Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 301

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 301
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% 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 the Company’s ordinary shares
at a fixed price of US$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 US$42.6 million in convertible notes.

In connection with that
certain Facility Letter dated as of October 1, 2024, as supplemented by the Supplemental Letter dated as of March 12, 2025 and July 7,
2025 between Epicsoft Asia Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of GCL Global Holdings Ltd (the “Company”
or “GCL”), and Oversea-Chinese Banking Corporation Limited (“OCBC”) for a financing of up to SGD5,000,000 (the
“Facility Agreement”), the Company issued to OCBC a warrant (the “OCBC Warrant”) to purchase up to 899,281 ordinary
shares of the Company (the “Warrant Shares”) at an exercise price of US$4.17 per share (the “Exercise Price”)
to meet one of the conditions precedent for the Borrower to draw down funds under the Facility Agreement. The aggregate Exercise Price
payable for the total number of Warrant Shares purchasable under the Warrant shall be US$3,750,000, and shall first be used to repay
all principal, interest and other amounts outstanding under the Facility Agreement with the remainder, if any, for the Borrower’s
working capital. On July 29, 2025, the Company and OCBC entered into Amendment No. 1 to the Warrant (the “Amendment”) to
clarify their commercial understanding that none of the terms of the Warrant shall have any legal effect on the Borrower and/or the Company
unless and until the entire SGD 5,000,000 has been disbursed to the Borrower by OCBC under the Facility Agreement; and that OCBC will
have no claims for penalties, damages and legal remedies of any kind against either the Company or the Borrower for non-performance of
any obligations under the Warrant. The Amendment also provides that, among other things, until the full amount of SGD5,000,000 is disbursed
by OCBC to the Borrower pursuant to