Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 206

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 206
---
 Inc.(3)    |     |                     |    549,500 |     |   |    - |   |     |                   |    549,500 |     |                     | - |     |   | - |

Notes:

| * | Represents                            
 beneficial ownership of less than 1%. |

| (1) | Comprises                                                                                     
 of 80,581,793 Ordinary Shares issued to Epicsoft Ventures Ltd. as merger consideration, which 
 are subject to lock-up restrictions as further described in “Shares Eligible for Future       
 Sales.” The address of Epicsoft Ventures is 29 Tai Seng Ave., #02-01, Singapore 534119.       |

| (2) | Shares                                                                                            
 beneficially owned is comprised of (i) 2,875,000 Ordinary Shares issued to the Sponsor in         
 exchange for the same number of shares of RFAC Common Stock held by the Sponsor immediately       
 prior to the Closing of Business Combination; and (ii) up to 4,450,500 Ordinary Shares issuable   
 upon exercise of 4,450,500 Warrants, which securities are subject to lock-up as further described 
 in “Shares Eligible for Future Sales.” RF Dynamic LLC is the record holder of                     
 the securities reported herein. Tse Meng Ng is the sole member and manager of RF Dynamic          
 LLC and has voting and investment discretion with respect to the securities held of record        
 by the Sponsor. Tse Meng Ng disclaims any beneficial ownership of any shares held by the          
 Sponsor except to the extent of his respective pecuniary interest therein. The business address   
 of RF Dynamic LLC is 111 Somerset Road, #05-06, Singapore 238164.                                 |

| (3) | Shares                                                                                       
 beneficially owned is comprised of 549,500 Ordinary Shares issuable upon exercise of 549,500 
 Warrants, which securities are subject to lock-up as further described in “Shares Eligible   
 for Future Sales.” EarlyBirdCapital Inc. is the record holder of the securities reported     
 herein. David Nussbaum, Steven Levine and Amy Kaufmann have voting and investment discretion 
 with respect to the securities held of record by EBC. The address of EBC is One Huntington   
 Quadrangle 1C15, Melville, NY 11747.                                                         |

<div align='center'>122

PLAN OF DISTRIBUTION</div>

We are registering the issuance by us of up to 16,500,000 Ordinary Shares, which consist of (i)