Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 136

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 136
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 2024. As contemplated by the Merger
Agreement, the business combination was effected by the merger of RFAC and GCL and its subsidiaries into wholly owned subsidiaries of
the Company.

Convertible Notes

Between September and December
2024, we entered into convertible note (“Convertible Note “) purchase agreements with accredited investors for an aggregate
principal amount of $33,025,000. The Convertible Notes were converted into 7,338,887 ordinary shares at the closing of the Business Combination
on February 13, 2025, based on a $4.50 per share conversion price. In connection with the conversion, an additional 2,201,665 ordinary
shares were issued and placed in escrow for three years as Bonus Shares, subject to release to the investors or cancellation by the Company
based on the number of shares held by investors at the end of each of the following three years.

On May 21, 2025, we entered
into a Securities Purchase Agreement with an investor for the issuance of a senior unsecured convertible note with an initial principal
amount of $2,900,000 issued at a discount for a purchase price of $2,610,000. The note bears interest at 6% per annum, increasing to 18%
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 our ordinary shares at an initial fixed conversion price
of $2.16 per share, subject to customary anti-dilution adjustments. The agreement also provides the investor with the right to purchase
up to an additional $42,600,0000 in convertible notes, in specified increments, which may provide additional liquidity if exercised.

Acquisition of additional controlling interest in 2Game

Pursuant to the Share Sale
and Purchase Agreement dated March 19, 2025 (the “2Game SPA”) by and among GCL Global SG and the 2Game Sellers, GCL Global
SG purchased from the 2Game Sellers 1,000 shares of 2Game (the “Sale Shares”) for $1,200,000, resulting in GCL Global SG
currently holding 61% equity interests of 2Game. The 2Game SPA contains certain financial performance targets for 2Game over the next
three years starting and including fiscal year 2026. Pursuant to the terms of the 2