Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 18

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 18
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 Sub 2 merged with and into RFAC, with RFAC surviving such merger as a wholly owned subsidiary of the Company. As a result of the Transactions, RFAC and GCL Global each became a wholly-owned subsidiary of the Company. Immediately prior to the consummation of the Business Combination, all outstanding RFAC Units (each of which consisted of (i) one share of RFAC Class A Common Stock, (ii) one RFAC Public Warrant, and (iii) one RFAC Public Right) automatically separated into their individual components of RFAC Class A Common Stock, RFAC Public Warrants and RFAC Public Rights and such units ceased separate existence and trading. Upon the consummation of the Business Combination, the equity holdings of the RFAC stockholders were exchanged as follows:

| ● | each                                                                                                 
 share of RFAC Common Stock, including RFAC Class A Common Stock and RFAC Class B Common Stock,       
 issued and outstanding immediately prior to the effective time of the Business Combination           
 (other than any redeemed shares) was automatically cancelled and ceased to exist and, for            
 each share of RFAC Common Stock, the Company issued to each RFAC shareholder (other than             
 RFAC shareholders who exercised their redemption rights in connection with the Business Combination) 
 one validly issued Ordinary Share;                                                                   |

| ● | each                                                                                                
 RFAC Warrant issued and outstanding immediately prior to effective time of the Business Combination 
 converted into a warrant to purchase one Ordinary Share (or equivalent portion thereof).            
 The Warrants have substantially the same terms and conditions as set forth in the RFAC Warrants,    
 except that the Warrants are exercisable for Ordinary Shares rather than RFAC Common Stock;         |

| ● | every                                                                                         
 10 RFAC Rights issued and outstanding immediately prior to the effective time of the Business 
 Combination converted into one Ordinary Share of the Company (rounded down to the nearest     
 whole share); and                                                                             |

| ● | each                                                                                      
 share of capital stock of Merger Sub 2 that was issued and outstanding immediately prior  
 to the effective time of the SPAC Merger were converted into an equal number of shares of 
 Class A common stock of RFAC, par value $0.0001 per share.                                |

At the effective time of the Initial Merger, pursuant to the Initial Merger: (1) each ordinary share of GCL Global that was issued and outstanding immediately prior to the effective time of the Initial Merger (other than any treasury shares or dissenting shares),