Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 380

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 380
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 from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements
of applicable law) and the Private Placement Warrants will expire worthless.

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On January 21, 2021,
the Company issued an aggregate of 2,875,000 shares of Class B common stock (the “Founder Shares”) to the Sponsor in
exchange for cash of $25,000. The Founder Shares include an aggregate of up to 375,000 shares subject to forfeiture by the Sponsor to
the extent that the underwriter’s overallotment is not exercised in full or in part, so that the Sponsor will own, on an as-converted
basis, 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On March 30, 2022, the underwriters
exercised the over-allotment option in full.

As a result of the underwriter’s
election to exercise their over-allotment option on March 30, 2022, 375,000 Founder Shares are no longer subject to forfeiture as
of December 31, 2022.

The Sponsor has agreed not
to, except to permitted transferees, transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year
after the completion of a Business Combination or (B) the date on which the Company completes a liquidation, merger, capital stock
exchange or similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common
stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of the Company’s Class A
common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the Business Combination,
the Founder Shares will be released from the lock-up.

<div align='center'>F-112</div>

On June 26, 2023, the Company’s
board of directors unanimously consented to the conversion of the Company’s shares of Class B common stock to shares of Class A
common stock on a one-for one basis. On June 26, 2023, RF Dynamic LLC, the sole holder of Class B common stock,