

In connection with the Reverse
Recapitalization, the Company raised approximately $ million of proceeds, presented as cash flows from financing activities,
which included the contribution of approximately $ million of funds held in RFAC’s trust account and cash held in RFAC’s
operating cash account.

The following table reconciles
the elements of the Reverse Recapitalization to the consolidated statements of cash flows, changes in shareholders’ equity, and
net deficit of RFAC as of the closing date.

|                                                                                |     | At                        
 Closing date February 13, 
 2025                      |             |   |
|:-------------------------------------------------------------------------------|:----|:--------------------------|------------:|:--|
| Funds held in RFAC’s trust account                                             |     | $                         |     499,932 |   |
| Funds held in RFAC’s operating cash account                                    |