Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 187

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 187
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 we issue a notice of redemption of the Warrants, each warrant
holder will be entitled to exercise his, her or its Warrant prior to the scheduled redemption date. However, the price of the Ordinary
Shares may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations
and the like and for certain issuances of Ordinary Shares and equity-linked securities for capital raising purposes in connection with
the closing of our Business Combination as described elsewhere in this Annual Report) as well as the $11.50 Warrant exercise price after
the redemption notice is issued.

Redemption procedures

If we call the Warrants
for redemption as described above, our Management will have the option to require any holder that wishes to exercise his, her or its
Warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their Warrants on a “cashless
basis,” our Management will consider, among other factors, our cash position, the number of Warrants that are outstanding and the
dilutive effect on our stockholders of issuing the maximum number of Ordinary Shares issuable upon the exercise of our Warrants. If our
Management takes advantage of this option, all holders of Warrants would pay the exercise price by surrendering their Warrants for that
number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the
Warrants, multiplied by the excess of the “fair market value” of our Ordinary Shares (defined below) over the exercise price
of the Warrants by (y) the fair market value. The “fair market value” will mean the average closing price of the Ordinary
Shares for the five trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders
of Warrants. If our Management takes advantage of this option, the notice of redemption will contain the information necessary to calculate
the number of Ordinary Shares to be received upon exercise of the Warrants, including the “fair market value” in such case.
Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of
a Warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the Warrants
after our Business Combination. If we call our Warrants for redemption and our Management does not