Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 180

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 180
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,000 RFAC Warrants held by public shareholders, 4,450,500 RFAC Private Placement Warrants held by the Sponsor and 549,500 RFAC Private Placement Warrants held by EBC, the Company would receive an aggregate of approximately $189.75 million, but would not receive any proceeds from the resale of Ordinary Shares issuable upon such exercise. The Company will have broad discretion over the use of proceeds from the exercise of these securities. To the extent that any of these Warrants are exercised on a “cashless basis,” the amount of cash the Company would receive from the exercise of these securities will decrease. Any proceeds from the exercise of these securities would increase the liquidity of the Company, but its ability to fund its operations is not dependent upon receipt of cash proceeds from the exercise of the Warrants.

There is no assurance that
the Warrants will be in the money prior to their expiration or that the holders thereof will elect to exercise any or all of these securities.
The likelihood that Warrant holders will exercise their Warrants, and therefore any cash proceeds that the Company may receive in relation
to the exercise of the Warrants overlying shares being offered for sale in this prospectus, will be dependent on the trading price of
the Ordinary Shares. If the market price for the Ordinary Shares is less than the exercise price of the Warrants, which is $11.50 per
share, we believe Warrant holders will be unlikely to exercise their respective securities. As the closing price of the Company’s
Ordinary Shares was $1.98 as of March 28, 2025, we believe that holders of the Warrants are currently unlikely to exercise their respective
securities. Accordingly, we do not expect to rely on the cash exercise of these securities to fund our operations.

Upon expiration of a lock-up period which is twelve months after the
closing of the Business Combination, and for so long as the effective registration statement of which this prospectus forms a part is
available for use, Epicsoft Ventures and the Sponsor, collectively the beneficial owners of 83,456,793 Ordinary Shares, constituting approximately
66.1% of our issued and outstanding Ordinary Shares as of the date of this prospectus, can sell under this prospectus (assuming all Warrants
are exercised in full), up to 87,907,293 Ordinary Shares constituting approximately 69.6% of the issued and outstanding Ordinary Shares
as of the date of this prospectus and approximately 61.6