Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 213

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 213
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 and cash equivalents, and restricted cash |     |                 | 21,378,715 |     |      | 4,333,737 |     |      | 3,831,606 |

<div align='center'>The accompanying notes are an integral part of
these consolidated financial statements.

F-6

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 1 — Nature of business and organization

GCL Global Holdings Ltd
(the “Company” or “PubCo”) was incorporated as a Cayman Islands exempted company limited by shares on October 12,
2023. The Company was formed solely for the purpose of completing the transactions contemplated by the merger agreement, dated as of
October 18, 2023 (as amended on December 1, 2023, December 15, 2023, January 31, 2024, and September 30, 2024, the “Merger
Agreement”). The parties to the Merger Agreement include PubCo, Grand Centrex Limited, a British Virgin Islands business company
(“GCL BVI”), GCL Global Limited, a Cayman Islands exempted company limited by shares (“GCL Global”), RF Acquisition
Corp., a Delaware corporation (“RFAC”), and RF Dynamic LLC, a Delaware limited liability company (the “Sponsor”).
As further discussed below and in Note 3 on February 13, 2025 (the “Closing Date”), the Company consummated the business
combination transactions (the “Business Combination”) contemplated by the Merger Agreement.

GCL Global was incorporated
and registered as an exempted Company with limited liability on September 8, 2023, under the laws of the Cayman Islands. GCL Global
is a holding Company and has no substantive operations other than holding all of the outstanding equities of its directly and indirectly
owned subsidiaries through various recapitalizations.

The
Company, through its subsidiaries in Singapore, Malaysia, Hong Kong, China, Brazil, the United
Kingdom, and Dubai operates its business in four segments, 1) distribution of console games,
2) game publishing, 3) media advertising service, and 4) others.

— Reorganization under GCL Global Pte.
Ltd (“GCL Global SG”)

GCL Global SG was incorporated
on July 26, 2021, under the laws of Singapore. GCL Global SG is