Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 155

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 155
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 Shareholders of (a) up to 83,456,793 PubCo Ordinary Shares, which consist of (i) 80,581,793 PubCo Ordinary Shares issued to Epicsoft Ventures in connection with the Business Combination at an implied purchase price of $10.00 per share; and (ii) 2,875,000 PubCo Ordinary Shares issued to the Sponsor, which were originally purchased by the Sponsor at approximately $0.009 per share; (b) up to 4,450,500 PubCo Ordinary Shares issuable upon the exercise of 4,450,500 Warrants, which were originally issued concurrently with the initial public offering of RFAC in a private placement to the Sponsor at a price of $1.00 per warrant, with each Warrant exercisable for one PubCo Ordinary Share at $11.50 per share; and (c) up to 549,500 PubCo Ordinary Shares issuable upon the exercise of 549,500 Warrants, which were originally issued concurrently with the initial public offering of RFAC in a private placement to EBC at a price of $1.00 per warrant, with each Warrant exercisable for one PubCo Ordinary Share at $11.50 per share.

Upon expiration of a lock-up period which is twelve months after the
closing of the Business Combination, and for so long as the effective registration statement of which this prospectus forms a part is
available for use, Epicsoft Ventures and the Sponsor, collectively the beneficial owners of 83,456,793 PubCo Ordinary Shares, constituting
approximately 66.1% of the issued and outstanding PubCo Ordinary Shares as of the date of this prospectus, can sell under this prospectus
(assuming all Warrants are exercised in full), up to 87,907,293 PubCo Ordinary Shares constituting approximately 69.6% of the issued and
outstanding PubCo Ordinary Shares as of the date of this prospectus and approximately 61.6% of the issued and outstanding PubCo Ordinary
Shares (assuming all Warrants are exercised in full). The lock-up restrictions can be waived by PubCo at any time. Given the substantial
number of PubCo Ordinary Shares being registered for potential resale by the Selling Shareholders pursuant to this prospectus, the sale
of shares by the Selling Shareholders, or the perception in the market that the holders of a large number of PubCo Ordinary Shares intend
to sell their shares, could increase the volatility of, or