Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 367

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 367
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 for each share of Class A common stock not redeemed in connection with the Extension
Amendment Proposal. The Company may seek additional shareholder approval to further extend the deadline to consummate a business combination.

In connection with the Company’s
assessment of going concern considerations, the Company is uncertain that the Company will be able to consummate a Business Combination
by the specified period. If a Business Combination is not consummated by March 28, 2025, there will be a mandatory liquidation and subsequent
dissolution.

The Company’s evaluation
of its working capital, along with, the liquidity condition and date for mandatory liquidation and subsequent dissolution raise substantial
doubt about the Company’s ability to continue as a going concern one year from the date that these financial statements are issued.
These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the
liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC).

Emerging Growth Company

The Company is an “emerging
growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups
Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are
applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply
with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved.

Further, Section 102(b)(1) of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
Act provides