Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 234

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 234
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217,724
ordinary shares were reclassified from mezzanine equity to permanent equity in connection with the settlement of the Tranche 1 share consideration
related to the acquisition of Martiangear (see Note 4).

Settlement of Contingent Consideration from 2Game Acquisition

On October 1, 2023, GCL Global issued shares to the individuals
to settle tranche 3 of the contingent consideration in connection with the 2Game acquisition and such shares were exchanged for 82,696
ordinary shares of the Company at the closing of the Business Combination. (See Note 4).

<div align='center'>F-44

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

At the closing of the Business Combination, the Company collectively
issued additional ordinary shares of 1,059,628 to the individuals to settle tranche 2 of the contingent consideration in connection with
the 2Game acquisition. (See Note 4).

Conversion of convertible notes

On February 13, 2025, convertible notes in the aggregate principal
amount of $33,025,000 were converted into 7,338,887 ordinary shares of the Company. In addition, 2,201,665 ordinary shares of the
Company were issued and held in an escrow account for three years as Bonus Shares (See Note 16).

Stock based compensation

On November 8, 2022, the Company
entered into two separate SPAC listing consultancy agreements (collectively, the “Consultancy Agreements”) with two third-party
consultants (the “Consultants”) to assist in facilitating the Business Combination. Pursuant to the Consultancy Agreements,
the Company agreed to compensate the Consultants an aggregate amount of $20,000,000, payable, at the sole discretion of the Company, in
either cash or equity upon the closing of the Business Combination. On February 13, 2025, upon the closing of the Business Combination,
the Company elected to settle the obligation by issuing an aggregate of 2,000,000 ordinary shares to the Consultants.

Because the services provided
by the Consultants were directly related to the Business Combination and contingent upon its successful closing, the Company determined
that the associated stock-based compensation should be accounted for as a direct and incremental cost of the transaction. Accordingly,
the fair value of the shares issued was recorded as a reduction to additional paid-in capital in accordance with ASC