Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 292

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 292
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,000 for certain convertible
notes (the “Note”) which shall be convertible into the Company’s fully paid and nonassessable ordinary shares that would
be exchanged for Merger Consideration Shares (as defined in the Merger Agreement) at the closing of the transactions (the “Conversion
Date”) contemplated by the Merger Agreement (the “Business Combination”). In December 2024, PubCo, the Company and GCL
Global Pte. Ltd., a direct wholly-owned subsidiary of the Company (“GCL Global SG”) entered into substantially the same Note
Purchase Agreements for an additional $3,000,000 of Convertible Notes. Pursuant to the Note Purchase Agreements, an additional thirty
percentage (30%) of the number of Merger Consideration Shares issued to the Transaction Investors (the “Bonus Shares”) will
be held in an escrow account for three (3) years from the Conversion Date. At the end of each of the first three anniversary dates of
the Conversion Date, one-third (1/3) of the Bonus Shares shall be released from the escrow account to either the Transaction Investors
or to the Company for cancellation, based on the number of Merger Consideration Shares held by the Transaction Investors at the time.
In the event that the lowest volume-weighted average closing price of the Merger Consideration Shares is less than $4.50 per share for
any ten (10) consecutive trading days during the last month prior to the third anniversary day of the Conversion Date, the Transaction
Investors will be entitled to receive certain Top-Up Shares (defined in the Note Purchase Agreement) and, under certain limited circumstances,
a cash payment, based on the number of Merger Consideration Shares held on the third anniversary date of the Business Combination. The
Transaction Investors will be entitled to receive 110% of the outstanding principal balance of the Note in the event that the Business
Combination is not consummated on or before March 28, 2025, or if the per share price used to the calculate the exchange ratio for the
Business Combination is less than $10.00 per share. Epicsoft Asia has agreed to unconditionally guarantee all of the Company’s obligations
and performance under $30,250,000 of the Note, including but not limited to the Company’s obligation to pay; and GCL Global SG has
agreed to unconditionally guarantee all of the Company’s obligations and performance under $3,000,000 of the Note. As