Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 68

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 68
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                         |     | S$1.3445 per US$ |
| Average exchange rates for the year ended March 31, 2025 |     | S$1.3380 per US$ |

4. Pro forma adjustments

Adjustments included in the pro forma adjustments’
column of the unaudited pro forma condensed combined balance sheet and the unaudited pro forma condensed combined statement of income
and comprehensive income include the following:

| a. | Reflects adjustments to record                                                                     
 the proceeds from the HSBC term loan facility of US$38,676,088, the payment of total consideration 
 of US$48,338,143 for the acquisition, and the payment of US$115,284 structuring fee in according   
 to the HSBC term loan facility agreement;                                                          |

| b. | Reflects                                                                                 
 adjustments to record the capitalization of structuring fee of US$580,141   associated   
 with the HSBC term loan facility. Of this amount, US$115,284   is                        
 payable upon the signing of the loan agreement, while the remaining US$464,857 is due on 
 or before February 26, 2026.                                                             |

| c. | Reflects adjustments to record                                                                  
 the fair value of identifiable intangible, specifically customer relationships, assets totaling 
 US$4,462,626, the recognition of a corresponding deferred tax liability of US$803,273 arising   
 from the difference between the tax base and the accounting basis of the intangible assets,     
 and the resulting goodwill of US$7,810,460 recognized upon completion of the acquisition.       |

| d. | Reflects the adjustments to record                                             
 the elimination of GCL’s long-term investment of Ban Leong and Ban Leong’s net 
 asset.                                                                         |

| e. | Reflects the                                                                                
 adjustments to record the amortization of the intangible assets of US$72,522. According to  
 ASC350-30-35-6, the method of amortization shall reflect the pattern in which the economic  
 benefits of the intangible assets are consumed or otherwise used up. The Company amortized  
 the intangible assets based on the respective cashflow that the consumer relationships will 
 contribute each year.                                                                       |

| f. | Reflects the adjustments to record                                           
 the interest expense of US$1,660,967 related to the HSBC term loan facility. |

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MATERIAL U.S. FEDERAL INCOME TAX